NASSAU, BAHAMAS — Mobile wallet payments from January to August of this year declined nearly $38 million compared to the same period last year, as the Central Bank noted that government and other pandemic-related payments continue to influence mobile payment trends.
In its latest Sand Dollar update, the regulator reported that developments and related beta testing continue for the Central Bank’s original SandDollar mobile wallet.
“The enhancements will incorporate new features to improve user experience. Wallet holders will benefit from a number of self-service tools to assist with onboarding and wallet recovery. More details surrounding the new wallet and its features will be announced in the weeks leading up to its release, which is scheduled before the end of the fourth quarter of 2023,” it said.
Regarding mobile data payments, the regulator noted: “On an annualized basis, government and other pandemic-related payments continued to influence mobile payment trends. Over the eight months to August 2023, wallet top-ups totaled $12 million, vis-a-vis $49.8 million in the same period in 2022. Similarly, cash withdrawals narrowed to approximately $17.3 million from $62.0 million.”
It also noted that person-to-person (P2P) transfers, which were less impacted, decreased in volume by 8.6 percent in August 2023 compared to a year earlier. Moreover, the combined value of person-to-business (P2B) and business-to-business (B2B) transactions was slightly lower by an estimated three percent to $6 million.
From January 1, 2023, to October 31, 2023, a total of $116,669.00 was disbursed through incentives and promotional distributions.