NCB Financial Group, the parent company of digital wallet developer Lynk, is committed to providing its users with free transactions for all the features it introduces.
Lynk is gearing up to introduce four new features to its users by the end of June.
Lynk was introduced in Jamaica in an open market pilot phase last December and has already onboarded over 100,000 users who can send and receive money with the app on their smartphones.
It also facilitates the transfer of funds to and from local banks and payments for goods and services.
“NCB Financial Group is proud that two of our subsidiaries – National Commercial Bank Jamaica Limited and TFOB (2021) Limited – have been an integral part of this pioneering and innovative national initiative that is laying the foundation for greater financial inclusion,” said said NCB Group Chairman Patrick Hylton. as he addressed a virtual CBN investor briefing on Tuesday.
Hylton revealed 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 take advantage of four new features: NCB smart ATM deposits and withdrawals (whether or not they have a bank account), mobile recharge, payments bills and JamDex (Central Bank Digital Currency) in their Lynk wallet.
As a special introductory offer for customers who choose to cash in and withdraw at NCB’s smart ATMs, Lynk said it will absorb all transaction fees to use NCB’s smart ATMs.
“However, transactions involving third-party platforms such as debit and credit cards may incur fees from the issuing bank,” Lynk said in an email response to Loop News queries.
A gradual rollout of JAM-DEX, the digital currency of the central bank of Jamaica (CBDC), is currently underway as the process of amending the Bank of Jamaica Act (BOJA) progresses, the central bank said in a statement. statement on Wednesday. He 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 on a date to be specified by NCB,” the central bank said.
The amendments to the BOJA will make the 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 work tirelessly to achieve this goal through continuous product enhancements, robust and targeted audience 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.