Island Pay, one of the world’s leading digital currency technology companies, is pushing to drive increased tourism to The Bahamas and is aiming to help small merchants become a larger part of the financial ecosystem with the launch of the world’s first ever digital Tourist Wallet App and the Small Merchant App.
The Tourist Wallet will revolutionize the tourist experience by allowing travellers to go completely cash free in a region where credit card acceptance among small businesses is low and where there can be reputational challenges surrounding the use of cash. Using their Tourist Wallet, visitors can securely and instantly purchase Sand Dollars, The Bahamas Central Bank Digital Currency, which can then be used to purchase goods and services across The Bahamas.
To support the widespread acceptance of the Tourist Wallet, Island Pay’s Small Merchant app will now allow small business owners to transact with tourists by giving them the technology they need to accept Sand Dollars.
“Island Pay is excited to bring this technology to market, which we firmly believe will be game changing for the local economy,” says Richard Douglas, CEO, and co-founder of Island Pay. “As a champion in the fight to democratize access to money, we hope other Central Banks will be looking at the success of the Sand Dollar and the innovation of The Central Bank of The Bahamas as a strong case study for what is possible as we move further along the path to a digital economy.”
“Today’s announcement is an important step in promoting financial inclusion for all Bahamian business owners and will serve to broaden the adoption of the Sand Dollar, helping to drive economic activity across the Islands,” said Governor John Rolle of the Central Bank of The Bahamas. “This is an open door for all merchants, regardless of size, to accelerate their participation in the tourist economy in a way they could not in the past. The Central Bank of The Bahamas is particularly targeting more inclusive outcomes for small, independent business owners such as jet ski operators, artisans and craft vendors who need to transact through safe and secure digital means with tourists and with anyone else using the Sand Dollar.”
Island Pay has proudly secured several global and regional firsts, including launching the world’s first digital currency credit card in partnership with MasterCard and The Central Bank of The Bahamas, the first in the world to integrate a digital currency into ATMs, and the first to begin distribution of government benefits and payroll through its mobile wallet.