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In June 2026, the Central Bank of Barbados will introduce BiMPay, a national instant payment system, which will facilitate payments between individuals, businesses, and Government on a 24/7/365 basis.
BiMPay will be fully interoperable, allowing Barbadians to send and receive money to and from anyone, anywhere in Barbados, regardless of whom they bank with – or whether they bank with anyone at all – and the recipient will have immediate access to their money.
For individuals, BiMPay will offer not only speed and convenience, but also boost financial inclusion. By making the system fully interoperable, we open it up to Barbadians who do not have an account at a traditional financial institution, allowing them to access the system using a digital wallet.
For businesses, BiMPay will help them manage cashflow by reducing delays between when they receive payment and can access those funds. It will also assist with record keeping, payroll management, and invoicing. Beyond these operational areas, it will encourage innovation among FinTechs and other entities involved in payments.
For Government, BiMPay will make it easier to make mass payments to citizens. It will reduce the size of the informal economy, improving its ability to plan meaningfully for all Barbadians. It will boost economic activity. And it will improve Barbados’ global competitiveness
A change for the better is still a change, and the Central Bank of Barbados understands the importance of preparing Barbadians for BiMPay. We’ve developed a robust, research-based education campaign to ensure Barbadians understand the new national instant payment system, its features, and how they will benefit.
Our nationwide survey confirmed that Barbadians are ready and willing to adopt instant payments. They are excited about the convenience it will offer. They just want to know that the system will be secure and reliable.
We’ve used those insights to inform the design of the campaign’s five modules:
Our research told us that younger Barbadians (ages 16-39) want to learn about the instant payment system on social media and radio, while older Barbadians (ages 40-60+) want to learn about the system via radio and newspapers. While these will be our main channels, you’ll also be able to learn about BiMPay on television, through our dedicated webpage, and through a series of online and in-person discussions.
We’ve already met with many of the stakeholders who will be critical to BiMPay’s success:
Our outreach has also been on the road engaging with business owners and Barbadians of all walks of life:
| Alias | A simple identifier such as a phone number, email address, national ID number, store number or utility ID that you can use instead of a bank account number. Also referred to as a proxy identifier. |
| Authentication | The process of verifying the identity of a user via biometrics (such as fingerprint or facial recognition), passwords, or PIN codes, to ensure only authorised individuals can access and execute transactions. |
| Automated clearing house (ACH) | An electronic funds-transfer system used for batch processing of payments, typically taking one to three business days. |
| Batch processing | The process of grouping payments together in a single operation, usually at a scheduled time. |
| Biometrics | A method of identification using unique physical characteristics such as fingerprints, facial recognition or retinal scans. |
| Business to business (B2B) | Transactions between businesses. |
| Business to Government (B2G) | Payment from a business to a government institution. |
| Business to person (B2P) | Payment from a business to an individual. |
| Clearing | The process of transmitting, reconciling, and confirming payment orders before settlement. |
| Confirmation | A message or notification that informs both the sender and recipient of the successful completion of the transaction. |
| Contactless payment | A payment you make by tapping your card or phone, instead of inserting or swiping in a machine. |
| Credit Push | A type of payment where the sender initiates the transfer of funds to the recipient |
| Cross-border payment | A payment individuals and businesses make across different countries or jurisdictions |
| Digital wallet | An electronic service that securely stores users' payment information and enables payment transactions online, in person, or through a smartphone or mobile device |
| Encryption | The process of encoding data so that it can only be read by authorised parties. |
| Fast(er) payment | A digital payment that is processed and settled almost immediately, making funds available to the recipient within seconds. Also called a real-time payment or instant payment. |
| FinTech (financial technology) | A broad term that encompasses the use of technology to innovate and transform various aspects of the financial industry. Fintech utilises digital technologies such as data analytics, quantum computing, cloud services, machine learning, artificial intelligence, and distributed ledger technology to enhance financial activities. |
| Government to business (G2B) | Payment from a government institution to a business. |
| Government to person (G2P) | Payment from a government institution to an individual. |
| Initiation | The first step in the instant payment process. The sender begins the transaction by entering the amount they want to transfer, the account information, and the recipient’s alias or proxy identifier. |
| Instant payment | A digital payment that is processed and settled almost immediately, making funds available to the recipient within seconds. Also called a real-time payment or fast(er) payment. |
| Instant payment system | An electronic payment solution that allows money to be transferred from one account to another immediately (generally in less than 10 seconds), at any time, 24/7, 365 days a year. These systems facilitate payments via mobile app, internet banking, ATM, or point-of-sale (POS). |
| Irrevocable payment | A payment that the sender cannot reverse once they have completed it. |
| ISO 20022 | An international standard for financial messages, designed to enhance communication and data exchange between financial institutions, that provides a structured format for financial data, enabling better interoperability, efficiency, and compliance. |
| Liquidity requirements | The minimum amount of available funds a financial institution or user needs to have readily available to settle instant payments quickly. |
| Messaging standard | The agreed format or language used to send financial messages between banks. |
| Multifactor authentication | A security process that requires users to provide multiple verification factors to access an account or complete a transaction. These may include a combination passwords, PINs, biometrics, and one-time codes. |
| Network segmentation | The process of dividing a computer network into smaller, separate parts to protect against cyber threats. |
| One-time code | A temporary code/password sent via text message or mobile application that is used to verify a transaction. |
| Participant | A financial institution or other entity that is authorised to send and receive payments through the instant payment system. Participants can be direct or indirect. Direct participants, as the name suggests, are directly connected to the system and hold settlement accounts within it, while indirect participants are connected through an intermediary that handles settlement for it. |
| Payment Rail | The underlying infrastructure or network that facilitates the transfer of funds |
| Payment service provider (PSP) | An entity that offers payment services, such as banks, credit unions, fintech firms, or mobile wallet providers. |
| Person to business (P2B) | Payment from an individual to a business. |
| Person to government (P2G) | Payment from an individual to a government institution. |
| Person to person (P2P) | Transactions between individuals, often facilitated by mobile apps. Also referred to as peer to peer. |
| Personal identification number (PIN) | A numeric code used to confirm identity, often for cards or digital wallets. |
| Proxy identifier | A simple identifier such as a phone number, email address, national ID number, store number or utility ID that can be used instead of a bank account number. Also referred to as an alias. |
| QR code (quick response code) | A type of barcode that stores information that can be retrieved by scanning it with a smartphone, tablet, or other device. QR codes can be used as aliases in instant payment systems, storing payee information, which can then be scanned. |
| Real time gross settlement | An electronic system for making large-value payments between banks, with transactions being settled individually (rather than netted) and in real time. |
| Request to pay (RtP) | A process where a secure payment request can be sent directly to a mobile phone or email account. The individual receives a notification, taps to approve, and the money is transferred immediately. Also referred to as request for payment. |
| Settlement | The process of transferring funds between financial institutions to finalise a payment. |
| Tokenization | Replacing sensitive data with a unique identifier (token) to protect it during transactions. |
| Transaction processing | A step in the instant payment process that involves checking the payer's account balance and verifying the recipient's details, before funds are transferred in an instant payment |