Prime Minister Mia Amor Mottley has described the launch of Barbados’ new instant payment platform, BiMPay, as a transformative step toward a fully digital economy.
She says the new system will allow Barbadians to conduct transactions “anytime, anywhere, any place” while also creating new opportunities for businesses and reducing vulnerabilities associated with cash-based transactions.
Mottley made the comments on Friday night after officially performing the maiden transaction on the platform, which enables instant digital payments across the country.
Using a QR code on a mobile phone provided by the Central Bank, the Prime Minister bought a cheeseburger from caterer Trevor ‘Red Man’ Kirton, and the instant payment going through prompted loud applause from those on hand in the garden of the Grand Salle.
Governor of the Central Bank, Dr The Most Honourable Kevin Greenidge, described the platform as a special piece of financial infrastructure that would modernise how Barbadians send, receive and access money.
“People need to be able to send money quickly. Businesses want to be able to receive funds and have them available to spend. Vendors want to get their funds and access their money quickly.”
The governor likened the platform to the country’s physical infrastructure, describing it as a network that would connect individuals, businesses and institutions in much the same way roads and bridges connected communities.
“The payment system will connect payments through various vehicles, including credit cards, debit cards, cash and payment wallets,” he said.
Greenidge stressed that the benefits would be particularly significant for small and micro businesses, which often face delays in receiving and accessing funds.
He noted that individual transactions on the app will be free, while measures have also been put in place to protect small businesses from excessive costs. (BA)
