GRACEKENNEDY Payment Services (GKPS) got approval from the Bank of Jamaica (BOJ) to proceed with a pilot introduction of a mobile money service.
The company plans to deploy commercial operations in 2015 through its GraceKennedy Money Services (GKMS) network.
The mobile money platform will facilitate the movement of money to make electronic payments: cash in and cash out, remittance loads, business to consumer loads, bill payments, mobile top up and peer-to-peer transfers.
“Ultimately, this is a really big opportunity for us, as the approval from the central bank has given us the chance to introduce a really innovative and game-changing product into the financial sector,” said Don Wehby, CEO of GraceKennedy Group. “Mobile money is safe and convenient, and will allow consumers to access and use money even from the most basic mobile phones. With this shift to a portable alternative to money services, we expect a seamless fit into today’s busy lifestyle.”
Mobile money will ensure greater convenience and reduction in the time it takes to do a transaction while on the go.
Consumers will be able to conduct transactions using their cellphones to pay for basic services, including taxi cab payments, or making more advanced purchases from a wide range of retailers, thereby minimising the costs associated with doing business.
Additionally, consumers may also transfer money from one person to another more quickly, safely and easily.
“It’s exciting to think about how this will change lives, from the very basic purchase of food from a ‘pan chicken’ man to the small farmer, who — based on where he is located — cannot access traditional financial services,” said Michelle Allen, Chief Executive Officer, GraceKennedy Money Services. “Mobile money will deliver unprecedented access to money and business transactions, right into that farmer’s hands.”
GraceKennedy plans to expand its mobile money services regionally, after launching in Jamaica, as long as the regulations in the target countries allow it, according to Wehby.
“The expansive GraceKennedy network will offer unparalleled access for users to initiate transactions, charting the way for a safe, secure and cashless system, with easy access to money,” he said. “We are really excited about the potential of this product.”
GKMS offers services in 14 Caribbean countries, including Trinidad and Tobago, St Lucia, Guyana, Antigua and Barbuda and The British Virgin Islands.
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GK gets nod for mobile money
