JAM-DEX officially launched through Lynk App
KINGSTON, Jamaica — The Bank of Jamaica (BOJ) has officially launched Jamaica’s Central Bank Digital Currency (CBDC), JAM-DEX through the Lynk app.
According to a release, the digital currency was launched on Monday through the app. Lynk is 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 $2500 JAM-DEX in their wallets by the Government of Jamaica, which was also officially activated on Monday.
To date, over 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 over 2,300 merchants on the Lynk platform.
In partnership with BOJ, the Lynk team will embark on an island-wide public education programme about the benefits of digital payment platforms and currencies. The campaign will show 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 1-to-1 basis with banknotes and coins. JAM-DEX is stored in a digital wallet, which is an app on a mobile device, making it easy for users to send, receive and spend their money.
“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. As technology rapidly evolves, day-to-day and business payment transaction behaviours are also changing,” said Vernon James, Lynk CEO.
“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,” James said.
Natalie Haynes, deputy governor with responsibility for Banking and Currency Operations and Financial Markets Infrastructure Divisions at the BOJ said, “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.”
