Richard Douglas, co-founder of Island Pay, said: “By working closely with the Central Bank of The Bahamas and Mastercard, we are able to issue a prepaid card unlike any other in the world. The Central Bank of The Bahamas will continue to encourage fintech developments that tie into the Sand Dollar infrastructure, while allowing us to satisfy best global practices for regulation of the space.” Island Pay’s technology platform, combined with Mastercard technology and wide merchant acceptance, has the potential to help reduce the operational distribution costs of cash and modernize the overall payments system in The Bahamas.Ĭentral Bank of The Bahamas Governor, John Rolle, said: “We welcome this approach to combining digital currency use with access to foreign currency and other payment outlets. Its virtual testing environment enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and people. Mastercard’s innovative work with CBDCs supports governments around the world as they explore, test and deploy real-life use cases across existing payment rails. Island Pay mobile wallet users can decide if they want to transact in Sand Dollars or Bahamian dollars at merchants using the mobile app. At that time, the Sand Dollar was exclusively accessed by registered users through a digital app at select merchants. Originally piloted in 2019, the Sand Dollar became the first fully- deployed digital version of a country’s fiat currency in October 2020. In the future, the Sand Dollar will be offered to tourists. Cash money movement becomes costly, which makes a central bank digital currency (CBDC) a preferred digital payment in the region.
In The Bahamas, there are 700 small islands and more than 5000 square miles of water. The digital currency can be used to facilitate government disbursements, offer additional payment choices and build a more inclusive economy. The digital Sand Dollar is issued by the Central Bank of The Bahamas and carries the same value and consumer protections as a traditional Bahamian dollar.
Under a new program from Mastercard and Island Pay, the Bahamas Sand Dollar prepaid card gives people the option to instantly convert the digital currency to traditional Bahamian dollars and pay for goods and services anywhere Mastercard is accepted on the Islands and around the world. Today, Bahamians received even greater flexibility in how they shop and pay using the country’s digital currency, the first of its kind. Collaboration of Mastercard, Central Bank of The Bahamas and Island Pay gives people additional option to use The Bahamas Sand Dollar central bank digital currency
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