JAMAICA & e–BANKING

In Jamaica there has been some improvement in electronic banking referred to e- banking worldwide. We are definitely on the road to this ultimate digital revolution. Especially with products coming out of National Commercial Bank (primarily) and to Bank Of Nova Scotia to a lesser extent. You can either go online or via telephone and pay a number of bills from the comfort of your living room or bedroom any hour of the day by debit card or by visa card. In other countries especially USA and Europe to facilitate this the digital revolution they have designed a product called a STORED VISA/MASTERCARD where any one rich or poor can open an account in any currency and add to the credit card account to the desired credit limit one desires and/or a bank determined maximum for the product. We have in Jamaica a secured credit card where you have to put money forward in a secured account. The former I have described facilitates all while the latter secured credit card limits the greater majority. In the case of Cable & Wireless I can use my Visa/MasterCard and pay my bill on the phone and get real-time payments credited to my account. If for example my phone is locked off and I can go next-door use my friends phone pay my bill and within 5 minutes my phone is back on. The Introduction by all Banks in Jamaica of the Stored Visa/MasterCard Card could be a serious contributing factor to stemming the tide of the digital divide and facilitating the serious onward progress on the road of the digital revolution making Jamaica not another Singapore but a highly competitive Jamaica, a serious player in the Global Village. In order to get a better grasp of the concept of e banking we explore topics that will enable the reader to have a better understanding of the thinking behind the concept.