Feb 2017 Financial News

GK MPay approved for receipt of remittances

Feb 08, 2017

GraceKennedy Money Services (GKMS), which is offering mobile money services through its locations islandwide,  has been given the option to allow users to receive remittances.

The information was revealed ahead of GKMS’ commercial launch of its mobile payment platform, GK MPay on Tuesday night in Kingston.

Vice President for Business Development, Michael McNaughton said GKMS had been waiting on the Bank of Jamaica to give the green light for remittances and they obtained approval on Tuesday.

He says it will be a vital piece of the architecture that is set to change the Jamaican financial landscape.

“It’s a game changer, an absolute game changer,” McNaughton told Gleaner Business ahead of the official launch.

“As it turned out, we found that two separate departments were looking on the different sides of this product and the remittance aspect could not have come at a better time,” he added.

The addition of the remittance feature means that GK MPay is first to market of the three mobile money services offering a remittance service. Conec, the mobile money service offered by credit unions, secured authorisation for receiving remittances last year but is yet to launch.

Senior Vice President for Marketing and Operations at GKMS, Noel Greenland says the average Jamaican is now in a position to do business without walking around with cash.

He says the rich features will allow for a whole new range of persons to do business in a way that they cannot normally do.

“GKMS is part of an international trend and we are literally bringing Jamaica into the 22nd century with this service,” Greenland added.

Source:
neville.graham@gleanerjm.com
Jamaica Gleaner
Wednesday February 8, 2017

http://jamaica-gleaner.com/article/business/20170208/gk-mpay-approved-receipt-remittances