Concerns are being raised about the need for greater transparency surrounding BiMPay, the new payment platform designed to facilitate instant transactions across the country.
Jason Phillips, Democratic Labour Party spokesperson on Small Business and Entrepreneurship, welcomed the innovation but said public discussion should extend beyond the convenience and speed the system offers.
He acknowledged that BiMPay has the potential to improve efficiency by allowing funds to be transferred instantly between individuals, businesses, financial institutions and Government agencies. However, he said that the introduction of such a significant financial platform requires greater public understanding of how it operates.
“Like many Barbadians, I welcome innovation that makes financial transactions faster, easier and more convenient,” Phillips said.
“While this is not an allegation that the platform is unsafe, improperly designed or being implemented for any purpose other than improving payments, citizens have a right and indeed a responsibility to ask questions about how the system operates, how their information is protected and what the long-term implications may be,” he said.
Phillips suggested that attention should now shift from what BiMPay does to how it works, how it is governed and what role it may play in the future.
He questioned what personal and transactional information would be collected through the system, how long such information would be retained, who would have access to it and what safeguards would be in place to protect users’ financial data.
“In an increasingly digital world, data has become one of the most valuable assets any institution possesses. Citizens should therefore have a clear understanding of how their information is managed and protected,” Phillips said.
He also called for clarity on cybersecurity measures as he further urged authorities to explain who ultimately governs the platform, what accountability mechanisms exist and whether independent oversight would be established to maintain public confidence.
Perhaps most importantly, he said, Barbadians should be informed about the longterm vision for BiMPay.
“Will BiMPay remain simply an instant payment platform or is it intended to become the foundation upon which future digital financial services, Government payment systems and broader digital infrastructure are built?” he asked.
“Barbadians are not afraid of progress. We have consistently embraced innovation when it improves our lives and strengthens our economy. However, as BiMPay becomes a larger part of our financial landscape, it is entirely reasonable for citizens to be informed about data privacy, security, governance, consumer protection and the long-term vision for the platform.” (NS/PR)
