Scotia looking to offer Apple Pay and Samsung Pay by next year

Scotia Group Jamaica (SGJ) plans to offer Apple Pay and Samsung Pay by next year, as part of plans to widen digital wallet acceptance.

However, there is still no word on the largest legacy provider Paypal.

The bank staff are testing the service internally with credit cards and eventually will widen it to debit card tests.

“It is something we are piloting internally with staff members. But until the formal agreement is reached with Apple to launch in the country we are not able to make it available to the public,” said Perrin Gayle, Head of Retail Banking and Small Business, Caribbean North and Central SGJ, at a quarterly press briefing held online on Monday.

“The same will happen with Samsung Pay which will come at a later date as well.”

In terms of Paypal, Scotia said that it's up to the provider rather than local banks.

“Paypal may have determined that they may not like to enter into this type of arrangement where payment comes directly in the region versus remaining with US banking partners or other partners,” said Gayle.

Scotia in Canada on its website explains that a mobile wallet is an app used to store one's debit or credit card information on your phone or mobile device.

“Once you add your card to your mobile wallet, you can use Apple Pay, Google Pay, and Samsung Pay to make contactless and tap payments in-store and online,” stated Scotia in Canada.

Gayle added that Google Pay was not yet planned for local acceptance. 

During summer Jamaica was removed from the list of countries with weak money laundering measures called a grey list.

The removal allows the country to re-engage with traditional and financial technology players to widen access to the payment providers.

Head of Scotia Audrey Tugwell Henry indicated that while providers can reengage with Jamaica each bank will have to make its own decision on whether to allow such services to its clients.

“It is a business decision, on the relevance, the value, and cost that the businesses think that will bring to the market. We are looking at international payment systems outside of just traditional wire transfers and in time those will come to the market,” said Tugwell Henry in response to queries.

steven.jackson@gleanerjm.com

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