Central Bank of Barbados Introduces BiMPay Payment Platform

Governor of the Central Bank of Barbados (CBB), Dr. Kevin Greenidge, Tuesday described BimPay as a platform that will modernise, revolutionise and transform payment landscape on the island.

The project is scheduled to have a public launch on June 12, but Greenidge, speaking at the CBB’s Staff Expo Day, said that BiMPay isn’t about technology, but “about making payments faster, easier, safer, and more accessible for individuals, businesses, and communities across Barbados”.

He said it is intended to making sure that every Barbadian, banked or unbanked, every vendor, every small business owner has access to digital payments.

“While a lot of the attention has been on the e-wallet…BiMPay is really the payment rail, the underlying infrastructure that powers online financial transactions,” Greenidge said, comparing the initiative to the same way “Barbados’ road network connects communities across the island, regardless of whether you drive a car, a van, a truck, or ride a bicycle.

“BiMPay connects banks, credit unions, and other payment service providers through a single interoperable platform, allowing money to move seamlessly between them. So whether you use the e-wallet or move money from your existing online banking app, it will be powered by BiMPay.”

He said that today’s event will allow CBB employees to have the opportunity to see how BimPay works, “understand it, participate in it, and experience it firsthand”.

“…you’ve agreed to do this because you understand that the success of BiMPay isn’t just about the technical and operational aspects; it’s about getting people’s buy-in. And buy-in comes from understanding.

Then I want you to become ambassadors for BiMPay. Go out there and preach the gospel of BiMPay,” Greenidge said, adding “make sure that everyone you know is sick of hearing you talk about BiMPay.

“Not really, but make sure they have accurate information and are ready and eager when we go live,” the Central Bank Governor added. (CMC)