LYNK Seeks to Tap into Multibillion-Dollar Market
- Digital payment wallet, Lynk, is hoping to tap into the multibillion-dollar market of monetary transactions that exist in Jamaica. Digital payment wallets are the platforms used to facilitate transactions of the Bank of Jamaica’s Central Bank Digital Currency (CBDC).
- Speaking with JIS News, Chief Growth Officer at Lynk, Denise Williams, said the company is eyeing how they can make a greater impact in the growing digital market. With an injection of more than $250Mn in JAM-DEX incentives into the Lynk ecosystem, along with customers putting cash into their Lynk wallets, hundreds of millions of dollars worth of transactions have taken place on its platform since inception.
- Chief Product Officer at Lynk, John Matthew Sinclair, said the digital wallet is fairly new to Jamaica and during this stage of the process they do have some limitations.
- “We do have ambitions to interface with the larger digital wallets in America where we have a large diaspora. Access to that type of network will have benefits to the holder of popular international digital wallets and Lynk,” Mr Sinclair said.
- “The company (Lynk) has been able to work out the technical hurdles that will allow interoperability locally through the CBDC network, and, eventually, we also aspire to do the same with international wallets-based regulatory approval and international money transfer services,” he added.
(Source: JIS News)