Mastercard data highlights Jamaican shift to digital payments as banks update governance

New Mastercard Jamaica data points to a continuing move away from paper-based payments, with more consumers using cards and more merchants relying on point-of-sale terminals. The figures, shared in a recent business report, said more than 51 per cent of Jamaicans use debit cards for routine spending, while POS machines now outnumber ATMs.

The report also said cheque usage has fallen by 68 per cent since 2017, and 84 per cent of consumers prefer cards over wire transfers when shopping online. Mastercard said further room remains to widen digital payment acceptance among small and micro businesses, tourism operators and transit providers. The findings were presented at a recent event attended by Hon. Dano Severite, Minister of State in the Ministry of Industry, Investment and Commerce, who gave opening remarks.

In the financial sector, Cornerstone Financial Holdings Limited said the Bank of Jamaica has licensed Barita Financial Group Limited to operate as a financial holding company. Mark Meyers, Barita chairman and director of the holding company, called the approval a major step for the group and said the structure would support stronger oversight and better service across its businesses.

First Global Bank Limited, part of GraceKennedy Financial Group and a subsidiary of GraceKennedy Limited, named Brendan King as chairman of its board, effective November 26, 2025. King has more than 30 years of banking and financial services experience, including senior ScotiaBank posts in Asia, the Caribbean and Canada. Septimus “Bob” Blake, former chief executive officer of National Commercial Bank Jamaica Limited, has also joined the board. GraceKennedy Financial Group CEO Steven Whittingham said the changes strengthen board experience and governance oversight.

For the May 27, 2026 trading session, Kentire Holdings Jamaica Limited led activity with 33,970,910 units, or 42.52 per cent of market sales. Wigton Energy Limited traded 5,412,541 units, while Tri Jamaica Highway Limited recorded 4,006,832 units. The report said investor interest remained concentrated in energy, transportation and distribution stocks.

Bank of Jamaica foreign exchange data for the same date showed active currency demand. The US dollar sold at $156.16 and was bought at $158. The Canadian dollar sold at $114.39 and was bought at $113.56. The British pound sold at $212.33 and was bought at $210.53.

The report also advised dual citizens to build separate credit histories early, noting that credit records usually do not transfer automatically across countries. It further encouraged shared investing as a way to pool capital for property, businesses and other income-producing assets, provided partnerships have trust, structure and clear agreements.