Scotiabank (Barbados) Limited customers can now access the BiMPay e-wallet, allowing them to send and receive money instantly through Barbados’ national payment system.
The Central Bank of Barbados, which owns and operates BiMPay, announced that the e-wallet is now available to customers of all six commercial banks.
Scotiabank has been using the BiMPay payment rail since the system went live in June to facilitate instant payments.
The system allows Barbados’ six commercial banks and three major credit unions to process payments 24 hours a day, 365 days a year, with transactions typically completed within seconds and recipients getting immediate access to their money.
The BiMPay e-wallet provides additional features, including the ability to send and receive money using an alias such as a mobile number instead of sharing full account details. It also supports QR code payments and Request to Pay.
Central Bank Governor Dr Kevin Greenidge said bringing Scotiabank customers onto the e-wallet was another step towards expanding access to instant payments in Barbados.
“The more customers who can access the e-wallet through participating financial institutions, the more useful the BiMPay ecosystem becomes,” Greenidge said.
He said the service gives Scotiabank customers greater choice and convenience while supporting a faster and more connected payments environment.
Greenidge also noted that customers have not been charged a fee for using BiMPay since its launch. Any financial institution wishing to introduce a BiMPay fee must first obtain the Central Bank’s non-objection and meet applicable customer notification requirements.
Customers of all six commercial banks, as well as Barbados Public Workers’ Co-operative Credit Union and City of Bridgetown Co-operative Credit Union, can now access the BiMPay e-wallet.
AffinityPlus Credit Union is already connected to the BiMPay payment rail and is expected to enable e-wallet access for its customers shortly.