NASSAU, BAHAMAS — Bahamian digital payments provider Island Pay, is pushing to drive increased tourism to The Bahamas and help small merchants become a larger part of the financial ecosystem with the launch of the world’s first-ever digital Tourist Wallet App and the Small Merchant App.
The Tourist Wallet will allow travelers to go completely cash-free in a region where credit card acceptance among small businesses is low and where there can be challenges surrounding the use of cash. Using their Tourist Wallet, visitors can securely and instantly purchase Sand Dollars, The Bahamas Central Bank Digital Currency, which can then be used to purchase goods and services across The Bahamas.
To support the widespread acceptance of the Tourist Wallet, Island Pay’s Small Merchant app will now allow small business owners to transact with tourists by giving them the technology they need to accept Sand Dollars.
“Island Pay is excited to bring this technology to market, which we firmly believe will be game-changing for the local economy,” said Jeffrey Beckles Sr, Managing Director of Island Pay.
“As a champion in the fight to democratize access to money, we hope other Central Banks will be looking at the success of the Sand Dollar and the innovation of The Central Bank of The Bahamas as a strong case study for what is possible as we move further along the path to a digital economy.” “As a tourist-driven economy, Island Pay is committed to working with our stakeholders to improve opportunities for greater participation in our economy by small merchants on every island in The Bahamas. Sand Dollar is a great innovation and a real game changer.”
Central Bank Governor John Rolle said the announcement is an important step in promoting financial inclusion for all Bahamian business owners and will serve to broaden the adoption of the Sand Dollar, helping to drive economic activity across the Islands,
“This is an open door for all merchants, regardless of size, to accelerate their participation in the tourist economy in a way they could not in the past. The Central Bank of The Bahamas is particularly targeting more inclusive outcomes for small, independent business owners such as jet ski operators, artisans, and craft vendors who need to transact through safe and secure digital means with tourists and with anyone else using the Sand Dollar,” he said.
