In his quest to onboard more customers before the end of the year, Vernon James, CEO of digital start-up TFOB (2021) Limited, better known as Lynk, said work is underway to launched a funds transfer function on the mobile wallet.
Lynk’s talks of seeking a chunk of Jamaica’s $3.5 billion remittance market come amid the launch of an ABM feature on Tuesday, which allows customers to cash in or withdraw from the wallet by using one of NCB’s 300 ATMs across Jamaica.
Since its launch in December 2021, Lynk has, to date, facilitated more than $500 million in digital transactions through its 145,000 users and 3,200 micro-merchants.
That number is expected to skyrocket with the addition of the discount feature, James said, but for now the company is monitoring how much business it will get from adding the ABM feature.
The rollout of the new feature marks the culmination of a year of work by Lynk and its parent company, the NCB Financial Group.
The launch comes just before the busy Christmas period, when billions of dollars are expected to be doled out across the economy.
“After testing the feature for the past few weeks, Lynkies can now deposit and withdraw money from their Lynk wallets using NCB abms across the island. In the testing phase, we saw over 1,300 transactions, but we expect the use of this feature to grow exponentially over the next few months as users have access to ATMs 24 hours a day and we are also approaching the Christmas season,” James said.
According to James, the process is simple.
“All you have to do is visit the ATM, choose whether you want to cash in or withdraw from the Lynk wallet in the app, scan the ABM QR code using your Lynk app which will connect to the ATM, and complete the transaction,” he said.
“That’s it; it’s fast, easy and secure. There’s no need to swipe a card, so there’s no worry of card fraud, and with world-class encryption software from Lynk, user funds will be secured in the digital wallet,” continued James.
NCB has been relentless in applying its digital vision since the onset of the pandemic, when there was a shift towards more digital payments.
The financial conglomerate is said to have spent around $500 million on the mobile wallet product, which aligns not only with the group’s ambition and vision for digital inclusiveness, but also with the government’s push for increased use of Jam-Dex digital currency.
According to a recent study by the Caribbean Policy Research Institute (CAPRI), Jamaica’s unbanked and underbanked make up approximately 40% of the population.
Financial innovations under Bank of Jamaica’s Fintech Regulatory Sandbox, such as Lynk, are expected to gradually reduce this number.
In a bid to accelerate the rate at which customers are added to the Lynk platform, James says plans are underway to expand his merchant network to include large enterprise digital transactions while working on the feature. of discount.
A timeline for the rollout of the two was not disclosed.
Today, Lynk merchants are primarily micro businesses in the food and beverage, fashion, and consumer goods categories.
The mobile wallet can also be used to recharge their mobile devices with credit on local telecommunications networks.