BIMPay is the new national digital payment system, which financial regulators say will significantly cut costs and processing times for consumers and businesses, revolutionising how transactions are conducted.
Unveiled on Tuesday, the National Instant Payment System (IPS), developed by the Central Bank and set to launch on March 31 next year, will enable individuals, businesses and government entities to send and receive payments within ten seconds, with recipients gaining immediate access to funds.
Stakeholders at the launch event learned that the system will work seamlessly across all banks and credit unions, removing past limitations where instant payments were only possible between customers of the same institution. The IPS is also expected to boost financial inclusion and modernise Barbados’ financial services sector.
A team led by Central Bank Governor Dr Kevin Greenidge will soon begin a public education campaign to ensure nationwide adoption and readiness for what regulators describe as a transformative step into 21st-century banking.
Greenidge explained that even the smallest vendors, from shopkeepers to sno-cone sellers, could accept payments via a mobile device or computer using a downloaded app.
“Now, the shopkeeper, the vendor, the sno-cone person can [display] a QR code specific to them. You scan the code, and instantly, you’re paid; … no cash,” he said. “The car washer… usually, you might say, ‘I don’t have money right now,’ he can say, ‘That’s alright, I accept national instant pay’. You scan, you don’t miss a sale.”
Greenidge also highlighted cost savings, noting that financial institutions currently bear high expenses in maintaining payment infrastructures.
“The Central Bank, in taking on that role and providing the infrastructure, allows any financial institution, any credit union to set a national instant payment without having to go through the huge costs,” he said.
The governor clarified that the system does not eliminate cash but provides consumers with more options.
“A large part of the banks and institutions’ costs right now is counting cash,” he explained. “By reducing that amount, you can see the savings passed on to the consumer; and just the additional revenue provided, that in itself reduces costs, and so we expect to see those savings passed on.”
Additionally, the 24/7 system will allow even those without bank accounts to transact digitally.
Deputy Governor Michelle Doyle added that the IPS supports alias-based transactions, such as using a phone number or email address. Another key feature is “request for pay”, where billing systems can generate payment codes, streamlining transactions across all financial institutions, she explained.
“So, the level of facilitation will definitely be enhanced across the board, despite where you bank,” Doyle said.
Tuesday’s launch included a panel discussion featuring Greenidge; Doyle; Shimon McIntosh, the president of the Barbados Bankers Association; and Nicholas Smith, a senior financial sector specialist at the World Bank.
The IPS is part of the Central Bank’s broader initiative to modernise Barbados’ payment systems and advance financial stability.
(EJ)
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