After much anticipation, the Bank of Jamaica (BOJ) on July 11 officially launched Jamaica’s Central Bank Digital Currency (CBDC), JAM-DEX, through the Lynk app, Jamaica’s newest digital wallet and currently the only transaction platform for Jamaicans to use their JAM-DEX. As part of the launch, the first 100,000 customers that signed up for JAM-DEX via the Lynk app were given an incentive bonus of $2,500 JAM-DEX in their wallets – by the Government of Jamaica – which was officially activated on Monday, July 11.
To date, more than 120,000 users have signed up on the platform and can now transact using Lynk e-money and now JAM-DEX to pay for goods and services with more than 2,300 merchants on the Lynk platform.
MINIMUM REQUIREMENTS TO JOIN LYNK
In partnership with BOJ, the Lynk team will embark on an islandwide public education programme about the benefits of digital payment platforms and currencies for everyday Jamaicans and business owners, showing Jamaicans how to access, convert and spend their JAM-DEX locally.
JAM-DEX, the digital version of the country’s currency, is legal tender, issued by BOJ on a one-to-one basis with banknotes and coins. JAM-DEX is stored in a digital wallet which is an app on a mobile device such as your phone which makes it easy for users to send, receive and spend their money. Lynk, Jamaica’s latest digital wallet, only requires users to upload one Government issued photo ID (Driver’s Licence Voter’s ID or Passport) and a copy of their tax registration number (TRN) in order to create a wallet. For added security, the app also collects biometric data to prevent unauthorised access to your money.
As the leader behind the team pioneering the revolution of Jamaica’s fintech space, Vernon James, Lynk CEO, shared: “The combination of Lynk – Jamaica’s most innovative Digital Wallet – and JAM-DEX – Jamaica’s CBDC – offers a solution to three public policy objectives in the financial system – inclusion, security and convenience.”
James added: “As technology rapidly evolves, day-to-day and business payment transaction behaviours are also changing. Adapting to cashless environments is quickly becoming a non-negotiable for personal and business transactions the world over, but especially in Jamaica. There is a greater need to explore innovative technologies to respond to these changes and ensure equitable access. At Lynk, we are committed to ensuring Jamaicans are not left behind in the global digital financial transformation.
“Facilitating access to multiple currencies is another step towards further advancing our local fintech space and helping more people join the formal financial system by removing barriers that would prevent them from otherwise participating.”
Continued James: “The Bank of Jamaica is excited about the launch of JAM-DEX 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.
Natalie Haynes, BOJ deputy governor with responsibility for Banking and Currency Operations and Financial Markets Infrastructure divisions, said: “We are pleased to be working with Lynk, the first digital wallet to offer JAM-DEX. The ease of accessing the Lynk digital wallet allows for equitable access to JAM-DEX for all.”