Central Bank approves new e-money issuer

THE Central Bank has issued a provisional registration to e-money issuer WamNow Technologies Ltd, (WamNow), the bank said in a release on December 2.

"Under the terms of the provisional registration, WamNow will be allowed to enlist new customers in a controlled environment, monitored by the Central Bank," the release said.

WamNow is a privately-owned financial technology company, incorporated in February 2021.

It provides digital wallet payment services to individuals and micro-enterprises. The company’s wallets also store e-currency and allow for digital transfers and payments in TT.

Speaking to Newsday in October, the TT Financial Centre (TTIFC) said going cashless, in the eyes of the government, means people will have a combination of options, including cash, cards, online payments, mobile wallets and e-money to make and receive payments.

WamNow joins companies such as Pay Wise Ltd, PESH Money Ltd, and the Telecommunications Services of TT Ltd's PAYPR as companies authorised by the Central Bank to facilitate cashless transactions.