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Barbados is on the brink of a major transformation in how money moves through the economy.
Today in Parliament, Minister in the Ministry of Finance Ryan Straughn outlined amendments to the National Payment System Bill, which paves the way for real-time digital payments through the new BimPay platform. This, he says, will modernise every aspect of how people send, spend and receive money.
Minister Straughn says the changes are essential to the country’s ongoing economic reforms. This move is expected to boost micro-businesses and online vendors.
And with the Central Bank now regulating all payment service providers, the aim is to ensure secure, streamlined transactions.
