Jamaican Bus and Taxi Operators Eager to Embrace Central Bank Digital Currency, Despite Adoption Challenges
Summary:
Jamaican bus and taxi operators are eager to adopt the country's central bank digital currency, Jam-Dex, for improved efficiency and reduced costs and security risks. Efforts are being made to promote its adoption among the transport community, with hopes of transforming the public transportation sector. However, sluggish adoption rates among vendors and consumers pose a challenge. Increased usage in sectors like food and transportation is seen as key to driving widespread adoption. The goal is to enable CBDC services on mobile phones, making it easier for the general public to use.
Jamaican bus and taxi operators are showing a keen interest in using the country's in-house central bank digital currency (CBDC), Jam-Dex. The operators are attracted to the operational efficiencies, reduced costs, and security benefits it offers. The Central Bank of Jamaica launched Jam-Dex in 2022 and has been actively promoting its adoption. Aldo Antonio, co-founder and acting executive chairman of the National Transporters Alliance Group, is working to encourage the transport community to embrace Jam-Dex. However, there is currently limited enthusiasm for CBDCs among bus and taxi drivers due to slow adoption rates among vendors and consumers. Antonio remains optimistic about the transformative potential of Jam-Dex for the public transportation sector. To make Jam-Dex successful, more customers need to be willing to use the CBDC. Antonio believes that increased usage in sectors such as food and transportation would help accelerate its adoption. Widespread adoption of CBDCs would address concerns about carrying cash or providing exact change for drivers. Jamaica is also working on enabling CBDC services on mobile phones to facilitate its use among the general public. Antonio concluded that with these efforts, the transportation sector could be ready to accept Jam-Dex payments by January 2023. There are an estimated 25,000 to 30,000 transport owners in Jamaica who can contribute to expanding Jam-Dex's reach beyond the existing 10,000 vendors and 200,000 CBDC users.
Published At
8/30/2023 8:52:00 AM
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