New LynkBiz Digital Platform Being Launched

• In April, the administrators of the digital payment wallet – Lynk – will be launching a new line to its suite of business client services, known as LynkBiz. The facility is a web-based platform that will allow micro, small and medium-sized businesses to accept digital payments seamlessly. These include transactions involving Jamaica’s Central Bank Digital Currency (CBDC) – JAM-DEX – for which Lynk is the first provider.

• During his 2023/24 Budget Debate presentation, Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, announced that the Government will be offering $500 million in incentives for businesses signing up to accept JAM-DEX payments, as of April 1, under the Small and Micro Merchant Incentive Programme.

• Chief Product Officer for Lynk, John Matthew Sinclair said for the first 10,000 merchants, the Government has made provisions for businesses to receive a $25,000 grant in digital currency.

• He pointed out that the provision to small businesses is a different and safer channel to offer goods and services and receive digital payments instantly. “We have over 205,000 users on the platform, to date; so merchants will have access to all those users. You can sell on social media and you can sell in person by simply scanning a QR code,” Mr. Sinclair said.

• Lynk app users can easily cash in through NCB ABMs or any local bank using a debit or credit card. Once the money is cashed into a Lynk user’s primary wallet, it can be used at merchant locations and easily changed to JAM-DEX in the app and spent at merchants with JAM-DEX QR codes, so users can earn cash back.

(Source: JIS News)