Lynk Launches New ABM Feature, Targets Remittance Market Next

NCB has been relentless in enforcing 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 an estimated $500 million on the mobile wallet product, which not only aligns with the group's ambition and vision for digital inclusivity, but also with the Government's push for increased use of the Jam-Dex digital currency. 

According to a recent Caribbean Policy Research Institute (CAPRI) research, Jamaica's unbanked and underbanked represent approximately 40 per cent of the population. 

Financial innovations under the Bank of Jamaica's Fintech Regulatory Sandbox such as Lynk are expected to gradually lower that number. 

In a bid to speed up the rate at which customers are added to the Lynk platform, James says plans are under way to expand its merchant network to include digital transactions from large companies while working is being done on the remittance feature.