We’ve heard the phrase “secure the bag” more times than we care to count over the last two years, and it has evolved from simple Internet slang to an actual way of life.

People are now laser-focused on “securing the bag”, ensuring that they are financially prepared to take care of themselves and their families in another global or personal crisis.

Since the pandemic, customers have also been looking for ways to make conducting business, saving and spending their money easier and more convenient. Thankfully, new technological advances are made every day to make that happen. More digital platforms are coming on board, allowing companies and customers to interact in ways they couldn’t before.

However, going digital comes with new levels of safety and security considerations for how we use systems and devices and how we share data. We must think about “securing the bag” differently, ensuring that all that hard-earned cash is safe and secure.

Since the start of the year, there has been a lot of talk about digital wallets as the Government prepares to launch its own central bank digital currency, Jam-Dex. Lynk, Jamaica’s latest digital wallet, is currently the only digital wallet provider approved to hold Jam-Dex once it officially launches. However, there is still a lot of uncertainty about the safety of Lynk and customers’ money.

Security at the core

A digital wallet is just like your regular wallet. It can hold your money, bank cards, receipts, and identifying information, just in a digital form. This may seem scary because hacking has become more of a concern in recent years, but digital wallets are more secure than your regular wallet.

Lynk is built on best-in-class security standards, using industry-leading encryption to protect your data and money. During the onboarding process, the app uses biometrics to capture real-life data on the user and information stored on the app and is used to validate high-risk transactions.

The app also uses device detection technology to ensure that only authorised devices can access a wallet. Lynk also uses Government databases to validate IDs to ensure that all wallet holders are legitimate. All transactions are sent via a secure protocol and encrypted. The funds can only be sent or received by verified account users.

Accessibility is key

Lynk also offers multiple options to fund the wallet and withdraw money. National Commercial Bank (NCB) customers have the option to securely add their bank account to their wallet for convenient cashing in and out, thanks to a partnership with the app.

Lynk also built the platform to enable users to securely fund their wallets via any local debit or credit card, with Mastercard or Visa enabled. A small refundable amount is run against the card to validate before the card is added to the wallet. This provides complete transparency and gives users control over the funds entering and leaving their wallets.

Changing the status quo

Lynk will also offer a contactless experience with NCB iABMs. Users don’t have to worry about their cards being skimmed or cloned by a machine because their cards are never inserted into the iABM as all Lynk/iABM interactions are done via a secure QR code. This feature also gives the unbanked population access to funds and withdrawals from their Lynk wallets in digital transactions.

The company also does not share user information with the Government, and every piece of data is encrypted and stored on secure cloud servers. With a digital wallet, like Lynk, you’ll never have to worry about your money falling into the wrong hands as you would if you lost your wallet in a taxi or on the street.