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.