NCB Financial Group, the parent company of the developer of digital wallet Lynk, says it is committed to providing its users with free transactions for all features it introduces.
Lynk is gearing up to introduce four new features to its users by the end of June.
Lynk was introduced to Jamaica in an open market pilot phase last December and has already on-boarded over 100,000 users who can send and receive cash with the app on their smartphones.
It also facilitates the transfer of funds to and from local banks and payments for goods and services.
“The NCB Financial Group is proud that two of our subsidiaries – National Commercial Bank Jamaica Limited and TFOB (2021) Limited – have been integral in this pioneering and innovative national initiative that lays the foundation for greater financial inclusion” stated NCB Group President Patrick Hylton as he addressed a virtual NCB Investor Briefing on Tuesday.
Hylton disclosed that Lynk users are immediately eligible for the $2,500 incentive announced by the Minister of Finance for the first 100,000 Central Bank Digital Currency (CBDC) wallets (accounts) opened after April 1.
By the end of June 2022, Lynk users will be able to enjoy four new features: cash-in and out at NCB’s smart ABMs, (whether they have a bank account or not), mobile top-up, bill payments, and JamDex (Central Bank Digital Currency) accounts in their Lynk wallet.
As a special introductory offer to customers who opt to cash in and out at NCB’s smart ABMs, Lynk said it will absorb any transaction fees to use NCB smart ABMs.
“However, transactions involving third-party platforms such as debit and credit cards may attract a fee from the issuing bank,” Lynk said in an emailed response to Loop News queries.
A phased rollout of JAM-DEX, Jamaica’s Central Bank Digital Currency (CBDC), is currently underway while the process to amend the Bank of Jamaica Act (BOJA) progresses, the central bank said in a release on Wednesday. It noted that the National Commercial Bank (NCB) currently offers JAM-DEX through Lynk.
“In this regard, anyone with Lynk will be able to transact using JAM-DEX with another Lynk wallet holder at a date to be advised by NCB,” the central bank said.
The amendments to BOJA will make CBDC legal tender and enshrine the central bank as the sole issuer.
In the meantime, NCB said its ultimate vision is a Jamaica where everyone has access to digital financial transactions.
“We are working steadfastly towards this goal through continuous product enhancements, robust and targeted public education, engagement, and marketing activities. We plan to reach our goal one customer at a time, incorporating their feedback into our growth journey,” NCB said.