6 articles tagged BiMPay.
The Central Bank of Barbados says an unauthorised transaction followed after someone gave a fake lender two verification codes and a BiMPay token. Those three things match what the BiMPay app asks for when you register and link a bank account to it.
Barbados ran its own debit network, CarIFS, for more than two decades and then handed debit card payments to Visa and Mastercard. Card fees rose, the Central Bank had to step in, and BiMPay is the second home-grown rail, and the first one the country itself owns.
BiMPay is Barbados' new instant payment system, and the world's closest match is Brazil's Pix. Here's what the two share, how they differ, and where BiMPay is heading.
Four days in, the Central Bank says BiMPay's rail ran at 99.1% on roughly 20,000 transactions and the Gmail sign-up block is fixed. Here is where things stand.
BiMPay is live in Barbados, and money now moves in about ten seconds. Here is what it costs, whether you need a bank account, and why your bank is calling it 1stPay+ or SMARTPay.
One afternoon, I found myself at Sheraton Mall without my wallet or any way to tap and pay — just my phone and my banking apps, and a few items to pick up. What followed was an improvised lesson in the gaps that still exist in Barbados' payments landscape.