Finance Matters- S4 Ep3

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Is jamaica going cashless what is link what is a digital wallet the proceeds of crime act allows the bank of jamaica to permit the creation of accounts with low risk and less stringent know-year customer kyc requirements for opening bank accounts the central bank digital currency cbdc jamdex is a legal tender that allows for the remote transfer funds anywhere and

Anytime link is jamaica’s first digital wallet for sending and receiving money between users and can be accessed from your smartphone link is set to revolutionize the financial landscape but is it safe hi i’m shaquille rochester and welcome to finance matters today i will be speaking with mr vernon james ceo of link about the future of the jamaican economy through

Link remember to like share and subscribe to our youtube channel follow the ministry of finance on facebook instagram twitter and linkedin to see all the episodes and highlights thanks for joining us today so why must we trust link well link is affiliated with ncb um and the cm standard the same security standards that are behind the ncb internet banking and

Also the mobile app uh also are ingrained and designed in link so you can rest assured that we have that high level of security but on top of that link is a wallet that has a biometric onboarding process that means that we use either your face or your fingerprint and that is supported by a pin uh um a personal pin that you use in case you know the the biometric

Fields you can’t use your pin okay so you have two levels of security and that’s the gold standard in the world right now uh about you know the digital and boarding process so if you’re really proud it’s it’s been a long journey to design that process and make it easy so that people can use it and get on and enjoy using link but you can rest assured that we’ve

Designed the highest standards of security in that process so there’s spatial recognition software and fingerprint yes so tell us and pin so tell us now about the recently launched abm caching casual feature great so this is an exciting feature for us and the reason is finally uh anybody with a link account can go into an abm you don’t have a bank account you

Don’t need a bank account and you can add or withdraw money from your link account just using your phone so no card necessary just use your phone what it means is for people who don’t have bank accounts you know can create a link account okay you can know um cash into your link account you can pay your bills you can top up and in very short order you’re kind of

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So much more with it i mean what link is is an ecosystem you know we are creating a a network of customers okay that use it uh those that those customers can do their payments they can transfer to other people very shortly you’ll be able to pay all the merchants or most of them let me not say all right you have small medium large yes small merchants you can pay

Through p2p medium we’re about to launch uh our merchant platform which allows merchants to be able to through a static qr code that can have people pay them and for large merchants we’re building an interface um with when you say they will see immediately yes so for example you’re going to a store and you have a a qr code that the customer can scan so you know

You agree on a price and so on the customer can scan that qr code is connected to the the merchant and the customer appears and the payment goes directly to the merchant through link um that is going to be launched uh fully i would say in the next couple of weeks i don’t even know if i should be asking you this question but based on all you’re saying do you see

Jamaica going cashless like a sweden or a united kingdom of course why not the world requires convenience and the movement of value requires a removal of barriers so in other words when you spend cash you always have to go and get that cash flow there you go to abm or you go to a bank you have to go and get the cash in a digital world the cash is always there so

The the value of the cash is always there you don’t have to get it so if you have a digital wallet you have the value in your account you can spend it right away um and you can move value between different people and different entities immediately that has to be the future of the world because the world moves at a very fast pace and business is transacted very

Very quickly almost instantaneously in some cases instantaneously in others so the restriction at cash represents in terms of the need to have to go and get it the security risk in getting it and so on is properly south between by the digital methods of payment so i do believe that that is the future of money and um i believe is the future of banking and it’s

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The future of business which is tfob that is linked okay okay quickly tell us how many civil service on the platform all right so we are nine months old now since we launched we’re actually a boat nearly two years now over nine months since we launched to the public we have 145 000 customers and that has been quite a rapid growth every time we learn features

We’ll have new customers that come on okay because they find other reasons to use the app so we’re very happy for where we are and we’re very happy for where we’re going so i got an email recently to say that this is a new week here is a chance to win 10 000. is that a legitimate email and um how can i you know take advantage of this so every campaign that we

Run uh we put it in our social media feeds so okay whether you go on instagram or twitter and so on you will see it um that’s one we’re probably the best way to verify that our campaigns are are legitimate but you know i mean link is a living breathing entity so yes we run these campaigns i do recommend though that you do double check with our official uh social

Media handles uh official um social media accounts to verify that the campaigns are legitimate because this is the world you know there are many fake pages and so on that go up yes please verify them with our official account i hear you saying that jamaicans can trust link but we have jamaicans who will not trust digital currency they will doubt it what do you

Have to say to them well i can appreciate why they might have some distrust i mean cash has been in existence for thousands of years so this is actually a pivotal moment in human history when we are moving from physical store of value cash gold and you know those sorts of of physical value stores to digital stores and you can tell from all the things that are

Happening in the space house how rapidly the adoption of digital is taking place the things that you can do using the digital channels um exceed what you can do with the physical cache so for example you can shop online yes yes i don’t think they’ve created a method yet where you can physically go and sharpen an online space not a time over here more and more

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Businesses are using the online platform to attract customers and the transact with customers but just to go back to your question more and more people are doing transactions digitally online um so you know if you want to do do those sorts of transactions you’re really going to have to open up a sort of online or digital account why not use link the future is

Digital that’s what i’m hearing from you mr james all right so if i’m traveling overseas can i leave my credit cards and depend on link so that’s a good question um so right now you can cash into link using local uh um debit and credit cards uh or you can cash into link of course using cash or you can cash into link from a transfer from another link account

Holder um i would say watch the space right no link is limited to to local um caching methods okay but link has more regional and perhaps global expansion ideas so watch this piece we will as we launch new features and as we expand uh then i i suspect you know we may be able to to launch some more international um caching features okay so quickly before we

Go tell us how we can find out more information about link uh so you can go on um or website uh you can go on our instagram page it’s a very vibrant page and we also do a lot of social media posting through twitter okay uh so it i don’t think you have to search for link link is all over social media uh just follow us um at link jamaica um on instagram or on

Twitter and you can also go on our website and you’ll see all of our information there and all of the offers and all the features for all products okay thank you mr james for coming on our program and telling us why we need to trust link and thank you for joining us on this episode of finance matters remember to follow us on social media at mof jamaica and tune

In next week as we continue to demystify the economic and fiscal policies and initiatives implemented by the government to empower jamaicans as we try to pass to jamaica’s economic prosperity

Transcribed from video
Finance Matters- S4 Ep3 By Jamaica Information Service