KINGSTON, Jamaica — A landmark new study has painted a nuanced picture of Jamaica’s evolving payment ecosystem, finding that while digital financial tools are growing in popularity across the island nation, cash has retained its central role in everyday financial life, functioning both as a go-to transaction method and a trusted financial safety net for most Jamaicans.
The comprehensive analysis, dubbed the Payment Preferences in Jamaica Report, was commissioned by BRANCCH Consulting and Outsourcing Limited, marking one of the first large-scale, nationally representative examinations of how Jamaicans engage with cash and digital payment options amid ongoing global shifts toward cashless finance. To build a robust, accurate dataset, researchers drew responses from more than 600 participants spread across both urban population centers and rural communities, capturing diverse perspectives on payment habits, preferences, unmet needs, and emerging trends reshaping the sector.
Core findings from the report confirm that cash still leads for day-to-day spending, making up more than 50% of all transactions and retaining the top spot as the most preferred payment method for regular purchases. Even as digital adoption grows, Jamaicans consistently turn to cash for small, everyday buys due to its unmatched accessibility and reliability.
That said, digital payment options — especially debit cards and online bank transfers — have seen steady growth in usage, particularly for transactions ranging from mid-value to high-value purchases. Despite this upward trajectory, widespread adoption has been held back by a series of persistent barriers: low public trust in digital systems, spotty digital infrastructure across many regions, consumer concerns over hidden transaction fees, and inconsistent service reliability have all slowed the transition to a fully cashless financial ecosystem.
The report also uncovered a notable disconnect between access to digital financial tools and actual usage. While more than 80% of Jamaicans have access to basic traditional banking services and 72% connect to the internet regularly, only 56% have access to mobile banking or payment apps. This gap makes clear that the challenge facing Jamaica’s digital transition is one of digital readiness and usability, not just basic availability of services.
“Jamaica isn’t just undergoing a simple shift from cash to digital — we’re operating in a hybrid payment environment where both systems need to work efficiently for all users,” explained Marcus Brodber, chief executive officer of BRANCCH. “What the data shows very clearly is that cash remains essential for most Jamaicans. This isn’t just a matter of old habit: cash continues to deliver reliability, full control over personal spending, and universal accessibility in ways that digital systems have not yet been able to match.”
The study also highlights the powerful cultural and social factors that shape payment behavior in Jamaica. The nation has a long tradition of strong reliance on peer-to-peer transactions and informal financial support networks, a pattern reflected in the survey data: 80% of respondents reported sending or receiving money from family members in the 30 days prior to taking the survey, reinforcing how trust and interpersonal relationships remain core drivers of financial decision-making.
Importantly, the report also identifies clear opportunities for expansion and innovation in Jamaica’s payment sector. While digital tools are already broadly available to much of the population, adoption remains held back by inconsistent point-of-sale connectivity, low public awareness of the benefits of digital payments, and lingering gaps in user confidence — especially among older age groups and residents of rural communities.
“Reliable, locally sourced data is absolutely critical to shaping the future of payments in Jamaica,” Brodber added. “If we are serious about driving greater efficiency, expanding financial inclusion, and fostering innovation across the sector, then policy and business decisions have to be rooted in how Jamaicans actually behave, not how we assume they behave. This report is just the starting point for more informed public dialogue, better targeted solutions, and meaningful progress across Jamaica’s entire payments landscape.”