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It helps to think of BiMPay as two related but distinct things at once.
The first is a payment rail, the underlying infrastructure that replaces the current automated clearing house (ACH) system to facilitate all electronic transactions between different financial institutions. In the same way that Barbados’ road network connects all the different neighbourhoods and you use it to get from one place to another regardless of what car, truck, etc. you drive, BiMPay connects all six commercial banks and the three largest credit unions in Barbados*, allowing their systems to talk to each other in real time. When your financial institution uses BiMPay to transfer funds, the money reaches the recipient in under 10 seconds, 24 hours a day, 365 days a year.
The second is a dedicated BiMPay e-wallet, offered by the Central Bank of Barbados itself. You can download it from Google Play or the App Store. It sits on the same BiMPay infrastructure as the big financial institutions, so it is fully interoperable with everyone else on the system. If you already have an account at a commercial bank or one of the three largest credit unions, you can link that account to the e-wallet and use it to make payments. If you do not have a traditional bank account at all, you can still use the e-wallet by downloading it and linking it to a custodian account.
BiMPay is free of charge for individual users, whether they access it through their bank's own app or through the Central Bank's e-wallet.
*In phase two, smaller credit unions and other payment service providers will come on board. Learn more about “What BiMPay is and How You’ll Use It”
BiMPay offers multiple benefits, including:
BiMPay launches on June 12, 2026. This is a significant milestone for Barbados: a homegrown, national payment system designed specifically for Bajans.
If you are using your bank or credit union’s app, you don’t need to do anything different; the rail will do its work in the background, ensuring that your money moves quickly and reliably.
If you are using the BiMPay e-wallet, you can:
When you are sending money to someone, rather than entering complex banking details, you have the option to enter a simple identifier, called an alias, such as the recipient's phone number, email address, or national ID, which is linked in the background to their banking information. Before you hit send, the system will show you the recipient’s name so that you can be certain you are sending the money to the right person.
After you hit send, the system verifies your identity (usually through a PIN, password, or biometrics), checks that you have sufficient funds, and transfers the money in seconds.
Both you and the recipient receive an instant notification confirming the transaction. The time between when you hit send and when your recipient gets the money is typically less than 10 seconds.
No. You do not need a traditional bank account to participate. If you do not have an account at a commercial bank or credit union, you can access BiMPay through the BiMPay app, which you can link to a custodian account at a financial institution.
This is by design. One of the Central Bank's key goals with BiMPay is financial inclusion – ensuring that every Barbadian, including those who don’t have a traditional bank account, have access to electronic payments.
People who don’t have an existing bank account can download the BiMPay app and link it to a custodian, a licensed financial institution that holds your money securely on your behalf.
They’ll need to provide some basic information – simplified due diligence – to confirm they are who they say they are. This includes their name, phone number, address, an email address, and national registration number. They’ll also need to upload a copy of their national ID card.
The custodian institution will review the information and onboard them, a process that, in most cases, will take approximately 30 minutes to validate it. In rare instances, they may be required to provide additional information.
Once the custodian has onboarded them, they can begin to receive money through the BiMPay app.
Because they will not be required to provide detailed information, the custodian institution cannot do a complete assessment of their risk profile. Consequently, there will be limits on how much they can receive through their app:
These limits reflect the balance the Central Bank strikes between financial inclusion and protecting the integrity of the system. Watch Deputy Governor Michelle Doyle explain how someone without a traditional bank account can use BiMPay.
No. BiMPay is not replacing your bank's app or your existing online banking. Think of it as the road network rather than the vehicle. Your bank's existing app will continue to work, but your transactions will now be powered by BiMPay.
The Central Bank of Barbados is the island's monetary authority and promoting financial stability is one of its two mandates. It is also responsible for the national payment system. Developing the national payment infrastructure, therefore, sits squarely within that mandate, just as it does in countries like Brazil (PIX), India (UPI), and other central banks across the globe.
The Central Bank is not competing with commercial banks or credit unions. Rather, it is building the shared highway – the payment "rail" – on which all financial institutions and digital wallet providers will operate. Your bank will still serve you; BiMPay simply makes it faster and easier for your bank to connect with everyone else's.
Beyond infrastructure, by owning and operating BiMPay, the Central Bank hopes to stimulate greater economic activity across Barbados. When payments move instantly, money circulates faster benefiting businesses, consumers, and the broader economy. Equally important, this instant payment system is designed to drive down the cost of everyday transactions, making it cheaper for Barbadians to send, receive, and spend money. Consider what this means for a small business owner instead of waiting one, two, or even three days for a payment to clear, funds arrive in their account immediately. That means they can restock their shelves, pay a supplier, or reinvest in their business the very same day. Lower payment costs and faster settlement mean more of every dollar stays in your pocket and in the local economy, and that is good for everyone.
Deputy Governor Michelle Doyle addresses concerns that the Central Bank of Barbados is competing with commercial banks by introducing BiMPay.
You can use the BiMPay payment rail to make all of the same online transactions you did under the automated clearing house (ACH) and real-time processing (RTP) systems.
If you are using the BiMPay app, in the first phase, you can use it to send money to a friend or family member and to pay for goods and services offered by small businesses. As an example, you can pay your gardener, mechanic, nail tech, or neighbourhood shop.
In the second phase, you’ll be able to use BiMPay to pay for gas, groceries, utilities, or Government services. This is because larger entities will use a merchant wallet, which requires additional functionality.
Cross-border payments (sending money overseas) are planned for the future but will not be available at launch.
No. Full interoperability is one of BiMPay's defining features. You can send money to anyone in Barbados regardless of which financial institution they use as long as they have an account with a commercial bank, Barbados Public Workers Credit Union, COB Credit Union, Affinity Plus Credit Union, or use the BiMPay app.
Security has been a top priority in BiMPay's development, and the system employs multiple layers of protection. These include end-to-end encryption and real-time fraud detection.
Strict privacy and security rules govern how that information is handled. The Central Bank of Barbados, as the system's regulator and developer, maintains oversight of all participants to ensure these standards are upheld.
BiMPay is not a tool for Government surveillance of your personal finances, and the Central Bank of Barbados does not have access to your individual account or the ability to seize your funds through BiMPay. No money is held within the BiMPay e-wallet; your money remains in
your account at your financial institution. BiMPay simply facilitates the movement of those funds when you authorise a transaction.
This is one area where instant payments work differently from traditional banking, and it is important to understand. Because BiMPay processes and settles transactions in real time, payments are generally irrevocable, meaning you cannot simply cancel them after the fact the way you might stop a cheque.
Before you complete any payment, the system will give you an opportunity to review all the details carefully – the recipient, the amount, and any other relevant information - so please take a moment to check before you hit send. If you do make an error, contact your financial institution immediately. Speed is essential: the sooner you report the mistake, the better the chance of recovery.
BiMPay is free of charge for individual users. Whether you use your bank's mobile app or the Central Bank's dedicated BiMPay e-wallet, you will not be charged for the transaction. Small businesses whose daily revenue falls below $10,000 are also exempt from fees. Larger businesses may be subject to fees, which their own financial institutions will determine based on their specific banking arrangements. Read the article "Fees and Transaction Limits in BiMPay"
The maximum daily limit the system can facilitate is $500,000. However, your bank will set limits for you based on your existing relationship and risk profile. This is the case whether you are using BiMPay through their existing app or the BiMPay e-wallet.
However, if you use the BiMPay e-wallet through a custodian institution, meaning you do not link it to an existing bank account, there are limits on how much you can receive. This is because the sign-up process uses simplified due diligence rather than the full Know Your Customer (KYC) process a bank would require, which means the institution cannot do a detailed risk assessment of you. To balance broad access with security and anti-money laundering requirements, the following receiving limits apply: up to $750 per day, $2,500 per month, and $30,000 per year. There is no cap on how much you can spend, only on what you can receive. Read the article "Fees and Transaction Limits in BiMPay"
Yes. BiMPay operates 24 hours a day, 7 days a week, 365 days a year, with no exceptions for bank holidays, weekends, or any other days when banks are traditionally closed. When someone pays you, you have immediate access to those funds, not the next business day.
Yes. BiMPay is replacing the automated clearing house (ACH) and real-time processing (RTP) as the underlying infrastructure facilitating online transactions between financial institutions. It will modernise and provide additional functionality for electronic transactions, while allowing financial institutions and other payment service providers such as FinTechs to build on the platform and offer innovative solutions.
No. BiMPay and a CBDC are two entirely different things. A CBDC is a type of currency – digital money. BiMPay, by contrast, is a payment system, a way of sending and receiving money you already hold in your existing account or wallet. Your Barbados dollars remain exactly what they are; BiMPay simply moves them faster and more conveniently.
The Central Bank of Barbados has made financial inclusion, including for older and less digitally confident Barbadians, a central pillar of BiMPay's rollout. Its public education campaign deliberately targets people of all ages and backgrounds, reaching older Barbadians through radio and newspapers as well as in-person community events and outreach, while also using social media for younger audiences. The campaign covers everything from what instant payments are to how to protect yourself from fraud.
Beyond the general campaign, the Central Bank has taken a specific, practical step for senior citizens: it signed a formal Memorandum of Understanding with the Barbados Association of Retired Persons (BARP) to deliver a dedicated digital literacy programme. Under this arrangement, the Central Bank develops training materials specifically designed for elderly participants and sends its own technical staff to deliver sessions in person. The aim is to give seniors the knowledge and confidence to use BiMPay independently for everyday transactions.
Yes. You’ll need an internet connection, either mobile data or Wi-Fi, to initiate and complete transactions.
In the current phase, BiMPay will only facilitate Barbados dollar-denominated transactions from accounts at local financial institutions.