In a move to change the way salaries are paid across Barbados, a new digital disbursement was unveiled that could spell the end of monthly cheque writing.
During a cocktail reception at Sandals Royal, Maxwell Coast Road, Christ Church, last Wednesday night, the new reloadable Mastercard prepaid card was launched, described as a paperless, efficient, and inclusive alternative for salary and benefits distribution.
CIBC Caribbean’s director of enterprise payments, cards and merchant services Jennifer Fuller said the card was a paperless solution to issuing cheques.
“It is a reloadable international prepaid card which can be used just like a credit or debit card. The only difference is that it is stored value. So, essentially, you have to load it and once the funds are depleted, it has to be reloaded,” she said.
Fuller explained that the card would be distributed to Government and corporate entities and business owners, who would then distribute them to employees. She said the various businesses could then load funds/salaries onto the cards for the employee to access.
“I always tell people that imagine that one card could replace 48 cheques. This prepaid card is going to be valid for four years. So once you issue this card, you can load and reload every month for 48 months once that card is active. That reduces the need for writing cheques every single month,” she said.
Fuller said the card could be cancelled should the employee no longer be associated with the company.
She said the card had already been launched in the region, and here in Barbados, a version of the system, a convenience card, was used to support the Adopt-A-Family programme and is scheduled to be used to support the welfare system, adding some Government departments had already begun using the card.
Special Adviser on Elder Affairs in the Ministry of People Empowerment and Elder Affairs, Cynthia Forde, praised the initiative but advised the stakeholders
to always keep the disadvantaged in mind.
“Financial literacy, especially for the elderly, the disabled and those without prior exposure to banking systems, must be a central part of this roll-out. To this end, my ministry is committed to working with CIBC and other stakeholders to provide the necessary training, awareness campaigns, and community outreach so that no one is left behind in this digital transition,” she said.
Forde described the initiative as a landmark moment of innovation, inclusion, and “deep respect for the people we serve”. However, she cautioned technology must be used with intention, compassion, and equity.
“If our systems are to be modernised, they must also be humanised. We are proud to walk this journey alongside CIBC, whose commitment to social impact has never wavered. We thank you for standing with us during the hardest days of the pandemic and now, as we look toward a future of greater empowerment and resilience,” she said.
(CA)
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