Access to and use of financial services will be made easier with the use of the digital payment wallet, Lynk.
Digital payment wallets are the platforms used to facilitate transactions of the Bank of Jamaica’s Central Bank Digital Currency (CBDC).
The CBDC is a digital form of central bank-issued currency and is a legal tender that can be exchanged dollar for dollar with physical cash. Jamaica’s CBDC is called Jam-Dex, which stands for Jamaica Digital Exchange.
Lynk is currently the only approved wallet provider of the BOJ’s CBDC and is available through the National Commercial Bank (NCB).
Chief Executive Officer of TFOB (2021) Limited, a subsidiary of NCB Financial Group Limited, Vernon James, said Lynk is just like using regular cash, except it is in a digital form.
He pointed out that Lynk is built on three platforms, safety and security, ease of use, and a simple onboarding process. Onboarding refers to the process of familiarising a new customer or client with the products or services of an organisation.
To use Lynk, persons will need to download the Lynk app to their smartphone. The next step is to verify your identity with a Government-issued identification card. This is then followed by the last two steps, which are to connect your bank and deposit your money into your Lynk account.
Then you can send and receive money with Lynk.
During the recent Budget Debate, Finance Minister, Dr. the Hon. Nigel Clarke demonstrated in Parliament how he could pay his barber using Jam-Dex on the Lynk platform.
Mr. James noted that Lynk will partner with merchants across Jamaica so that persons can pay for services.
Mr. James said that another added benefit of Lynk is that persons will be able to move from Jam-Dex to cash.
A key milestone to be accomplished by the Bank of Jamaica and the Government during the first quarter of the financial year is to bring legislation to Parliament to facilitate the Bank of Jamaica being the sole issuer of Jam-Dex and for it to be recognised as legal tender.
The BOJ expects to add four more wallet providers by June.