ISLAND PAY INTRODUCES DIGITAL CURRENCY FOR TOURISTS AND MERCHANTS FOR EXPAND TOURISM AND ECONOMIC GROWTH

Digital currency technology firm, Island Pay, will include an e-wallet for tourists in the Bahamas to facilitate transactions and involve small merchants in the commercial space.

The Tourist Wallet app and Small Merchant app forms part of Island Pay’s course to advocate and promote tourism in the Bahamas. The company says based challenges encountered by small merchants around money, the app will enable tourists make safe and instant transactions using the region’s approved digital currency, the Sand Dollar.

“Island Pay is excited to bring this technology to market, which we firmly believe will be game changing for the local economy,” says Chief Executive Officer (CEO) and co-founder of Island Pay, Richard Douglas. “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 of the Central Bank of The Bahamas, John Rolle.

He also says, “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 explains they will continue to push the ‘tourism’ course by integrating small with the Small Merchant app to make available technologies to assist in the transaction process. They are said to have earned recognition for introducing a distinct transactional feature, that is, digital currency credit card rollout, ATM-digital currency integration and mobile wallet distribution.