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Lynk wallet aims to double users to 400,000

Published:Wednesday 12:09 AM

Lynk/TFOB 2021 Limited CEO Vernon James.

Digital wallet Lynk, which is operated by TFOB 2021 Limited, has shot past the 200,000-user mark.

Now the wallet is looking to double that number to 400,000 by year end, according to TFOB CEO Vernon James, and it’s banking on its new remittance service as one of the ways to hit the target.

But within the next three to four months, Lynk will be rolling out other features, he said. TFOB 2021 is owned b NCB Financial Group, operator of Jamaica’s largest bank.

“We’re on a journey where we want to have a significant number of Jamaicans using Lynk for a number of things – from payments at the local store to get fast food, or generally to do business. We want Lynk to be your digital partner as you go about normal life,” James said.

The new offerings to come include a merchant linkage platform and virtual cards. A Lynk ABM cash machine was also launched last year.

The digital remittance feature, which was launched on Friday, will allow for transfers through MoneyGram, with more partners to follow.

“Lynk has the same security protocols as would obtain if you were sending a remittance to a bank account. This is true both on the sender side and the receiver side,” James said, adding that the risk is lessened further by the additional protocols attached to Lynk. He declined to elaborate, citing security reasons.

The digital wallet users can collect up to $100,000 per day or the US equivalent, the company said.

“MoneyGram will not be our only partner. There will be others coming on board before the end of the year,” James said.

In December, Lynk announced that the mobile wallet hit $1.5 billion in transactions – the equivalent of US$9.8 million – in its first year of operations. The company says that along with the new remittance feature, the app enables users to purchase mobile phone credit; utilise its bill payment feature to pay at over 300 utility companies, insurance brokers and loan agents; transfer to other Lynk accounts; and pay at over 5,000 local businesses across Jamaica.

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