By Sue-Ann Wayow
THE Telecommunications Services of Trinidad and Tobago (TSTT) Limited and PESH Money Limited (PESH) are now officially e-money issuers.
On Wednesday, the Central Bank issued provisional registrations to the companies.
The provisional registrations, which cover an initial six-month period, authorise TSTT and PESH to issue e-money in Trinidad and Tobago from March 1, 2023.
Under the terms of the registrations, both companies will be allowed to enlist new customers in a controlled environment monitored by the Central Bank.
The Central Bank in a release on Wednesday explained that e-money can be broadly defined as an electronic store of monetary value on a technological device including mobile phones that may be widely used for making payments to entities other than the e-money user. E-money can be used for payment transactions with or without bank accounts.
State-owned TSTT is aiming to provide e-wallet services to allow peer to peer transfers and payments to merchants in Trinidad and Tobago.
Privately owned PESH incorporated since 2017aims to provide customers with e-wallets to facilitate the storage of e-money and allow peer to peer transfers from mobile wallets to mobile phone users in Trinidad and Tobago, the release stated.
The Central Bank also extended the provisional registration of another company, PayWise Ltd for a further six-month period starting March 1, 2023. PayWise was granted provisional registration on September 1, 2022 for an initial period of six months.
For more information, persons can visit https://www.central-bank.org.