Lynk officially launched its ABM cash in and cash out feature during a ceremony earlier today (September 20) at the The Atrium St Andrew.

The feature is the newest of service provided by Lynk, the digital wallet that offers users a safe, quick and easy cashless method of making payments and transferring funds.

With Lynk, customers are able to transfer money to any individual merchant on the app, pay bills, top-up mobile phones and now cash in and cash out via NCB ABM network.

In his opening remarks, NCB Financial Group CEO Patrick Hylton stated that the vision of NCB and Lynk was to provide unbanked, underbanked individuals and micro business with access to a seamless digital financial solution.

“All customers would need is their mobile phones and a minimal KYC, a solution that would place us right on the cusp of technology similar to our first world players such as Cash App, Venom and Zelle. A solution that eliminates a number of pinpoints and significantly enhances the experience of accessing and utilising financial services for ordinary Jamaicans,” Hylton pointed out.

Hylton also shared that Jamaica ranks fourth among a group of 10 leading countries that are issuing central bank digital currencies and is the only country to have passed legislation to legalise the Central Bank Digital Currency (CBDC).

He continued, adding: “The NCB Financial Group is proud that two of our subsidiaries, NCB and Lynk have been integral in this pioneering and innovative initiative that lays the foundation for greater financial inclusion among other things.

“As we forge ahead, it is imperative that we control our destiny, it is important that we embrace change, we embrace technology as a part of the process of controlling our destiny,” Hylton urged.

Lynk CEO Vernon James described the newest feature as a breakthrough in financial innovation.

“Our mission at Lynk is to empower all Jamaicans to pursue their dreams by using technology to revolutionise finance,” James noted.

Since its introduction to Jamaica’s financial technology space in December of 2021, Lynk is now regarded as the fastest growing digital wallet in Jamaica. To date, there have transactions valued a total of $500 million made through the Lynk app.

“Lynk, which was launched in December of last year, is Jamaica’s fastest growing digital wallet and is an app for everyone. In less than a year, we are at over a 145,000 customers and growing both from the banked and the unbanked. We have over 3,200 micro merchants and growing,” James highlighted during his presentation.

He noted that the significant customer base that is being reflected is now showing a powerful digital presence as evidenced by app store downloads, ratings and reviews.

The free-to-use, contactless app brings tremendous convenience to Jamaicans as well as a new level of inclusiveness as it gives anyone, even those without a bank account, the ability to cash in and out of their Lynk wallet.

“This newest feature represents a huge step towards financial inclusion for all Jamaicans. It’s a solution that allows the unbanked and underbanked to tap into digital solution. Lynk users can today deposit and withdraw from their Lynk wallet using any of the approximately 300 NCB ABMs located islandwide,” James continued.

The process is one that James describes as quick and easy.

“All you’ll have to do is visit the ABM, choose the cash in or cash out of your Lynk wallet in the app, scan the AMB QR code using your Lynk app to connect the ABM and complete the transaction. There is no need for a card or banking account.”

James also noted that Lynk is currently working on several services to be introduced to the financial space in short order. Two of those services are a remittance feature and a large merchant integration feature.

Dr Nigel Clarke, minister of finance and the public service, during his presentation, said situations that came out of the COVID-19 pandemic, such as some Jamaicans not having a banking account or one that was dormant, convinced the Government that it had to accelerate the transition to a digital payment and environment.

He noted that the only way the country will be able to include the hundreds of thousands of Jamaicans who are a part of this economy is to have technology that helps to reduce some of the difficulties that the society has with traditional methods.

“We are working to put in place the enabling framework to make digital payments and digital transaction a reality because the digital economy is the future, it is the future globally and it is the future for Jamaica,” Clarke shared.

Lynk is geared towards solving multiple finance and banking-related consumer issues, the company prides itself on three pillars – security, speed and accessibility for all Jamaicans.