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