Barbados’ plan to introduce a real-time national payments system — dubbed BIMPay — is moving from concept to reality, with legislation introduced to lawmakers on Friday paving the way for digital money transfers to become standard by the end of March 2026.
As he introduced the National Payment System (Amendment) Bill and related amendments to the Central Bank of Barbados (Amendment) Bill, Minister in the Ministry of Finance Ryan Straughn said the reforms were designed to modernise how money moves through the economy, widen financial inclusion, and reduce the risks and inefficiencies associated with cash-based transactions.
Taken together, the bills seek to strengthen the Central Bank’s regulatory authority over payment systems, clearing and settlement services, payment service providers, and related financial instruments — a move Straughn said was necessary as technology outpaced the existing legislative framework.
“What we are putting in place,” he told the House, “is the ability for Barbadians… to be able to do their business as conveniently as possible,” while ensuring that standards, security, and public interest considerations are firmly embedded in law.
Straughn said the reforms were rooted in the Barbados Economic Recovery and Transformation (BERT) programme and supported by technical assistance from the World Bank, noting that while the evolution of payments was not an original IMF programme target, government had determined that transforming the payments space was essential to unlocking growth.
A key objective was financial inclusion — particularly for individuals and small operators who do not have bank or credit union accounts, he said.
“There are still a significant number of persons who do not either have a bank account or an account with a credit union,” Straughn said, adding that inclusive growth required mechanisms that allowed people to participate in the financial system without mandatory formal banking relationships.
As part of that shift, the minister pointed to the use of digital wallets, explaining that individuals would be able to receive and make payments electronically in much the same way cash is exchanged today.
“You have a choice,” he stressed, noting that the government was not mandating adoption but offering alternatives that reduce risk, save time, and expand access.
Using the Central Bank’s BIMPay platform as an example, Straughn said the system would allow peer-to-peer payments and merchant transactions via QR codes, enabling even the smallest businesses to accept real-time digital payments without the need for traditional point-of-sale infrastructure.
The amendments also formalise the scope of what constitutes a payment system, covering payment service providers, clearing and settlement systems, securities processing, and electronic money instruments; ensuring that familiar mechanisms such as store points and loyalty systems fall under clear regulatory oversight.
Straughn said the Central Bank was already testing the systems with stakeholders ahead of a planned March 31, 2026 launch, while government departments were being required to re-engineer internal processes to support real-time payments.
“The Treasury Department is working alongside the bank and the providers to make sure that Treasury at its core is ready to be able to accept real-time payments,” he said, adding that government agencies with accounting functions would need to adapt as the system rolled out.
The revenue authority and national insurance service, he noted, were expected to form part of a second phase, allowing benefits, refunds, and other payments to be issued more quickly and efficiently once the infrastructure is fully operational.
Beyond convenience, Straughn argued that the reforms could have measurable economic impact, suggesting that improved payment efficiency and faster circulation of money could conservatively add between one and one-and-a-half percentage points to economic growth.
“Time is money,” he told Parliament, arguing that reducing delays in receiving and making payments would improve productivity, particularly for small businesses and contractors who currently rely on cash handling.
He also sought to reassure the public on security, saying regulatory standards and fraud-detection mechanisms would mirror those already in place in the banking system, while stressing that personal vigilance remained critical in the digital space.
Straughn ultimately framed the legislation as a foundational step rather than a technological experiment, noting, “This investment… is to ensure that ordinary people are included in this economy.”
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