Lynk has issued a call for businesses to sign up for its newest feature, the LYNKBIZ merchant platform. This comes on the heels of a recent announcement that the Government of Jamaica will introduce a new J$25,000 (JAM-DEX) incentive programme to encourage businesses to accept JAM-DEX, Jamaica’s Central Bank Digital Currency (CBDC). 

The announcement of the JAM-DEX business incentive was made in March by Minister of Finance, Dr. Nigel Clarke, as part of a Small Merchant Incentive Programme. Clarke also announced a cash back incentive for consumers, called the Wallet Holder Individual Loyalty Programme for Jamaicans who use JAM-DEX to pay for goods and services. The programmes will be managed and monitored by the Bank of Jamaica.

Lynk is the only wallet provider authorised to distribute JAM-DEX at this time, and will facilitate the incentive programme for businesses seeking to access their share of the GOJ incentive. 

“This incentive programme comes at the perfect time as we have recently completed a successful pilot of our web-based business platform, LYNKBIZ, which enables businesses to accept digital payments, including JAM-DEX transactions” said Denise Williams, chief growth officer at Lynk. 

“The JAM-DEX incentive programme will create an opportunity for 10,000 small businesses to step into the digital economy and by extension, participate in the formal economy. Lynk creates a unique opportunity for growth as it links the banked and unbanked to allow for seamless peer-to-peer and peer-to-merchant transactions,” she added.

Interested business owners can qualify for the incentive by signing up for LYNKBIZ with their:

• Business Registration Certificate or Certificate of Incorporation

• proof of any local bank account

• Valid Tax Compliance Certificate (TCC) or evidence of a TCC application, if expired.

Merchants who are on-boarded will also receive a ‘JAM-DEX Accepted Here’ sticker for display at their locations. Merchants will receive the $25,000 incentive via their LynkBiz account after successfully completing at least five CBDC transactions using their JAM-DEX QR code.

“To facilitate the uptake of new businesses, we’ll be launching an online registration form on our website, lynk.us, as of April 1,” said Williams who added that, “Getting the businesses onboarded is just phase one, the Government’s consumer incentive is vital to the success of these programmes as it will aid in building the habit of paying with Lynk while encouraging consumers to support JAM-DEX businesses.”

Users who use Lynk to pay at merchants in JAM-DEX will receive two per cent cash back on qualifying purchases. Users can easily cash in to Lynk and convert money to JAM-DEX in their digital wallet – the conversion is one-to-one. This cash back is issued at the end of each month via the Lynk consumer app.

“Bank of Jamaica is excited about this initiative which is being led by the Ministry of Finance and the impact that it will have on Jamaicans as we progress to a digital economy. JAM-DEX facilitates greater financial inclusion, which will improve the lives of so many Jamaicans who are currently excluded from the financial system. It also provides a safe, convenient, and secure means of making payments and transfers,” said Natalie Haynes, BOJ Deputy governor with responsibility for the Banking and Currency Operations and Financial Markets Infrastructure Divisions.

See related stories at the links below:

Jamaica falling behind in technology revolution, Chuck urges use of JAM-DEX

Lynk facilitates government payments with JAM-DEX pilot for Christmas workers

JAM-DEX gaining traction

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