T&T Central Bank green lights company to issue e-money

PORT OF SPAIN – The Central Bank of Trinidad and Tobago (CBTT) on Wednesday said it has issued a provisional registration to the local company, PayWise Limited, as an electronic money (e-money) issuer.

The CBTT said that 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 said, adding that the provisional registration authorizes PayWise to issue e-money in the country from September 1, this year.

It said that 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 will be the first company, apart from banks and non-bank financial institutions, authorized to issue e-money domestically. (CMC)

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