The Cen­tral Bank has is­sued a pro­vi­sion­al reg­is­tra­tion to Pay­Wise Ltd as an elec­tron­ic mon­ey (e-mon­ey) is­suer.

Pay­Wise will be the first com­pa­ny, apart from banks and non-bank fi­nan­cial in­sti­tu­tions, au­tho­rised to is­sue e-mon­ey do­mes­ti­cal­ly.

In a state­ment yes­ter­day the bank said the pro­vi­sion­al reg­is­tra­tion au­tho­ris­es Pay­Wise to is­sue e-mon­ey in this coun­try from Sep­tem­ber 1, 2022.

Un­der the terms of the pro­vi­sion­al reg­is­tra­tion, Pay­Wise will be al­lowed to en­list new cus­tomers in a con­trolled en­vi­ron­ment mon­i­tored by the Cen­tral Bank.

Pay­Wise is a com­pa­ny in­cor­po­rat­ed in T&T in 2013, and was reg­is­tered as a pay­ment ser­vice provider since 2019 by the Cen­tral Bank.

Ac­cord­ing to the Cen­tral Bank, e-mon­ey can be broad­ly de­fined as an elec­tron­ic store of mon­e­tary val­ue on a tech­no­log­i­cal de­vice (in­clud­ing mo­bile phones) that may be wide­ly used for mak­ing pay­ments to en­ti­ties oth­er than the e-mon­ey is­suer.

It can al­so be used for pay­ment trans­ac­tions with or with­out bank ac­counts.

Fur­ther in­for­ma­tion on the e-Mon­ey Is­suer Or­der (2020) can be ac­cessed, along with oth­er back­ground ma­te­r­i­al, via the Cen­tral Bank’s web­site at: https://www.cen­tral-bank.org.tt/fin­tech.