MoneyGram introduces digital receiving opportunities in Jamaica through partnership with Lynk

MoneyGram International Inc. (NASDAQ: MGI) (“MoneyGram” or the “Company”), a leading global financial technology company that connects global communities, today announced a partnership with Lynk, a mobile wallet powered by National Commercial Bank financial group. (NCBFG), the largest financial group in Jamaica. With this partnership, Lynk’s rapidly growing user base now has the ability to receive cross-border payments directly to their smartphones. MoneyGram is the first money transfer organization to bring this opportunity to the Jamaican market.

“We are thrilled to partner with Lynk to now offer consumers in Jamaica a digital alternative to receive money sent by loved ones abroad,” said Alex Holmes, chairman and chief executive officer of MoneyGram. “Over the past few years, we have positioned ourselves to meet growing consumer demand as it moves more and more online. Today, Lynk joins a long list of digital partners helping us expand our mobile wallet experience in some of the largest receiving markets around the world. We are excited about the benefits this partnership will bring to our business as we continue to stay ahead of the industry in digital adoption.”

This partnership allows Lynk to connect with the company’s global payment systems to expand its offering to include international digital acceptance capabilities. With a shared focus on customer-centricity, MoneyGram and Lynk are now providing consumers in Jamaica with a faster, more convenient and secure way to receive funds sent by loved ones around the world.

“This exciting, first-to-market development was designed with customers in mind,” said Vernon James, CEO of Lynk. “International money transfer is a critical service in Jamaica and we are proud to work closely with MoneyGram to ensure our clients can receive money on the go from the comfort of their own home or wherever they are.”

In December 2022, Lynk announced that the mobile wallet’s transaction volume was $1.5 billion JMD, equivalent to $9.8 million, in its first year of operation. Along with the new money transfer feature, the app allows users to purchase mobile credit, pay bills at over 300 locations, transfer to other Lynk accounts, and pay for goods and services at over 5,000 local businesses across Jamaica.

“This is a huge event for consumers in Jamaica, one of our largest inbound markets in the world, with money coming in from loved ones in our top outbound markets like the US and Canada.” said Grant Lines, Chief Revenue Officer at MoneyGram. “As the first international money transfer organization to team up with a mobile wallet owned by NCBFG, which controls over 60% of the country’s payments market, we are confident that we will provide consumers with more choice and flexibility.”

The service is now available to consumers in Jamaica.