The Central Bank of Barbados has launched BiMPay, the new national instant payment system, which from March 31, will facilitate payments between individuals, businesses, and Government “on a 24/7/365 basis”.
The service was officially unveiled today by Central Bank Governor Dr Kevin Greenidge at the Courtney Blackman Grande Salle, Tom Adams Financial Centre.
Central Bank officials said that BimPay “will be fully interoperable, allowing Barbadians to send and receive money to and from anyone, anywhere in Barbados, regardless of whom they bank with – or whether they bank with anyone at all – and the recipient will have immediate access to their money”.
They said the objective was to streamline transactions, reduce costs, and enhance financial inclusion.
Deputy Governor Michelle Doyle said some key features would include the use QR codes, aliases, and request-to-pay services enabling individuals and businesses to receive and make payments.
It was also explained that BiMPay would reduce cash transactions and improve cash flow for businesses.
“It’s our intention that no one, no segment of the society, will be left behind. From this launch going forward, no question will go unanswered, no one will feel excluded from this financial revolution that we are witnessing now,” Greenidge said.
“So Barbados, . . . I want you to remember this moment. Remember the day when together we declared all financial and banking barriers removed. Remember the day when instant becomes a reality, where every Barbadian, regardless of where you bank, if you bank, heard and understood, how they can become connected to the future via BiMPay.”
He added: “So mark your calendars, set your alarms tell your neighbours, tell everyone come March the 31 of 2026, we Barbadians together will step into the future. We will step into a new era where 365 days a year, 24 hours a day, seven days a week, [there will] instant payment for everyone.”
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