The Central Bank of T&T has today issued a provisional registration to PayWise Limited as an electronic money (e-money) issuer.
"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. E-money can be used for payment transactions with or without bank accounts," the Central bank stated in a release today.
The provisional registration authorises PayWise to issue e-money in T&T 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 Trinidad and Tobago in 2013, and was registered as a payment service provider since 2019 by the Central Bank," it stated.
"PayWise will be the first company, apart from banks and non-bank financial institutions, authorized to issue e-money domestically. For further information please see the E-Money Issuer Order (2020) which can be accessed, along with other background material, via the Central Bank’s website at: https://www.central-bank.org.tt/fintech," the Central Bank stated.
Reporter: Joel Julien