Since its introduction to the electronic payment landscape in December 2021, Lynk, Jamaica’s first digital wallet, has recorded more than $500 million in transactions on the platform.
The Lynk App presently provides an opportunity for individuals, small and medium businesses to be able to pay and receive payments using a smartphone.
Addressing a JIS ‘Think Tank’, Chief Growth Officer at Lynk, Denise Williams, said Lynk allows you to take the money that is in your physical wallet and put it on your phone in an App, so that you can do business using your phone, instead of cash, debit and credit cards.
“It is an evolving App that is on a journey to becoming a super App that is relevant to the Jamaican context,” Ms. Williams argued.
Lynk is a payment platform that is used to exchange money, pay for goods and services. It can also be used to top up mobile phones and pay utility bills. According to Ms. Williams, as Jamaica’s financial landscape continues to evolve, this is a great opportunity for growth, and that the pandemic has taught us many things, and especially with technology – how to be more efficient.
“We want to help advance the journey of financial inclusion. Studies have shown that when you have more people included in the financial system, there is an impact on wealth generation. The aim is to bring especially the unbanked and the underbanked into the formal financial system and give them more opportunities,” she said.
Meanwhile, Chief Product Officer, Lynk, John Matthew Sinclair, said the main objective of Lynk is to provide financial inclusion for all Jamaicans and to create easy access to the digital platform.
He described the registration process as easy. Interested individuals must have a smartphone. For registration they will need a mobile number, an email address and a valid Jamaican ID (driver’s licence, passport, voters’ registration, Tax Registration Number).
Once your registration is validated you have access to more than 70 billers, you can send money and top up your mobile any time of the day. Come October 2022, as Lynk continues to evolve and revolutionise, customers will have access to merchants online. The Merchant Platform will be launched, and this will allow small to large merchants to interact with their customers wherever they are online.
By year end (December), Lynk will also launch a Remittance platform. Lynx is regulated by the Bank of Jamaica (BOJ).
Currently, National Commercial Bank offers JAM-DEX through LYNK®, its digital wallet. For further information on how to register for the Lynk App, persons can visit their Instagram and Twitter pages @lynkjamaica or visit www.lynk.us.