Barbados will enter a new era of digital payments on June 12 when the Central Bank of Barbados officially launches BiMPay, the country’s new instant payment system, at 11:59 p.m.
The launch will be marked during a special livestream event beginning at 10:30 p.m. on the Central Bank’s YouTube and Facebook platforms, with Prime Minister Mia Amor Mottley expected to carry out the first live transaction.
The payment will be sent to a well-known Barbadian small business, symbolising the start of real-time transfers across the national system.
Governor of the Central Bank of Barbados, Dr. Kevin Greenidge, said the platform will significantly change how money moves in Barbados.
“BiMPay changes how money moves in Barbados. From June 12, a payment that once took hours or even days will settle in seconds, at any hour and on any day. This is a national achievement, delivered with our banks and credit unions, and it lays a foundation we will keep building on as new features come on stream.”
At launch, all six commercial banks and three major credit unions will be connected to the BiMPay rail, which replaces existing automated clearing house and real-time interbank transfer systems.
Seven financial institutions will also be linked to the BiMPay e-wallet, which allows users to send money using phone numbers, email addresses or QR codes, as well as request payments directly.
However, Scotiabank and AffinityPlus Credit Union will not initially support e-wallet access. Their customers will still be able to process interbank transfers through existing online banking channels.
Scotiabank is expected to integrate e-wallet functionality within 30 days of launch, while AffinityPlus is expected to follow within 60 days.
The Central Bank said the rollout marks a major step in modernising Barbados’ payments infrastructure, with the aim of making transactions faster, more secure and more efficient across the economy. (PR)
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