Jamaica Payment System Tops J$20 Trillion in RTGS Settlements Through September 2025

• RTGS cumulative settlements cross J$20 trillion through nine months
• September implies J$2.37 trillion in single-month high-value payments
• Electronic payments reach 161.96 million transactions year to date
• POS terminal network grows to 34,245, up 209 in September alone
• September ABM withdrawals ease to J$99.66 billion
• USD dual-currency cards reach 38,812, continuing gradual recovery

Jamaica’s payment infrastructure marked a major milestone in September 2025, with RTGS high-value settlements crossing the J$20 trillion threshold for the first time in the nine-month cumulative total, even as retail payment volumes normalised after the summer peak and the POS terminal network continued its steady expansion across the island.

Jamaica’s JAMCLEAR Real-Time Gross Settlement system accumulated a total of J$20,028.64 billion in high-value interbank payments through the first nine months of 2025, across what is implied to be approximately 3.8 million individual transactions, according to data published in the Bank of Jamaica’s Payment System Data Bulletin for September 2025. Subtracting the January-to-August cumulative of J$17,655.95 billion implies that September alone generated approximately J$2,372.69 billion in RTGS settlements — a significant monthly volume that confirms the system’s sustained processing capacity through the third quarter.

Crossing J$20 trillion in cumulative nine-month RTGS settlements is a notable marker. These are not retail transactions but high-priority, large-value payments that underpin corporate treasury operations, interbank funding, government tax receipts, bond settlements, and the full range of financial system activity that flows through the wholesale payment infrastructure. A nine-month RTGS total of this magnitude reflects an economy processing substantial financial flows at the institutional level, with implications for confidence in Jamaica’s financial stability and the depth of its capital markets.

Securities Depository Sustains Momentum

The JAMCLEAR Central Securities Depository recorded 86,129 transactions through September 2025, with a Jamaica dollar value of J$10,434.45 billion and a US dollar equivalent of US$2,220.62 million. The addition of approximately 9,400 transactions in September brings the CSD’s nine-month total comfortably above 86,000 — a pace consistent with the active secondary market trading, primary issuance, and collateral management operations observed throughout the year. The US$2.22 billion equivalent in CSD settlements through September underscores the continued significance of foreign-currency denominated government securities in Jamaica’s debt management framework.

Electronic Payments Pass 161 Million Transactions

Jamaica dollar electronic payments reached 161,956,120 transactions through September 2025, with a total value of J$4,764.74 billion. The September-implied monthly contribution — approximately 18.26 million transactions (derived by subtracting August’s 143.69 million from the nine-month total) — is consistent with the established monthly run rate of 17 to 19 million transactions that has characterised the payment system throughout 2025. The pace puts the full-year total comfortably on track to surpass 210 million electronic transactions by December.

US dollar electronic payments reached 42,887,390 transactions cumulatively through September 2025, with an aggregate value of US$2,910.74 million. The foreign-currency electronic payment activity reflects the diverse range of USD-denominated transactions that flow through Jamaica’s payment system, from import settlements and government debt service to tourism-related payments and diaspora remittance processing.

POS Network Grows to 34,245 Terminals

At end-September 2025, Jamaica’s POS terminal network stood at 34,245 machines — an increase of 209 during the month and a continuation of the year’s unbroken monthly expansion. The network has grown from 33,311 at end-May to 34,245 by end-September, adding 934 terminals across five months — an average of approximately 187 per month. If the October-to-December period maintains a similar pace, the network could approach 35,000 terminals before year-end, a threshold that would have seemed ambitious at the start of 2025.

The consistent merchant investment in POS infrastructure throughout 2025 — including through August and September, months that typically see softer consumer spending following the summer peak — signals that Jamaican merchants remain confident in the medium-term trajectory of card payment volumes. Businesses do not invest in POS hardware unless they expect the volume of card-paying customers to justify the cost, and the continuing network expansion reflects precisely that commercial confidence.

September ABM and POS Activity

Jamaica dollar ABM withdrawals in September 2025 totalled 5.53 million transactions worth J$99.66 billion — a moderation from August’s 5.61 million and J$104.43 billion. September is typically a month of transition in the consumer spending cycle, as the school holiday period has ended, back-to-school expenditure is largely complete, and the Christmas consumption season has not yet begun. The slight easing in ABM withdrawal volumes and values is consistent with this transitional positioning. The average withdrawal value in September was approximately J$18,023 per transaction, within the range observed throughout 2025.

US dollar ABM withdrawals eased further to 81,070 transactions worth US$21.61 million — notably below August’s 91,400 and US$24.34 million, and below July’s summer-peak elevated levels. The declining USD ABM activity from July through September reflects the unwinding of the summer tourism season, as the population of visitors and returning residents accessing foreign-currency cash from Jamaica’s ATM network normalises to a lower base.

POS Jamaica dollar spending reached 7.74 million transactions valued at J$105.99 billion in September — broadly stable in volume terms compared to August’s 7.77 million transactions, but with a higher value of J$105.99 billion compared to August’s J$100.36 billion. The higher average POS transaction value in September (approximately J$13,697 versus August’s J$12,916) may reflect a seasonal shift in the composition of card spending toward higher-value items as the back-to-school and early preparation for the end-of-year period takes hold.

US dollar POS transactions dropped sharply to 201,790 worth US$32.50 million in September, compared to August’s 306,230 and US$48.44 million. This reduction reflects the post-summer conclusion of the peak tourism season, when foreign visitor card spending at Jamaica’s hotels, restaurants, and retail outlets was at its highest. September’s USD POS total is significantly lower than the summer peak months and more consistent with the reduced visitor volume of the early autumn period.

Card Circulation: Dual-Currency Recovery Continues

At end-September 2025, the JMD debit card count rose to 3,836,313 — an increase of 20,387 from August’s 3,815,926, reflecting continued net account openings across the banking system. JMD credit cards edged down marginally to 435,458 from August’s 435,676. USD credit cards declined slightly to 24,967 from 25,071, continuing a modest downward drift observed since mid-year.

USD dual-currency cards rose to 38,812 from August’s 38,552 — the fifth consecutive month of gradual increase since the dramatic June decline. The recovery trajectory, while slow, is consistent: June 37,987, July 38,360, August 38,552, September 38,812. The cumulative recovery from the June trough amounts to approximately 825 cards, compared to the 7,643-card decline that occurred in that single month. At the current pace of recovery, the pre-June level of 45,630 would not be reached within 2025, suggesting that the dual-currency card product has undergone a permanent structural reduction in market size, most likely due to a product transition by a major issuing institution.

Nine-Month Scorecard: Strong Foundations Heading Into Year-End

The nine-month payment system data through September 2025 presents Jamaica’s financial infrastructure in a broadly positive light. The J$20 trillion RTGS milestone attests to the scale of high-value financial activity flowing through the system. Electronic payments tracking toward 215 million for the year confirm the sustained advance of digital payment adoption. A POS network approaching 34,250 terminals at end-September, growing by 200-plus machines per month, demonstrates that merchants remain committed to expanding card acceptance infrastructure.

The payment system’s Q3 performance is particularly relevant for real estate and investment market observers because the third quarter captures the end of the summer transaction window and the beginning of the preparation for year-end closings. High RTGS volumes, which include the large-value settlements associated with property transactions, commercial lending, and corporate finance activities, suggest that the financial system has continued to process a healthy volume of institutional-level activity through the quarter.

The final quarter of 2025 will bring the Christmas consumption season, year-end corporate settlements, and the potential for additional POS terminal deployments as merchants prepare for increased consumer spending. Whether the fourth quarter can add to the strong nine-month base and deliver a full-year payment system performance that materially exceeds 2024 will be the defining question as the year draws to a close.

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