CBJ Releases Seventh Annual Report on National Payment System
The Central Bank of Jordan (CBJ) has unveiled its seventh annual report on the nation’s payment system for 2022. The document delves into significant developments concerning payment systems, instruments, channels, and electronic fund transfers.
Adel Sharkas, the CBJ Governor, underscored the significance of the report, noting that it outlines pivotal statistical metrics reflecting the state of Jordan’s electronic payment ecosystem.
Such insights furnish invaluable data for stakeholders, from researchers and policymakers to investors, streamlining the furtherance of electronic payment utilization in Jordan.
Sharkas emphasized the report’s role as a principal data source on the national payment system, underscoring the Central Bank’s commitment to international best practices.
This effort mirrors the bank’s strategic vision of fostering a seamless transition to a digital payment landscape, bolstering the nation’s financial stability. Furthermore, the report aids in accomplishing the Central Bank’s goal to establish a robust and efficient national payment system.
The 2022 report resonates with Jordan’s economic modernization vision for 2023-2033 and the national e-payment strategy spanning 2023-2025. The document serves as a crucial tool for gauging progress toward these ambitious milestones.
The report, structured into two main chapters, kicks off by spotlighting the regulatory and legislative strides within the national payment system throughout 2022. It underscores enhancements aimed at fortifying the legislative framework, ensuring rigorous supervision, and swiftly navigating the rapidly evolving sector.
Additionally, the report touches upon global payment systems adopted by the Central Bank in 2022, shedding light on contemporary financial innovations within Jordan’s national payment structure.
The subsequent chapter delves into the evolutions within the Kingdom’s payment, clearing, and settlement systems, accompanied by pertinent statistical data. Key highlights from the report include:
– A surge in immediate payment system usage, tallying up to 18.13 million transactions worth 2.7 billion dinars, predominantly via e-wallets and bank accounts.
– A 25% uptick in electronic bill display and collection system transactions, reaching 42.7 million transactions valued at 10.5 billion dinars.
– Paper-based payment instruments, such as checks, registered 10.3 million transactions with a cumulative value of 54 billion dinars.
– The Kingdom saw a proliferation of payment cards, amassing 5.7 million of various categories, including credit, debit, and prepaid cards.
– Jordan now boasts 2,246 ATMs scattered across the country, with 69,040 Point-of-Sale (POS) devices facilitating card payments. Notably, electronic banking channels, encompassing ATMs, online, and mobile banking, constituted a whopping 72% of 2022’s total payment activities.
In alignment with global best practices, the Central Bank remains committed to the report’s periodic issuance, ensuring it captures the dynamic landscape of Jordan’s payment sector.
Source: Jordan News Agency