There were decreases in the volume and value of Jamaican dollar transactions processed by the commercial banks’ automated banking machines (ABMs) in 2018 compared to 2017.

The volume of the transactions declined 1.7 per cent to 62.3 million, the monetary value of the transactions decreased by 43.4 per cent to $523.4 billion and, according to the information provided in the 2018 Economic and Social Survey of Jamaica (ESSJ), media reports of compromised ABMs across Jamaica may have contributed to the decline.

The Planning Institute of Jamaica (PIOJ) annual survey said that the number of transactions at point of sale (POS) terminals increased by 16.4 per cent to 48.3 million, while the value of transactions processed increased by 30.9 per cent to $619.7 billion.

The ESSJ said that these increases may be attributed, in part, to the roll-out of new mobile POS solutions targeted at small business owners, as well as the downturn in the use of ABMs.

The number of US dollar transactions processed at the ABMs increased by 35.7 per cent to 709,241 with a total value of US$323.2 million. POS transactions increased by 5.8 per cent to 3.5 million for the 11-month period at a total value of US$766.3 million.

POS data for December, 2018 were not available at the time of the reporting, but data for the 11-month period (January-November) showed increases relative to 2016.

Information communication and technology (ICT) has continued to facilitate ease of doing business through the ABMs and the POS terminals.

http://www.jamaicaobserver.com/business-observer/bank-customers-still-resisting-electronic-banking-pioj-s-survey-reports-increase-at-point-of-sale-terminals-as-st-andrew-carries-the-most-abms_168889