- Jamaica settled J$8.78 trillion via RTGS in the January–April 2025 period.
- April alone generated an estimated J$1.94 trillion in high-value settlements.
- POS terminals reached 32,930 by month end, growing steadily toward 33,000.
- ABM cash withdrawals for the period hit 22.42 million transactions worth J$400.5B.
- Debit card base expanded to 3.81 million cards; credit cards at 435,606.
- Electronic retail payments reached J$2.06 trillion across 70.3 million transactions YTD.
Jamaica’s payment infrastructure extended its 2025 expansion into April, the Easter month that is historically one of the strongest periods in the annual transaction calendar, as cumulative high-value settlements crossed J$8.78 trillion and the island’s retail card and digital payment estate continued to deepen across every metric.
The Bank of Jamaica’s Payment System Data Bulletin for April 2025 documents a financial system that by the end of April had settled J$8,783.53 billion (approximately J$8.78 trillion) via the JAMCLEAR-RTGS high-value interbank network since January, processed 70.3 million electronic retail transactions worth J$2.06 trillion, and expanded its POS terminal count to 32,930 — all against the backdrop of an Easter season that typically generates elevated consumer spending, tourism activity, and cross-border money transfers. The April bulletin’s data, derived as the increment above the first-quarter totals, points to approximately J$1.94 trillion in April-specific RTGS settlements and roughly 7.4 million POS transactions worth J$101.3 billion during the month.
RTGS: J$1.94 Trillion Settled in April
The JAMCLEAR-RTGS system processed 1,643,536 cumulative transactions from January through April 2025, with JMD values totalling J$8,783.53 billion. Subtracting the J$6,839.34 billion Q1 total indicates that April alone generated approximately J$1,944.19 billion in Jamaican dollar settlements — a figure consistent with the elevated interbank activity typically associated with the Easter quarter’s close, including government payroll settlements, loan disbursements ahead of the school term, and treasury management activity by commercial banks managing seasonal cash flow demands. Merchant banks continued to dominate the value mix at 66.7% of JMD settlement value, reflecting the concentration of large corporate, government, and institutional payment flows within the commercial banking sector.
In US dollar terms, cumulative RTGS settlements for the January-to-April period totalled US$931.55 million, with merchant banks accounting for 78.8% of that total. Building societies, managing their USD-denominated mortgage portfolios and foreign currency lending books, settled the balance alongside primary dealers whose activity reflects the liquidity management requirements of the government securities market.
POS Network Approaches 33,000 Terminals
The physical point-of-sale terminal estate reached 32,930 units by end-April 2025, adding 254 new terminals during April alone and maintaining the steady pace of merchant network expansion that has characterised 2025. The approach toward the symbolic 33,000-terminal threshold marks a continuation of the multi-year buildout of Jamaica’s card acceptance infrastructure, with new terminals being added across retail, hospitality, and services sectors in both urban and rural markets.
January-to-April POS transaction volumes reached 29.57 million in JMD terms, worth J$411.61 billion. Isolating April’s contribution — by subtracting the 22.19 million Q1 transactions worth J$310.36 billion — yields approximately 7.38 million POS transactions worth J$101.25 billion for April. This Easter-month figure reflects the combination of domestic consumer spending and tourist-driven card activity that makes the April period reliably strong for card payment operators. In US dollar terms, January-to-April POS transactions reached 1.17 million transactions worth US$230.72 million, with April’s contribution reflecting the peak of the Easter tourism season when visitor card spending at hotels, restaurants, and attractions is at its seasonal high.
ABM Withdrawals: Sustained Demand for Cash Continues
The cumulative January-to-April 2025 ABM transaction count of 22.42 million JMD-denominated withdrawals worth J$400.48 billion represents a substantial and sustained demand for physical currency that persists alongside the growth of digital payment channels. Subtracting Q1’s 17.03 million transactions worth J$302.25 billion implies approximately 5.39 million ABM transactions worth J$98.23 billion occurred in April alone. The J$98 billion April withdrawal figure — nearly matching the J$101.25 billion spent via POS in the same month — underscores the dual-channel nature of Jamaican consumer behaviour: a significant and roughly equal proportion of consumer spending continues to flow through cash withdrawn at ATMs as through card transactions at merchants.
For Jamaica’s financial inclusion agenda, this near-parity between ABM and POS spending is a complex signal. It reflects the fact that Jamaica’s cash economy — particularly the informal sector that employs a significant fraction of the workforce — remains vibrant and growing even as formal digital channels expand. ABMs are not simply a legacy channel awaiting displacement; they are an active and essential component of the payment ecosystem for a large segment of the population.
Card Base: 3.81 Million Debit Cards and Steady Credit Growth
The card-in-circulation data at end-April 2025 shows continued steady expansion. JMD debit cards outstanding reached 3,812,364 — an increase of approximately 22,790 cards from the March 2025 count of 3,789,574, suggesting roughly 760 new debit cards issued per day during April. JMD credit cards stood at 435,606, up from 433,668 in March, a net addition of 1,938 credit accounts in the month. USD dual-currency cards reached 43,710 at month end, up from 43,303 in March.
The debit card growth trajectory is particularly significant for Jamaica’s financial inclusion objectives. Each new debit card represents an individual who has, at minimum, a basic transactional bank account — giving them access not only to card payments at POS terminals but also to ABM cash access, internet banking, and in many cases mobile payment capabilities. As the debit card base approaches 3.9 million in a country with an adult population of approximately 2.2 million, the penetration rate implies either multiple-card account holding by a significant minority or that the effective coverage of formally banked adults in Jamaica is now very high, with the remaining unbanked population representing a progressively smaller and harder-to-reach segment.
Securities Settlement: CSD at J$4.5 Trillion YTD
The JAMCLEAR-CSD securities settlement system processed 37,013 cumulative transactions from January through April 2025, with JMD values of J$4,525.38 billion — an average of more than J$1.1 trillion per month in securities settlement activity. Entitlements proceeds — coupon payments, bond redemptions, and similar income distributions to investors — accounted for 40.0% of transaction volume and 42.1% of JMD value, reflecting the regular rhythm of Jamaica’s government bond market coupon calendar. The USD equivalent of cumulative CSD settlements reached US$1,018.32 million for the January-to-April period.
April’s repo and reverse repo data provides a precise window into the BOJ’s liquidity management operations during the month. The central bank conducted 1,164 repo transactions worth J$175.37 billion (injecting liquidity) and 1,165 reverse repo transactions worth J$169.23 billion (absorbing liquidity) in April. The near-perfect numerical balance between injections and absorptions — one more transaction on the absorption side — and the slightly higher injection value reflect a month in which the BOJ maintained its policy rate corridor with active daily fine-tuning, consistent with a well-managed monetary policy framework operating in an Easter season characterised by elevated cash demand from the retail sector.
Four Months In: Jamaica’s Payment System Momentum
At the end of April 2025, Jamaica’s payment system had processed four months of sustained, broad-based expansion across wholesale and retail channels. High-value settlements running at approximately J$2.2 trillion per month on average, a retail electronic payment estate generating more than 17 million transactions per month, and a physical infrastructure of 32,930 POS terminals and over 3.8 million debit cards collectively represent a payment system that is deeper, faster, and more accessible than at any prior point in the island’s economic history.
For the real estate and mortgage market, the four-month picture is one of transactional confidence: consumers spending freely via card, accessing cash at high rates via ABMs, and operating in an economy where the financial plumbing is handling growing transaction volumes without apparent stress. For investors in Jamaica’s financial services sector, the trajectory of POS terminal growth, card issuance, and settlement volumes provides a consistent data series pointing toward continued expansion of the formal payment economy through 2025 and beyond.
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