Digital payment adoption trends in Jamaica and Nepal

Jamaica and Nepal are experiencing significant shifts toward cashless economies, though they face distinct challenges regarding implementation and public perception.

In Jamaica, the push for digital transformation—driven by initiatives such as JAM-DEX and digital banking—is meeting resistance due to concerns over data privacy and government surveillance. During a recent Institute of Chartered Accountants of Jamaica conference, officials addressed fears that transitioning away from cash might grant the state excessive visibility into personal finances. Experts emphasized the separation within the two-tier monetary system to reassure citizens that the central bank does not monitor individual customer information.

In Nepal, digital transactions are surging, with digital payments now accounting for 35 percent of revenue collection. Data from Nepal Rastra Bank shows a sharp increase in QR-based payments, which rose by nearly 84 percent, and mobile banking transactions, which grew by approximately 30 percent. While ATM withdrawals and debit card usage have declined, the transition is still constrained by limited digital literacy, cyber fraud risks, and uneven access to smartphones and internet connectivity.