Central Bank authorizes company to issue e-money

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    The Central Bank has authorized the first company, outside of banks and non-bank financial institutions, to issue electronic money in T&T.

    That company is PayWise Limited and it has received a provisional registration, allowing it to issue e-money from September 1st, 2022.

    Under the terms of this arrangement, PayWise will be allowed to enlist new customers in a controlled environment monitored by the Central Bank.

    E-money is broadly defined as an electronic store of monetary value on a device, including mobile phones, which may be used for making payments to other entities.

    PayWise has been a registered payment service provider since 2019.