Lynk today launched its remittance service as Jamaica’s first digital primary agent in partnership with MoneyGram International Inc. The feature, which enables customers to receive remittances straight to their phones in Lynk, was turned on with much fanfare on Friday, March 10. This new release enables the digital wallet, Lynk, to tap into MoneyGram’s global payment network to expand its offerings with international digital receive capabilities. With this partnership, both companies are now providing consumers in Jamaica with a faster, more convenient, and safer way to collect money sent from loved ones around the world. “We are offering a solution that is totally digital for the Jamaican consumer, which comes with so many benefits,” said Denise Williams, Chief Growth Officer at Lynk. “It’s easy, convenient and safe.” “Cross-border transfers play a big role in many Jamaicans’ day-to-day lives, and we are proud to work closely with MoneyGram to empower our customers to receive money on the go,” explained Williams. To get remittances from MoneyGram on Lynk users should sign in to a tier 2 account on the app; go to the remittance section; select MoneyGram; enter the MoneyGram reference number, validate the information, and then the money is disbursed immediately to their digital wallet. Users can collect up to $100,000 or the US equivalent daily.
“We are thrilled to partner with Lynk to now offer consumers in Jamaica a digital alternative to receiving money sent from loved ones abroad,” said MoneyGram Chairman and CEO Alex Holmes.
Holmes said MoneyGram is positioning itself to meet evolving consumer demand as it increasingly shifts online.
“Today, Lynk joins a strong roster of digital partners helping us to expand our mobile wallet capabilities into some of the largest receive markets around the world. We’re excited about the benefits this partnership will bring to our business as we continue to outpace the industry in the proliferation of digital.”
Meanwhile, MoneyGram Chief Revenue Officer Grant Lines said the partnership is a “huge development for consumers in Jamaica, one of its largest inbound markets globally, with money coming from loved ones in our top outbound markets, such as the United States and Canada.”
“By being the first international money transfer organisation to team up with the mobile wallet owned by NCBFG – which controls over 60 per cent of the payments market in the country – we’re confident that we will provide consumers with more choices and flexibility,” he added.
The NCB Financial Group received approval from the Bank of Jamaica to offer remittance services through its subsidiary TFOB (2021) last November.
TFOB, which stands for ‘the future of business’ was incorporated in 2021 to drive the Lynk payment platform – a conduit for the bank’s participation in the pilot of the central bank’s digital currency (CBDC).
In December of 2022, Lynk, part of the NCB Financial Group, announced that the mobile wallet hit $1.5 billion in transactions – the equivalent of US $9.8 million – in its first year of operations. Along with the new remittance feature, the app enables users to purchase mobile credit, utilise its bill pay feature to pay at over 300 utility companies, insurance brokers and loan agents, transfer to other Lynk accounts and pay at over 5,000 local businesses across Jamaica.
