Barbados becomes 1st Caribbean country to launch instant digital payment system

Barbados has officially released its own national instant payment system, called BiMPay, enabling individuals, government agencies and businesses to send and receive money instantly. Introduced by the Central Bank of Barbados, the system allows monetary transactions within 10 seconds and is available 24/7/365, regardless of the financial institute used.

The system was launched on Friday, June 12, at a ceremony where the first live transaction was made by Prime Minister Mia Mottley through it to purchase a burger from a local entrepreneur. Many banking and financial sector officials gathered at the Central Bank’s Grand Salle for the BiMPay, Go-Live Pyjama Party, where the new payment system was introduced.

After making the first transaction through this system, PM Mottley said, “When a country sleeps, it loses opportunity.” She called this a proud moment for the country, and stated that people will now be able to plan, function, and work in a seamless way.

According to her, more projects and enhancements are underway in the upcoming months to bring Barbados into a fully digital framework. 

Furthermore, she also pointed out the skill deficit in the country and stated that they don’t have enough people with skills. She added that the digital payment system would reduce crime opportunities and will provide small businesses with a digital record, which will enable them to access loans.

“We have done this for my friend, the shopkeeper in Northumberland. We have done this for the people who are fixing cars in Cave Hill. We have done this for the people who are itinerant vendors. We have done this for the coconut vendors. We have done this for all the people who otherwise would find difficulty in being able to deal with transactions, who would be vulnerable in security situations, and who at the end of the day need to establish a record of credit with the financial institutions that they want to do,” she further added.

Following this, the Governor of the Central Bank of Barbados, Dr. Kevin Greenidge, said that the system was in development for the past two years and it would now be expanded to include all government agencies. According to him, six commercial banks, three credit unions, the Barbados Stock Exchange, and the Accountant General’s Office are already on the system.

“A modern economy needs a modern payment system. People need to be able to send money quickly. Businesses need to be able to receive funds and have them available to spend. Vendors want to get their funds and access their money immediately.” he added.

Barbados' launch of BiMPay marks a significant step in the country's digital transformation efforts, aimed at making financial transactions faster, safer, and more accessible. Officials expect the system to boost financial inclusion, support small businesses and strengthen the country's modern digital economy.