The administrators of the digital payment wallet – Lynk – will shortly be launching a new line to its suite business client services, known as LynkBiz.
The facility, which has been undergoing pilot testing since October 2022, is a web-based platform that will allow micro, small and medium-sized businesses to accept digital payments seamlessly.
These include transactions involving Jamaica’s Central Bank Digital Currency (CBDC) – JAM-DEX – for which Lynk is the first provider.
Chief Product Officer for Lynk, John Matthew Sinclair, told JIS News that businesses will reap major benefits when they sign up for LynkBiz.
“We are officially launching in April, and there’s a big incentive for the first 10,000 merchants that sign up to accept JAM-DEX payments in their business locations,” he informed.
During his 2023/24 Budget Debate presentation, Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, announced that the Government will be offering $500 million in incentives for businesses signing up to accept JAM-DEX payments, come April 1, under the Small and Micro Merchant Incentive Programme.
Mr. Sinclair said for the first 10,000 merchants, the Government has made provisions for businesses to receive a $25,000 grant in digital currency.
“You need to have a business certificate, a business Tax Registration Number (TRN), a Tax Compliant Certificate (TCC) or proof of application for the TCC and proof of a bank account. But most importantly, you have to have accepted at least five JAM-DEX transactions in 30 days to qualify for the $25,000,” he outlined.
Mr. Sinclair advised that consumers will also benefit from the incentives being provided.
“From April 1, 2023, to March 31, 2024, the Government will give you two per cent cash back on your JAM-DEX purchases of up to $5,000; and you can do anything with this two per cent cash,” he indicated.
Lynk app users can easily cash in through NCB ABMs or any local bank using a debit or credit card.
Once money is cashed into a Lynk user’s primary wallet, it can be used at merchant locations and easily changed to JAM-DEX in the app and spent at merchants with JAM-DEX QR codes, so users can earn cash back.
Mr. Sinclair said Lynk’s administrators are confident that LynkBiz will improve the efficiency of services offered by businesses.
“Once you have a device that has a browser, you can access LynkBiz. So there’s no downloading of the application… we’ll set you up. You get your credentials to log in, and once you have a browser, it could be on a phone, laptop [or] tablet, you can access. From there you can show your QR code, accept payments and view your transactions,” he added.
He also advised that persons who are sole traders are welcome to use the LynkBiz platform.
“Because we are promoting the platform for micro and small businesses, it can be a sole trader with a personal account. Once you can show proof of the bank account, you can use LynkBiz to move funds too,” Mr. Sinclair said.
He pointed out that the provision to small businesses is a different and safer channel to offer goods and services and receive digital payments instantly.
“We have over 205,000 users on the platform, to date; [so merchants] will have access to all those users. You can sell on social media and you can sell in person by simply scanning a QR code.
You can integrate LynkBiz into your website or your mobile app. So instead of meeting up for cash payments or doing a bank transfer, I can easily pay a merchant without having to add you as a beneficiary to my bank account for a one-off payment,” Mr. Sinclair said.
Persons can sign up for LynkBiz by sending an email to sales@lynk.us.
