Digital payments are on the increase in Barbados
Since the first COVID-19 lockdown in early 2020, local digital payments platform, mMoney, has seen a steady increase in adoption and use. This is according to Bitt, the Barbados-based international digital currency company that launched the digital payments platform in October 2018.
Merchant Acquisition Team Lead at Bitt, Omar Watson, outlined, “We have seen a steady monthly increase of over 20% in downloads, sign ups and habitual use of mMoney. Our mMoney Wallet holders are taking full advantage of our partnership with SurePay which allows them to avoid crowds by paying their bills using their mMoney Wallets”.
Central bank digital currencies (CBDC) are gaining popularity internationally, fuelled by the transition of the world’s financial systems and global economy towards digital relationships. Locally, the discussion around the benefits of digital payments is accelerating and reached a peak during debate on the National Payment System Bill.
Bitt’s pioneering digital currency management solution (DCMS) is being considered by several central banks across the world. mMoney’s operations in Barbados provide such institutions with insight into the utility of a central bank-issued digital currency, especially in emerging markets.
On this point, Watson further stated, “It is inevitable that every country will issue its own CBDC. mMoney, a synthetic CBDC, has clearly demonstrated the security, speed, convenience and inclusivity that digital versions of legal tender can bring to small countries like Barbados“.