“Debit and credit cards are the preferred digital payment method in Jamaica, with over 34 per cent of those surveyed using them for in-store purchases, and 57 per cent for online purchases. Digital wallets follow (particularly bank wallets) with 15 per cent of Jamaicans preferring to use digital wallets to pay in-store, and 23 per cent to pay online, indicating a clear advance in financial digitalisation and the adoption of new digital payment methods,” Mastercard said in its report on the findings.”

Jamaica is at a pivotal moment in its financial evolution. With debit and credit cards now the preferred methods for both in-store (34%) and online (57%) payments, the country is experiencing a remarkable shift towards digital payment solutions. Mastercard, one of the global leaders in digital payments, highlights this trend, noting a clear advance in financial digitalization, with a growing number of Jamaicans using digital wallets (bank wallets, in particular) for online and in-store transactions. The digital payment landscape is rapidly evolving, and businesses, banks, and fintech players are all pushing to further speed up this digital transformation across the island’s payment ecosystem.

As cash continues to dominate locally, recent reports show that debit cards, digital wallets, and online payment platforms are gaining significant traction. For example, 15% of Jamaicans use digital wallets for in-store purchases, with 23% utilizing them for online payments. Mastercard’s commitment to driving this transformation is evident, as the company seeks to bring more solutions to the Jamaican market, further reducing the reliance on cash and accelerating the transition to a cashless society.

A Brief History: Visa and Mastercard’s Influence in Jamaica

Both Visa and Mastercard have been integral to Jamaica’s digital payment ecosystem for decades, providing secure, reliable payment infrastructure to banks, businesses, and consumers. These payment giants played a critical role in introducing card payments to the country, and they continue to drive innovation by introducing new technologies, such as contactless payments, mobile wallets, and digital tokenization.

Visa and Mastercard have been investing heavily in Jamaica’s digital transformation, facilitating the adoption of more modern payment solutions through partnerships with local banks, government agencies, and fintech companies. Mastercard’s recent push to accelerate digital payments in Jamaica is part of a broader regional effort to modernize payments across the Caribbean. As the adoption of digital payment solutions increases, Visa and Mastercard’s continued leadership in the sector will be essential in shaping the future of Jamaica’s payment ecosystem.

The global payment networks benefit from their vast experience in building secure, scalable infrastructure for digital payments. They bring credibility to the digital wallet movement and offer robust fraud protection and global reach, factors crucial to the success of any new entrant in the market.

The Benefits of Digital Transformation for Jamaica’s Payment Ecosystem

The benefits of digital transformation for Jamaica’s payment ecosystem are far-reaching and could have profound implications for the country’s economy, businesses, and consumers:

1. Financial Inclusion: Digital payments offer an opportunity for greater financial inclusion, allowing unbanked or underbanked Jamaicans to participate in the formal financial system. Through mobile wallets and digital payment systems, individuals who lack access to traditional banking services can store money, make payments, and transfer funds with ease.
2. Improved Efficiency and Convenience: The digital transformation of Jamaica’s payment ecosystem will streamline transactions, reducing the need for cash handling, lowering transaction costs, and accelerating payment processes. For businesses, digital payments offer quicker, more secure ways to accept payments, leading to faster turnover and improved cash flow.
3. Boosting E-commerce: The rise of digital wallets and other digital payment systems enables greater participation in the e-commerce space. Consumers are increasingly shopping online, and businesses need to adapt by offering seamless and secure payment solutions. Digital wallets, in particular, make online shopping more convenient by storing payment information and offering one-click transactions.
4. Transparency and Security: With cashless payments, businesses and consumers benefit from greater transparency and traceability in financial transactions. Digital payment methods also reduce the risks associated with physical cash, such as theft or loss, and provide stronger fraud protection through encryption and tokenization.
5. Economic Growth: The widespread adoption of digital payments is a key driver of economic growth. A more efficient payment system facilitates cross-border transactions, encourages trade, and opens new business opportunities for small and medium-sized enterprises (SMEs).

Rising Competitors: The New Entrants in Jamaica’s Digital Wallet Space

While Visa and Mastercard continue to dominate, local players are emerging as key competitors in the digital wallet space. Financial institutions like NCB Financial Group, ScotiaBank, and CIBC are accelerating their own digital transformation, launching their own digital wallets and payment solutions.

1. NCB Financial Group: National Commercial Bank (NCB) is at the forefront of Jamaica’s digital wallet revolution. Through its NCB Digital Banking platform, the bank has launched its own mobile wallet, offering customers the ability to pay bills, transfer money, and purchase goods and services via mobile phones. NCB’s extensive customer base and widespread banking network position it as a formidable player in the digital wallet market.
2. ScotiaBank Group Jamaica: ScotiaBank has also embraced the shift toward digital payments with its Scotia ePay platform, which allows customers to send money, pay bills, and shop online securely. The bank has been actively promoting its mobile payment solutions and integrating them with its banking services to create a seamless user experience. As an established financial institution, ScotiaBank has the credibility and infrastructure to compete with the likes of Visa and Mastercard in the digital wallet space.
3. CIBC Caribbean Bank : CIBC has entered the Jamaican market with its CIBC  banking services and has quickly adapted to the digital payment wave. Its mobile payment offerings focus on providing a range of digital services, including bill payments, transfers, and online shopping capabilities. CIBC’s global presence and strong financial backing give it an edge in competing for market share in the digital wallet and payment solutions sector.

How New Entrants Could Effectively Compete in Jamaica’s Payment Ecosystem

As the digital wallet market grows in Jamaica, new entrants will need to leverage several strategies to effectively compete with Visa, Mastercard, and each other:

1. User-Centric Features: The success of digital wallets hinges on ease of use and customer adoption. New entrants should focus on offering user-friendly interfaces, seamless integrations with local merchants, and unique features like loyalty programs, rewards, and discounts to attract consumers.
2. Partnerships with Merchants: To build widespread acceptance, digital wallets must integrate with a broad range of merchants, both online and in-store. Collaborations with retailers, restaurants, and other businesses will be essential for driving adoption. Offering incentives for merchants to adopt digital payments could spur more widespread use.
3. Local Innovation: New entrants must understand the unique needs of the Jamaican market and tailor their solutions accordingly. Whether it’s offering micro-loans, facilitating remittances, or providing more accessible payment options for underserved populations, a localized approach will be crucial for success.
4. Security and Trust: With financial transactions, security is paramount. Digital wallets must ensure that they offer top-tier encryption, fraud protection, and data privacy standards. Educating customers about the security features of their platforms will help build trust and drive adoption.
5. Competitive Pricing: New entrants can attract users by offering competitive transaction fees and lower costs compared to traditional banking services. Offering incentives for digital wallet adoption, such as reduced fees for initial users or cash-back promotions, will be an effective way to drive early-stage adoption.

The Future: A Cashless Jamaica?

As more players enter the digital payments market and Jamaicans continue to embrace electronic transactions, the country’s payment ecosystem will become increasingly cashless. The competition among Visa, Mastercard, and local players like NCB, ScotiaBank, and CIBC will accelerate innovation, improve services, and drive further financial inclusion.

The government, too, has an important role to play in encouraging this transformation. Policies that support digital financial literacy, protect consumers, and promote secure digital infrastructure will be essential in ensuring the success of Jamaica’s digital transformation agenda.

In the coming years, Jamaica’s payment landscape will undoubtedly be shaped by the rise of digital wallets, making cash less and less relevant. For consumers, this shift offers convenience, security, and expanded financial opportunities. For businesses, it creates efficiencies and new growth avenues. And for the economy, it promises a more inclusive, secure, and modern financial ecosystem.

Jamaica’s trusted name in transportation, JUTA, is proud to announce the launch of JUTA Express, beginning service on December 15th, 2024. Offering a premium, non-stop travel experience, JUTA Express is set to revolutionize intercity transportation and same-day courier services in Jamaica.

Your Non-Stop Ride to Convenience
With four daily departures from Kingston, Sangster International Airport, and Mandeville, passengers can count on timely, uninterrupted service. Departure times are 6:00 AM, 8:00 AM, 4:00 PM, and 6:00 PM, ensuring flexibility and convenience.

JUTA Express guarantees the same renowned level of customer service and comfort that passengers have come to trust from JUTA over the years.

Same-Day Courier Service
In addition to passenger services, JUTA Express will offer courier services on all routes. With same-day pickup and delivery, customers can rely on swift and secure transportation of packages. Please note, no overnight storage is available. Unclaimed packages will incur heavy overnight fees, making same-day collection a must.

Book Easily with the InterMetroONE App
JUTA Express is designed with modern convenience in mind. All bookings and payments are processed through the InterMetroONE Customer App, available for download on both Google Play and the Apple App Store. Limited in-person bookings will be accommodated at the JUTA Kingston Office; however, the service is primarily cashless, accepting only credit and debit cards.

Looking Ahead to 2025
To meet the anticipated demand, JUTA Express will expand its routes in 2025, connecting even more of Jamaica’s key destinations.

Download the App Today and Book Your Seat!
Be among the first to experience the next generation of intercity travel and courier services with JUTA Express. Download the InterMetroONE Customer App today, secure your seat, and travel in comfort, safety, and style.

For more information, contact:
JUTA Express Customer Service
4 Lady Musgrave Road Kingston
jutaexpressone@gmail.com
Phone: (876) 927-4536

About JUTA
JUTA (Jamaica Union of Travellers Association) is Jamaica’s leading transportation provider, known for its unparalleled commitment to safety, reliability, and exceptional customer service.

In an era where economic stability, sustainability, and growth are increasingly linked to strategic investment, Sovereign Wealth Funds (SWFs) have become pivotal tools for countries seeking to secure long-term wealth and ensure fiscal resilience. From Norway’s Government Pension Fund Global to Singapore’s Temasek, SWFs have enabled nations to tap into their natural resources, surplus revenues, and financial assets to drive economic prosperity. For Jamaica, establishing an SWF could be a game-changer—particularly in strategically important sectors such as technology and logistics—boosting growth, infrastructure, and innovation. But what lessons can be drawn from other nations, and how can Jamaica begin the process?

Global Lessons: Why Sovereign Wealth Funds Were Set Up

Sovereign Wealth Funds are state-owned investment vehicles that manage a country’s wealth generated from surplus revenues. Typically, these funds are built from natural resource wealth, sovereign surpluses, or foreign currency reserves. Countries around the world have set up SWFs to achieve multiple objectives, including:

• Revenue Diversification: For countries heavily reliant on natural resources (e.g., oil, gas, minerals), SWFs help to diversify income streams by investing in international assets. Norway’s Government Pension Fund Global, for example, was established in 1990 to ensure that the country’s vast oil wealth would benefit future generations. The fund is now valued at over $1.4 trillion, providing a stable source of income and contributing to Norway’s high standard of living.
• Stabilizing the Economy: SWFs serve as stabilizing mechanisms during economic volatility. For example, the Abu Dhabi Investment Authority (ADIA) was created to manage oil revenue surpluses, helping the United Arab Emirates (UAE) balance its economy during periods of fluctuating oil prices. These funds can also help buffer countries against market downturns and reduce dependence on foreign debt.
• Social and Economic Development: Some SWFs are designed to invest domestically, driving infrastructure projects, technology innovation, and long-term economic development. Singapore’s Temasek has invested heavily in sectors like technology, finance, and biotechnology, turning Singapore into a global business hub and innovation leader.

Why Jamaica Needs a Sovereign Wealth Fund

Jamaica stands at a critical juncture in its development. While the country has made strides in stabilizing its economy and reducing debt, it continues to face significant challenges in terms of growth, unemployment, infrastructure, and innovation. The establishment of an SWF could address several issues:

1. Diversifying Revenue Sources: Jamaica has limited natural resource wealth compared to countries like Norway or the UAE, but its burgeoning tourism sector, agricultural exports, and potential in renewable energy could serve as sources for building an SWF. By harnessing surplus revenue from these sectors, Jamaica could reduce its reliance on volatile industries and international borrowing.
2. Investing in Critical Sectors: With a focus on technology and logistics—two key sectors for Jamaica’s economic transformation—an SWF could directly fund strategic infrastructure projects and innovation initiatives. Jamaica’s logistics sector, in particular, is primed for growth, thanks to its strategic location between the Americas and its modernizing port facilities. Technology, particularly in areas such as fintech, e-commerce, and digital platforms, offers significant opportunities to drive productivity and global competitiveness.
3. Long-Term Economic Stability: Jamaica’s SWF could serve as a buffer in times of economic crises, reducing the country’s reliance on external loans or foreign aid. By investing in international assets and diversifying revenue, Jamaica could stabilize its economy during periods of local or global market downturns.
4. Intergenerational Wealth: Just as other nations use their SWFs to secure the prosperity of future generations, Jamaica could use its SWF to ensure sustainable wealth. By building a fund with a long-term investment horizon, Jamaica could improve its fiscal health and create financial security for generations to come.

Case Studies of SWFs in Technology and Logistics Investment

Countries have used their SWFs to strategically boost sectors critical to their economic future. A few notable examples:

• Singapore’s Temasek: This fund has made substantial investments in high-tech companies, including stakes in global tech giants such as Alibaba and Facebook. By focusing on sectors like technology, innovation, and sustainable energy, Temasek has played a key role in transforming Singapore into a global business and technology hub. Jamaica, with its focus on a digital economy, can benefit similarly by using an SWF to foster its tech industry, from supporting local tech startups to attracting international investment.
• Norway’s Government Pension Fund Global: While Norway’s SWF primarily invests internationally, it has also funded domestic initiatives related to renewable energy and sustainability, sectors that could align with Jamaica’s Green Economy ambitions. As the world shifts towards renewable energy, an SWF could help Jamaica pivot to clean energy investments, such as solar and wind, helping to both diversify the economy and create jobs.
• United Arab Emirates’ ADIA: The UAE’s SWF has invested heavily in logistics infrastructure, capitalizing on the country’s strategic position as a global trade hub. The UAE’s investment in ports, free zones, and air freight facilities has turned it into a global logistics leader. Jamaica, with its proximity to key shipping routes, could use an SWF to fund logistics infrastructure such as ports, highways, and transportation systems, strengthening its competitive advantage in the global supply chain.

How Jamaica Can Start the Process

The establishment of an SWF requires careful planning and coordination among key stakeholders, including the Jamaican government, financial institutions, and the private sector. Here are a few steps Jamaica can take to begin the process:

1. Set Clear Objectives: Jamaica should define the strategic goals of its SWF—whether for stabilizing the economy, diversifying revenue, or funding specific sectors like technology and logistics.
2. Identify Funding Sources: Jamaica can consider using surplus revenues from key sectors (tourism, agriculture, remittances, renewable energy) as well as potential future revenues from investments in the logistics and technology sectors.
3. Create a Governance Structure: Establishing strong governance is crucial for ensuring transparency and accountability. The SWF should be managed by an independent body, free from political influence, with a mandate to focus on long-term returns.
4. Develop Investment Strategies: The fund should target both domestic and international investments, with a focus on sectors that will drive Jamaica’s economic growth, such as technology, infrastructure, and logistics. Investments should be made with an eye toward sustainability, creating jobs, and fostering innovation.
5. Engage with International Experts: Jamaica should collaborate with international financial experts and countries with established SWFs to gain insights into best practices and avoid common pitfalls.

How It Can Benefit the Jamaican People

An SWF, when managed effectively, could provide significant benefits to the Jamaican people:

• Job Creation: Investments in technology and logistics infrastructure could lead to the creation of thousands of high-skilled jobs in emerging industries.
• Economic Growth: By funding key infrastructure projects and fostering innovation, Jamaica could become more competitive on the global stage, attracting investment and boosting exports.
• Social Benefits: The SWF could fund social projects in education, healthcare, and environmental sustainability, improving the quality of life for Jamaican citizens.
• Fiscal Stability: Over time, an SWF can provide a steady stream of revenue, reducing Jamaica’s reliance on international loans and enhancing fiscal sovereignty.

Conclusion

Establishing a Sovereign Wealth Fund offers Jamaica a unique opportunity to build a more resilient and prosperous future. By learning from global examples and focusing on strategic sectors like technology and logistics, Jamaica can leverage its natural and human resources to create a fund that ensures long-term economic stability, growth, and social progress. The time is now for Jamaica to explore the potential of a Sovereign Wealth Fund, laying the groundwork for a sustainable and diversified economy for generations to come.

Guardsman Metaverse, in collaboration with Jamaican artificial intelligence company Crimsontide AI, is revolutionizing security across Jamaica with cutting-edge, customizable solutions. This partnership brings together Guardsman’s expertise in virtual security and Crimsontide’s advanced AI technology, delivering a suite of intelligent security offerings tailored to meet the unique needs of Jamaican businesses and institutions.

Through this strategic collaboration, Guardsman Metaverse is positioned at the forefront of the country’s security landscape, offering systems that leverage both immersive digital technology and sophisticated artificial intelligence.

The partnership underscores the importance of local innovation in addressing the security challenges faced by Jamaica today, providing clients with tailor-made solutions that ensure effective protection.

Guardsman Metaverse is committed to offering security solutions that go beyond traditional models, emphasizing customization and flexibility to meet the specific requirements of each client. From large commercial operations to smaller enterprises, the platform delivers a personalized approach that ensures maximum efficiency and peace of mind.

This flexibility is what sets Guardsman Metaverse apart—adapting to each environment’s unique security demands and offering a more responsive, intelligent way to safeguard people and assets.

With AI-driven features that allow for real-time monitoring and proactive threat detection, Guardsman Metaverse empowers businesses and institutions to stay ahead of potential security breaches. Each system can be fully customized to fit the environment it protects, delivering advanced functionality across a wide range of settings.

Advanced Features for Comprehensive Protection

• Facial Recognition: Guardsman Metaverse enhances access control through secure, real-time identification of authorized personnel, ensuring that only those with clearance can enter critical areas.
• License Plate Detection: For commercial properties, this feature allows for real-time monitoring of vehicle activity, helping to identify unauthorized or suspicious vehicles and notify security personnel immediately.
• Personnel Counting and Crowd Management: Especially important for businesses, this feature tracks occupancy and manages crowd flow, helping to ensure safety, meet regulatory requirements, and optimize operational efficiency.
• Firearm Detection: Using AI-powered analysis, Guardsman Metaverse detects the presence of firearms, providing instant alerts to security teams to ensure a rapid and effective response to any threat.
• Customizable Behavioural AI: Tailored to each client’s specific needs, Guardsman Metaverse’s behavioural AI can be trained to detect and respond to specific actions or patterns that are unique to the environment it monitors.
• Infrared Drone Surveillance: Equipped with infrared technology, Guardsman Metaverse drones provide round-the-clock aerial surveillance, ideal for large properties, high-security areas, and search-and-rescue missions, offering comprehensive monitoring that goes beyond traditional methods.

These advanced security features are fully customizable, ensuring that businesses receive a solution designed specifically for their needs. Whether it’s safeguarding large commercial complexes, healthcare facilities or educational institutions, Guardsman Metaverse offers tailored protection that provides complete peace of mind.

The partnership with Crimsontide AI, a rapidly emerging Jamaican company specializing in state-of-the-art patent-pending artificial intelligence software, ensures that Guardsman Metaverse’s solutions are not only technologically advanced but also locally relevant.

Crimsontide AI Limited is at the forefront of technological innovation, and its expertise allows the system to be fine-tuned to the specific security challenges that businesses in Jamaica face.

Through this collaboration, a diverse offering of services is available to various customers and industries, including theft detection at banks, supermarkets, and retail stores, intruder detection and breach prevention at hotels and resorts, as well as risk mitigation and compliance solutions.

Crimsontide’s AI technology also enables businesses to recognize trends in data, detect outliers, and summarize data sets, all aimed at informing better business decisions.

This partnership ensures that Jamaicans are at the forefront of solving their own security issues, with solutions designed by Jamaicans, for Jamaicans. At Crimsontide AI, the commitment to rebuilding a safer Jamaica is at the heart of every innovation, working toward a future where local technology empowers local security.

However, beyond responding to security threats as they happen, Guardsman Metaverse is designed to predict and prevent potential issues before they escalate. By leveraging AI to analyse behaviours and patterns, the system can foresee risks, giving clients the ability to take proactive steps. This predictive approach ensures that businesses and homeowners are always ahead of security challenges, helping to mitigate risks before they become serious threats.

With Guardsman Metaverse, clients are empowered to protect their environments not just reactively but pre-emptively. This next-level security capability, combined with fully customizable features, ensures a comprehensive approach that adapts to the ever-evolving nature of security threats in today’s society.

“If you did a bad job with the delivery, all the other benefits are not that attractive,” he said. “The core value proposition is: Did you have a great experience across selection, quality and affordability using the underlying product? Are you using us for restaurants and other categories? That is what is going to differentiate us.”

DoorDash Inc. Chief Executive Officer Tony Xu has spent the past 11 years building the company that now owns more than two-thirds of the food delivery market in the US, far exceeding Uber Eats (26%) and Grubhub (6%). The app also has a loyal user base, with more than half of DoorDash users owning a DashPass subscription, according to YipitData. More importantly, for investors, the company finally became profitable from its operations in the third quarter this year.

But Xu says building out the product is only 80% of the work to keep the company successful. The rest will come from external partnerships, a strategy that his gig economy peers, including Uber Technologies Inc., the biggest company in the industry, have also increasingly leaned on as they seek new avenues of growth.

The latest effort to boost paid subscriptions is DoorDash’s partnership with Lyft Inc. announced last month. The tie-up is an example of two brands tapping into each other’s customer base to boost engagement without having to merge or make an acquisition. Uber has a restaurant-delivery partnership with Instacart, while Amazon.com Inc’s Prime membership offers a Grubhub subscription perk.

After spending about a decade offering habit-forming services —whether it’s hopping into a stranger’s car instead of hailing a taxi, or opening a door to someone who picked up a restaurant meal and a bottle of wine from the deli down the block — these companies now have a clearer understanding of the competitive landscape. Even as diners returned to restaurants in the post-pandemic era, take-out has become such an ingrained habit that companies know getting customers into a subscription will mean more dollars and time spent on their apps.

So now it’s about finding partners strategically to build a larger system and lock in a more diverse pool of customers. Lyft CEO David Risher had earlier this year rejected the idea of his company offering food delivery on its own because that would keep people at home and exacerbate the loneliness epidemic. But he sees value in joining with the largest food delivery app because it gives millions of DoorDash members “a reason to prefer Lyft” for their rides and provides Lyft a way to compete better with Uber, which offers rideshare and delivery.

For DoorDash, which launched its membership in 2018, three years earlier than Uber, the deal offers customers Lyft discounts in addition to the existing benefit of free access to the ad-tier version of the Max streaming service. DoorDash is also getting new customers through an expanded partnership that offers certain Chase card holders a free subscription and discounted orders. These external perks have helped it maintain a lead on user penetration over the Uber One subscription. (As of September, 42% of Uber Eats users were subscribers, per YipitData. That percentage is lower if all users including rideshare customers are counted.)

Keeping subscribers isn’t easy, however. According to Bloomberg Second Measure data, only 35% of annual DashPass subscribers who made their first membership purchase in September 2023 were retained after a year. Annual subscriptions to Instacart+ show similar numbers with a 32% retention rate. (These figures do not include free trials and free subscriptions through credit card or other partnerships.) The real challenge will be finding creative ways to retain paying users, or at least keep them in the ecosystem so it’s not as costly to acquire them again.

DoorDash Chief Financial Officer Ravi Inukonda said the data doesn’t reflect how membership really works. The company has increased the flexibility it gives to accommodate consumers’ lifestyles with monthly, annual and student plans. “If you’re traveling with young kids, or you’re traveling in the summer and you want to put the program on hold, that’s completely OK with us,” he said.

These people who churn off the membership program are not leaving DoorDash, Inukonda said. And the company is confident in earning their membership back through offering more benefits in the future, as well as through the core product delivery service, which includes not just restaurant takeout, but also alcohol, grocery, makeup and even mattress deliveries.

“If you did a bad job with the delivery, all the other benefits are not that attractive,” he said. “The core value proposition is: Did you have a great experience across selection, quality and affordability using the underlying product? Are you using us for restaurants and other categories? That is what is going to differentiate us.”

After all, partners won’t matter if the main product isn’t drawing members. Case in point: Grubhub hasn’t been able to reverse a streak of losses in orders and users, ceding market share to DoorDash and Uber even as it has been offering free food delivery to hundreds of millions of Amazon Prime members since 2022. That is one of the reasons parent company Just Eat Takeaway.com NV announced this week it will be selling Grubhub to startup Wonder Group for $650 million, a steep discount to the $7.3 billion price tag at its peak during the pandemic.—Natalie Lung