A mobile payment provider yesterday said it plans to roll-out a digital cash service that will allow Bahamians to make "contactless" transactions with merchants and others.
Island Pay, which was founded in 2016, said its Contactless Companion Platform (CCP) will allow consumers to load money on to cards, fobs and a range of wearable items. It added that the service will allow Bahamians and visitors alike to make contactless payments between themselves or with Island Pay merchants across the whole archipelago.
CCP uses secure chip technology from Samsung Semiconductor, while the software application platform is provided by Smartlink, a Swiss financial technology firm specialising in mobile and alternative payment solutions.
Frank Svatousek, Island Pay's chief executive, said: "By adding Smartlink to the Island Pay platform we bring immediate, critical benefits to our Bahamian customers including easy bill payment, mobile top-up and merchant solutions.
"The launch of the Island Pay cashless payment system, licensed by the Central Bank of The Bahamas, comes at a time when bricks and mortar banks are reducing their footprint, allowing us to serve the under-banked as well as the un-banked."
"The Smartlink CCP solution brings contactless digital cash to everyone in all levels of society," says Eric La Marca, chief executive and founder of Smartlink. "With CCP in place, you can make contactless payments via any enabled device of your choice, whether it's a dedicated smart card, wristband, key fob or even your smart watch or ring. As long as it's able to accommodate the secure chip technology from Samsung, there's hardly any shape or size limit."
Mr Svatousek, describing Island Pay's benefits, said: "It's a tokenised service, making it as secure as existing mobile payments services. It gives parents the ability to safely transfer money to their children and ensure they can only spend it on what the parents want.
"And, with its web-based or smartphone app interface, available for iOS and Android, it allows users to manage the service and deactivate the chip in the card, fob or wearable item if it is lost. We are thrilled to be working with Samsung and Smartlink, as it brings together a powerful combination of security, control and utility for our consumers throughout The Bahamas."