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The World Bank says Caribbean nations are lagging behind in adopting fast payment systems that are transforming business transactions worldwide.
At the launch of the Central Bank of Barbados’ new “BimPay” system, Senior Financial Sector Specialist at the World Bank, Nicholas Smith, pointed out that while more than 120 countries are using fast payment technology, the Caribbean is still playing catch-up.
He says that in other countries, instant payments are helping everyone to get paid within seconds.
He described Barbados’ move as a major reform that could make life easier.
