Central Bank reports 20 percent expansion in digital wallet usage in 2023

Central Bank reports 20 percent expansion in digital wallet usage in 2023

NASSAU, BAHAMAS — As of December 2023, the number of digital wallets in use totaled 118,955, marking a 20 percent expansion for the year to date, with the circulation of SandDollars increasing just slightly over 60 percent to $1.7 million, according to the Central Bank. 

The regulator, in its latest update on the Sand Dollar, noted that continued development and associated beta testing remain underway for its original SandDollar mobile wallet. It noted that the enhancements will incorporate new features to improve user experience. Wallet holders will reportedly benefit from several self-service tools to assist with onboarding and wallet recovery. The adjusted timeline for the release of the new wallet is the first quarter of 2024.

The regulator also noted that in November 2023, the combined value of person-to-business (P2B) and business-to-business (B2B) transactions totaled $4.5 million, with the bulk processed in SandDollars. 

“This was twice the level of November 2022, when usage had moderated after the October 2022 festival period. As of December 2023, personal wallets in use stood at 118,955, an expansion of 20 percent for the year to date. Moreover, SandDollars in circulation rose by 60.8 percent to $1.7 million,” the Central Bank reported.

From January 1, 2023, to December 31, 2023, a total of $160,000 was disbursed through incentives and promotional distributions, including charitable events and festivals, radio promotions, and ongoing grocery top-ups and rebates.