August 23, 2022 | By Colin O. Jarrett |
The Central Bank of Trinidad and Tobago has issued a provisional registration to PayWise Limited as an electronic money (e-money) issuer.
The provisional registration authorizes Paywise to issue e-money in Trinidad and Tobago from September 1, 2022, becoming the first entity, apart from banks and non-bank financial institutions, so authorized. The PayWise will also be allowed to enlist new customers.
PayWise is registered as a payment service provider since 2019 by CBTT.
E-money can be broadly defined as an electronic store of monetary value on a technological device that may be 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.