CASH remains firmly in control of Jamaica’s payments system, with withdrawals rising far faster than electronic transactions even as digital networks continue to expand.

Data from the Bank of Jamaica’s 2025 Financial Stability Report show that the value of automated banking machine (ABM) withdrawals climbed to $110.2 billion in December 2025, up from $76.7 billion a year earlier — a roughly 44 per cent increase. Over the same period, point-of-sale (POS) transactions rose to $101.2 billion from $89.8 billion — an increase of about 13 per cent.

The numbers show that while card-based payments are growing, cash is still handling a larger share of day-to-day activity across the economy. That dynamic is reinforced by the ratio of POS to ABM activity, which fell to 1.46 in December 2025 from 1.68 a year earlier, signalling that cash usage is rising faster than electronic payments. In practical terms, more transactions are still flowing through ABMs, even as more businesses accept card payments.

But even as cash holds firm, more businesses are setting up to take cards. The number of POS machines increased by about 7 per cent to 34,151, as more businesses set up to accept card payments. In contrast, the number of ABMs remained largely unchanged at 784 machines, compared with 782 in 2024.

But despite little change in the number of machines, withdrawals surged, pointing to sustained demand for physical currency across households and businesses.

The Bank of Jamaica said both cash and electronic systems continued to work smoothly during the year, handling everyday transactions across the economy.

“These increases suggest sustained consumer spending activity and continued confidence in electronic and cash-access payment infrastructure,” the central bank said.

Cash and digital payments are growing side by side, but one hasn’t replaced the other. That balance can be tested quickly. When Hurricane Melissa disrupted electricity and telecoms, access to both digital payments and ABMs was affected, showing how much the system depends on reliable infrastructure.

The central bank said the disruption to ABM services after the storm “underscores the importance of operational resilience and contingency planning within the financial system infrastructure”.

Beyond the infrastructure, how quickly things change also depends on how easy it is for people to access and use financial services.

The Bank of Jamaica is working to make that easier, rolling out an electronic know-your-customer system, pushing plans to allow customers to move accounts more easily, and taking steps to boost competition among banks. The aim is simple — make it easier for people to open accounts, switch providers, and use digital payments.

The central bank is also promoting its digital currency to widen access and make transactions more efficient. Even with those efforts, though, the latest data show that cash still plays a major role in everyday economic activity.