Small businesses will benefit from the digital wallet.

the The digital revolution – the rise of the internet and social media – has undoubtedly changed the business landscape. Forty years ago, business owners considered having a physical location for their business a hallmark of success, but today hundreds of successful businesses exist solely online. There are no physical locations for customers to enter, no office space for employees, and transactions are conducted through websites or direct messages on social media.

Before the novel coronavirus pandemic, people dreaded queuing all day to do business or walking through dozens of stores to find what they wanted. During the pandemic, customers have flocked to the online option for many things for convenience, security, and general ease.

Statista.com reported that in 2021, 46% of people spent at least six hours a day on the internet and mobile apps. That’s six hours a day to scroll, search for information, communicate, make connections and transact. The pandemic has accelerated the digital transformation of many businesses, especially small and medium-sized enterprises (SMEs), forcing them to meet customers where they are.

The Jamaican government’s announcement of the launch of a central bank digital currency (CBDC), JAM-DEX, garnered a lot of positive feedback as it represented Jamaica’s push towards digital innovation. JAM-DEX is a digital-only version of the country’s currency and is considered legal tender, exchanged at a 1:1 exchange rate with regular banknotes and coins. To use JAM-DEX, customers will need a digital wallet, which looks like a regular wallet, but only on mobile devices.

Currently, Lynk is the only JAM-DEX approved digital wallet in Jamaica. Lynk and JAM-DEX give business owners better access to existing and potential customers and present many growth opportunities for businesses. These two technologies allow SMEs to stay ahead of other companies in their market by offering innovative payment solutions. JAM-DEX is also a cheap alternative to cash and cards and will be more economical for businesses to accept and process. Additionally, due to the greater inclusiveness and ease of access that comes with both JAM-DEX and Lynk, businesses will be able to reach a wider customer base.

Lynk will also provide SMBs with tools to strengthen their reach and engagement with customers. Businesses will have the ability to develop, launch and control loyalty programs through the Wallet, a free downloadable app on iOS and Android systems.

SMBs can also launch personalized options to give their customers the best experiences, whether in person or online. Another advantage of CBDCs and digital wallets is that they enable real-time settlements, which means merchants will receive payments instantly, even if the customer is not connected to WiFi or internet data. They are also a paperless option.

Security is also one of the biggest hurdles overcome with digital wallets and currency. They reduce the need to carry cash or debit/credit cards, reducing the risk of being forgotten at any physical location and being stolen.

Most devices come with a biometric lock and multi-step authentication, so the app and money are still safe if the device is lost. Additionally, like most digital wallets, Lynk uses biometrics like fingerprint ID and face ID to verify users before granting access to accounts and funds.

The way people do business has evolved tremendously over the past few years. As technology advances, business owners, especially SMBs aiming to offer their customers the most innovative service, can join the digital revolution with digital currency.