Jamaica’s Payment Systems Post Q1 Records as POS Terminals and Card Use Surge

• Jamaica processed J$6.84 trillion via RTGS in the first quarter of 2025.
• POS transactions rose 10.2% in volume year-on-year across Q1 2025.
• Active POS terminals reached 32,676 in March, up 11% from March 2024.
• ABM cash withdrawals jumped 39.5% in volume compared with Q1 2024.
• Electronic retail payment values hit J$1.55 trillion across 52.8 million transactions.
• JMD debit card base reached 3.79 million cards at month end.

Jamaica’s payment infrastructure delivered its strongest first-quarter performance on record in 2025, with POS terminal growth, surging ABM withdrawals, and deepening card penetration all pointing to an economy where digital and cash-based transactions are expanding simultaneously.

The Bank of Jamaica’s Payment System Data Bulletin for March 2025 reveals a payment landscape expanding broadly across both wholesale and retail channels. The JAMCLEAR-RTGS high-value settlement network processed J$6,839.34 billion across January through March 2025, reflecting the sustained volume of large-value interbank, securities, and government payment flows that form the backbone of Jamaica’s financial system. At the retail level, consumers and businesses completed 52.8 million electronic payment transactions worth J$1.55 trillion in Jamaica dollar terms over the same three-month period, alongside a striking 39.5% year-on-year surge in ATM cash withdrawal volumes.

RTGS: The Engine of High-Value Settlement

The JAMCLEAR-RTGS system settled 1,233,597 transactions across Q1 2025, with Jamaican dollar values totalling J$6,839.34 billion. Merchant banks dominated the value landscape, accounting for J$4,572.53 billion or 66.9% of total JMD settlement value. Building societies contributed J$1,012.21 billion (14.8%), while the other category accounted for J$877.02 billion (12.8%) and primary dealers settled J$54.35 billion (0.8%). In US dollar terms, RTGS processed US$654.73 million across Q1 2025, with merchant banks leading at US$512.60 million (78.3%) and building societies settling US$116.31 million (17.8%), reflecting the mortgage sector’s management of USD-denominated liabilities.

POS Expansion: Terminals Up 11%, Transactions Up 10%

As of March 2025, 32,676 point-of-sale terminals were installed and active across Jamaica, an increase of 3,237 terminals or 11.0% compared with the 29,439 terminals in March 2024. This expansion translated into 22.19 million JMD-denominated POS transactions worth J$310.36 billion across Q1 2025, up from 20.13 million transactions worth J$284.48 billion in Q1 2024, representing growth of 10.2% in volume and 9.1% in value. The slightly lower value growth rate relative to volume implies average transaction sizes were marginally smaller, consistent with the broadening of card acceptance to lower-value retail environments including supermarkets, pharmacies, and fast-food outlets. Foreign currency POS transactions contributed US$176.29 million across 873,210 transactions in Q1 2025, predominantly reflecting tourist spending at hotels and tourism-adjacent retailers.

The ABM Paradox: Cash Withdrawals Surge Alongside Digital Growth

Q1 2025 ABM JMD transactions reached 17.03 million, valued at J$302.25 billion, compared with 12.21 million transactions worth J$211.87 billion in Q1 2024. The year-on-year volume increase of 39.5% and value increase of 42.7% challenge the narrative that digital payments are displacing cash. The surge likely reflects multiple drivers: network expansion unlocking latent demand in underserved communities; the normalisation of digital wage payments creating new ABM users who convert electronic balances to cash; and inflationary pressure mechanically inflating the Jamaican dollar value of each withdrawal. The data makes clear that cash and digital payments are co-existing and co-growing in Jamaica, not competing in a zero-sum contest for consumer behaviour.

Electronic Retail: 52.8 Million Transactions in Three Months

Across all electronic retail channels in Q1 2025, the system processed 52.8 million JMD-denominated transactions worth J$1,553.22 billion. Debit cards dominated by volume at 38.85 million transactions (73.6%) worth J$451.51 billion. Credit cards contributed 8.51 million transactions worth J$385.32 billion, a value-to-volume ratio more than triple that of debit cards, consistent with credit being used for larger purchases and online transactions. The other electronic category, covering ACH transfers, mobile money, and bill payment platforms, processed 5.44 million transactions worth J$716.38 billion, its high value-to-volume ratio reflecting large-ticket business and consumer payments. In US dollar terms, the system processed 14.59 million transactions worth US$1,026.57 million across Q1 2025.

Card Base: 3.79 Million Debit Cards at Month End

JMD debit cards outstanding reached 3,789,574 at end-March 2025, approaching 3.8 million in a country with an adult population of approximately 2.2 million, implying multiple card relationships per banked individual are common or that inactive cards remain in the issued stock. JMD credit cards stood at 433,668, a ratio of roughly one credit card for every 8.7 debit cards. USD credit cards totalled 25,102 while 43,303 USD dual-currency cards were active at month end, a strategically important segment for tourism workers, returning diaspora members, and cross-border transacting professionals whose financial lives regularly span both currencies.

Securities Settlement: CSD Processed J$3.5 Trillion in March

The JAMCLEAR-CSD central securities depository processed 28,081 transactions in March 2025 alone, with a total Jamaican dollar value of J$3,509.35 billion. Entitlements proceeds accounted for the largest share by both volume (40.9%, or 11,483 transactions) and value (J$1,516.18 billion, 43.2% of total). Repo and reverse repo transactions together accounted for 6,476 transactions worth J$1,018.90 billion in March, with the near-equal balance between repos at J$515.22 billion and reverse repos at J$503.68 billion indicating an actively managed liquidity framework in which the BOJ deployed both injection and absorption operations during the month.

What Q1 2025 Tells Us About Jamaica’s Economic Trajectory

The Q1 2025 payment system data collectively paints a picture of an economy with healthy transactional activity across all channels. POS growth at double-digit rates signals continued consumer spending momentum. The CSD’s processing of over J$3.5 trillion in securities transactions in March alone attests to a government bond market that remains an active, liquid cornerstone of Jamaica’s financial system. For the real estate sector, rising card usage, expanding POS access, and strong remittance inflows point to consumers with increasing transactional confidence, a precondition for the housing investment decisions that drive mortgage applications and property sales. The Q1 2025 data now serves as the baseline against which Q2 performance will be measured as the BOJ publishes its April, May, and June bulletins in the months ahead.

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