Government has moved closer to facilitating an electronic system of payments across the board with the passage of the National Payment System Bill 2021.
Introducing the bill in the House of Assembly today, Minister in the Ministry of Finance Ryan Straughn said it would create the framework for a “national payments ecosystem” designed to employ technology in financial business transactions and thereby reduce the use of cheques and cash.
The bill also provides for the use of a common electronic payment vehicle that can in the future be used for both local and international business transactions.
Straughn also encouraged Barbados’ pensioners to have their pension payments deposited to bank accounts. (GC)
