The news: MoneyGram will let customers in Jamaica receive remittances through homegrown mobile wallet Lynk, per a press release. The wallet offers peer-to-peer (P2P) payments, retail payments, and bill pay.
Why it matters: Despite launching just over a year ago, Lynk has the potential to be a formidable player in Jamaica’s mobile wallet space. It reached $9.8 million in payments volume and was the third-most-popular financial Android app in Jamaica, according to web analytics firm Similarweb.
It could be a valuable partner for MoneyGram. Here’s why:
MoneyGram’s opportunity: Working with Lynk will give MoneyGram broader access to Jamaica’s remittance sector as the wallet grows, which can help it rake in more volume. The country’s remittance inflow was $3.44 billion in 2022, according to the Bank of Jamaica.
Lynk’s benefit: Partnering with MoneyGram can help Lynk offer more services.
Adding remittances can make the wallet more attractive and useful because remittances are a core part of Jamaica’s economy: Personal remittances accounted for 25.3% of Jamaica’s gross domestic product in 2018, per the latest World Bank data.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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