JMMB Group Limited (JMMBGL) has set 2027 as the timeline for it to launch its long-touted credit card product, while expanding the depth of its payment solutions for clients across three territories.

JMMBGL first disclosed in its March 2022 annual report that it was aiming to launch credit cards in Jamaica, Trinidad & Tobago (T&T) and the Dominican Republic (DR). It then indicated that it intended to launch credit cards for its retail and business clients in Jamaica and DR in its March 2025 annual report.

At the 13th JMMBGL annual general meeting (AGM) recently, JMMBGL Chief Executive Officer (CEO) Keith Duncan revealed that there would be a phased launch for the product between its retail and business clients.

“So, we will be now moving into credit cards, and we will be launching our business credit card somewhere in the first quarter [January to March] of next year,” Duncan explained in his presentation.

Once the business credit cards are launched, retail clients would gain access to the credit card product in another three to four months. There has been no information provided features or benefits of the credit cards, but business clients would have access to various options based on their operations while retail clients would have access to cashback and points for reward schemes.

The credit card product is set to be launched in Jamaica before being rolled out to DR and T&T in subsequent phases. The launch of credit cards in the DR comes at a time when the financial entity is rolling out its Moneyline mobile app and digital onboarding in the Spanish-speaking market.

“Going back to credit card, we’re ensuring that the foundation that we’re laying will support both DR and TT as we expand into how we roll it out across the region,” said Damion Hylton, JMMBGL’s group chief payments and solutions officer.

JMMB Bank (Jamaica) Limited is also looking to launch a mobile point-of-sale (POS) solution which will allow small merchants to use their phones as a card terminal. This will be complemented by a wider range of POS devices and easier online payment integration for online transactions.

“We are also coming with much more innovative and creative solutions around merchant acquiring point of sale and we’ll be introducing our tap to phone for our SME clients,” Duncan added on the payment solutions.

JMMBGL has been deepening its payment solutions over the last four years through its operating subsidiaries. JMMB Bank (Jamaica) formed a partnership with Norbrook Transaction Services Limited in February 2022, leading to the offering of ePay meals card and co-branded school cards in subsequent years. JMMBGL’s money transfer subsidiary also launched a prepaid Visa branded card to allow clients to receive remittances via that channel. These services improve fee income for its banking and related services segment while deepening the relationship with its 569,000-customer base across the region.

JMMB Bank (Jamaica) reported a 22 per cent improvement in wire fees and commissions to $658.30 million for the March 2025 financial year. JMMB Bank’s profit before tax also improved 189 per cent to $1.34 billion, with net profit rising 275 per cent to $1.04 billion.

JMMBGL’s banking and related services segment saw external revenues rise 11 per cent to $29.64 billion for the March 2026 financial year, with the operating profit/ segment result increasing 38 per cent from $4.51 billion to $6.24 billion.

Payments space ramps up with competition

The push by JMMBGL to deepen its presence in the payments space comes at a time when other financial and non-financial firms seek to capture a greater share of unbanked and underbanked Jamaicans.

VM Building Society (VMBS) entered the credit card space in November 2022 with the introduction of two Visa credit cards for its members. The building society also launched a Visa business credit card in 2025 for its business clients.

VMBS launched two new Visa credit cards in September 2026 as it focuses on different market segments. The merit credit card is geared towards civil servants like healthcare workers, police and teachers while the flex card centres on entry-level professionals and first-time credit card users.

According to a recent CARICRIS (Caribbean Information and Credit Rating Services Limited) report on VM Financial Group Limited (VMFG), VMBS intends to launch six new cards over the next 12 to 15 months. These include VM Visa International Classic Debit Card for retail customers and the VM International Platinum Debit Card and VM Visa International Business Debit Card for premium customers in 2026. VMBS is set to launch its VM VISA Platinum US$ Credit Card during 2027 for retail customers who earn and spend mainly in United States dollars (USD).

“Although still in the early stages, these initiatives, together with the launch of additional VMBS cards, are expected to support continued growth in the customer base,” CARICRIS stated on VMFG.

Barita Merchant Bank Limited (formerly Cornerstone Trust & Merchant Bank Limited) is having a controlled pilot rollout for its digital wallet known as BPay by Barita. This digital wallet also includes a physical Visa card and is being tested before a wider public rollout.

Supreme Ventures Fintech Limited (SVFL) is working on rolling out its Evo Cash digital wallet and Mastercard prepaid card through its retail network as it readies a commercial launch for the end of 2026. This product forms part of Supreme Ventures Limited’s (SVL) move to leverage its retail network to offer complementary financial services which includes bill payments and remittances.

“SVFL continued expanding its remittance footprint, with services active in 33 locations and targeted to reach 80 over the medium term, while also securing BOJ approval for its Evo Cash digital wallet and companion prepaid card, which are expected to enter live testing in 2026 and provide customers with access to multiple financial services through a single digital ecosystem,” stated the recent CARICRIS report on SVL.

TFOB (2021) Limited, a subsidiary of NCB Financial Group Limited (NCBFG) and operator for the Lynk mobile app, launched a virtual Visa card earlier in 2026 as it maintains a digital first approach. Lynk is one of the two approved digital wallets for the Jam-Dex central bank digital currency (CBDC) in Jamaica.

According to the Bank of Jamaica (BOJ) February 2026 payment system bulletin, the value of Jamaican dollar (JMD) transactions at POS terminals grew eight per cent in 2025 to $1.23 trillion. The volume of transactions went up seven per cent to 91.03 million transactions in 2025 as well.

The number of JMD cards in circulation marginally increased to 4,339,574 cards during 2025, with 3,903,691 debit cards and 435,883 credit cards. The value of JMD debit card transactions was up 26 per cent to $1.81 trillion while JMD credit card transactions went up 13 per cent to $1.48 trillion.