KINGSTON, Jamaica — JN Bank has launched its JN Pay Wallet which allows users, whether they have a bank account or not, to access the Central Bank Digital Currency, JAM-DEX, to transfer funds, pay bills, buy mobile credit, and make deposits and withdrawals from a JN Bank account and JN Bank Smart ATM.

This forms part of JN’s effort to eliminate barriers to financial inclusion islandwide.

To onboard, all that is required is a user’s tax registration number (TRN), phone number and email address. A bank account is not required to use the wallet, although persons can link their JN Bank account to their JN Pay Wallet, if they choose to.

“A major advantage of the JN Pay Wallet is that, unlike the traditional ACH or RTGS transfer systems, which have cut-off times and aren’t available on weekends, it offers instant, 24/7 access. This means the average Jamaican is no longer limited by time or access to physical banking infrastructure,” Ricardo Dystant, chief of branches and digital channels at JN bank, said.

“It’s really true to our mandate about ‘people first’ and driving financial inclusion. People can also use the wallet to pay their JPS (Jamaica Public Service) and NWC (National Water Commission) bills, essentially everything available on our JN Bank live platform, except wire transfers,” he shared.

Describing the wallet as a gateway to “instant gratification”, Dystant said the wallet and the introduction of JAM-DEX, also opens doors for developing additional innovative solutions, tailored to meet the evolving needs of citizens.

He said a standout feature of the JN Pay Wallet, which is designed by the bank’s sister company MC systems, is its third-party cashout option. The feature provides users with the ability to send a transfer number via SMS to whomever they choose, so they can collect cash at any JN Bank Smart ATM, without a bank account or debit card.

“The other day I was stuck in a meeting and I needed to pay a workman because of a burst pipe, and I simply did a third-party cashout and the person could go to a JN Bank Smart ATM and pick up the cash,” Dystant explained.

Users can also use the QR code feature to interact with other wallet holders from other financial institutions.

Dystant said the JN Pay Wallet has the potential to help “unbanked” people achieve financial freedom.

“The world is increasingly moving toward digital solutions, and our members are following suit. The JN Pay Wallet also serves as an entry point into the broader financial system and once users engage with this digital payment system, we can engage and guide them toward traditional banking services, help them to open bank accounts, access credit and build long-term wealth,” he stressed.

He said it can also significantly benefit entrepreneurs, particularly small business owners, as it provides another option to receive payments, minimising the risks associated with carrying physical cash. Plus, it’s fast, which makes paying easier and convenient for shoppers.

The JN Pay Wallet is currently available for download on the App Store or Google Play Store.

Jair Minott, manager for digital transformation and special projects at JN Bank explained that there are two tiers for the application. He said the base tier (tier zero) provides a $50,000 transaction limit. Users requiring a greater transaction limit will need to upgrade to tier one by submitting additional know your customer (KYC) information.

Highlighting that the wallet is another avenue for individuals to manage their finances, Minott said users can link multiple JN Bank deposit accounts to their wallet.

“Once you download the wallet, you go through the process of registering and you complete general onboarding using your email, phone number and your TRN. To upgrade to tier one, you will need to upload an ID and that could be your national ID, driver’s licence or passport. There is a verification process, which takes a maximum of 24 hours, and then you get access to a higher balance and transaction limit each day. Currently, that upgraded limit is $100,000,” he explained.

He noted that the app has already undergone successful testing through an employee pilot and a targeted rollout with Tax Administration Jamaica at the Constant Spring and King Street tax offices in May 2025. It is now being actively positioned for broader use, including integration with major upcoming events including the recently executed Reggae Sumfest. At such events, the app offers a seamless, cashless payment solution designed to benefit both patrons and vendors.

“These strategic partnerships underscore the versatility and value of the JN Pay Wallet to advance the adoption of digital financial solutions across diverse industries here in Jamaica,” Minott added.