NASSAU, BAHAMAS — A few lucky customers of Island Pay Ltd (Island Pay) were recently rewarded with a prepaid MasterCard debit card loaded with $500.
This follows the company’s launch of the world’s first Central Bank digital currency-linked card, which was created through an innovative partnership between Island Pay and MasterCard. According to the company, this “groundbreaking solution” will increase the financial flexibility of thousands of customers here in The Bahamas and when traveling abroad, “truly making Island Pay one of the most convenient ways for everyone to make payments”.
Island Pay Managing Director Jeffrey Beckles noted: “We are committed to revolutionizing fintech in The Bahamas. Making financial transactions easier and making funds more accessible to more people is at the core of our business model.
“Our game-changing partnership with MasterCard is the first in a range of new financial management solutions that we are bringing to the market to meet this pledge.”
Through this joint effort, customers can purchase a co-branded MasterCard prepaid debit card with a balance of up to $500 at any Island Pay kiosk. The prepaid card works like any other debit card and can be used wherever the MasterCard logo is displayed. In Nassau, Island Pay kiosks are stationed at the Thomas A Robinson National Stadium, Crew Pub (East Street North) and Superwash laundromats on Carmichael Road West and Charles Saunders Highway. New kiosks will be installed at select ESSO service stations and Quality Home Centre in Nassau and in key locations on Grand Bahama over the next few weeks.
Shannon Hanna, deputy general manager at Island Pay, explained how this technology gives Bahamians, residents and visitors more financial flexibility than ever before.
“What is especially significant about this technology is that it offers numerous benefits to many different types of customers,” she said.
“For starters, we are giving customers the flexibility and utility of a debit card without having to establish an account at a financial institution. This offers unbanked or underbanked consumers access to essential payment services.
“From a security perspective, the prepaid cards are much safer than cash because they offer customers a level of privacy and protection by helping them remain anonymous and protect their identity. Another very timely benefit is that these cards offer customers access to a contactless shopping experience, which is especially critical today considering the pervasiveness of the COVID-19 virus.”
Hanna confirmed that the prepaid debit cards can be used at any retailer or with any merchant who accepts MasterCard, which she said makes them ideal for travelers.
“For example, as a Bahamian or resident, you can purchase a prepaid debit card at one of our kiosks and use it when you travel so you don’t have to worry about the dangers of carrying cash,” she said.
“On the other hand, if someone is visiting The Bahamas, he or she can do the same thing — purchase a prepaid debit card at any of our kiosks and have access to US dollars without worrying about losing their money or holding lots of cash.
“Customers and merchants can expect to hear much more about our MasterCard prepaid debit cards, merchant services and other fintech solutions designed to make life easier for everyone. Customers need to be able to manage their money in smarter, faster and more personalized ways in the modern world. Island Pay is leading that charge.”