THE e-payment market more than doubled over the last two years, according to data from the Bank of Jamaica (BOJ).

Data obtained from the central bank show e-payment transactions in 2021 were valued at $26.89 billion.

 

That was up 129 per cent over the $11.69 billion which were made by e-cards or e-payment methods in 2019. In 2020, e-payment transactions were valued at $21.29 billion, which itself was 82 per cent higher than the previous year. It is believed the onset of the novel coronavirus disease contributed to the explosion in e-payment methods.

 

E-payment products are linked to mobile apps and payment cards used for electronic transactions.

 

The operations of the dominant sector player in the e-payments market, Alliance Financial Services Limited ( AFS), fizzled at the end of 2021 under a regulatory crackdown.

 

Other companies in the finance space are seeking to take over and grow the affected business lines, including e-payment services.

https://www.jamaicaobserver.com/business-observer-corporate-listing/e-payment-market-doubles_246330