Instant Payments: True or False

Universally available real-time payments will be coming to Barbados in March 2026 when the Central Bank of Barbados introduces BiMPay, its national instant payment system. While the prospect of being able to send and receive money any time of day, any day of the week is something we can all get behind, it's natural to have questions or to wonder if everything you're hearing is accurate. So, with that in mind, here are some statements about BiMPay, along with confirmation whether they are true or false.

Instant Payments are a Sign Barbados is Going Cashless

Like digital wallets, credit and debit cards, and cheques before them, instant payments offer you an additional option for how to pay. Cash is and will continue to be an option. However, there’s likely be a decline in its use over time; there already has been as online payments have become increasingly popular, especially post-pandemic. That’s because as people experience the convenience, ease of use, and secure nature of BiMPay, they may choose it as their go-to payment option. But the key word is “choose.”

Verdict: False. 

You Get Your Money Immediately

If you’ve ever deposited a cheque and seen the money on your account, but not been able to withdraw it for a few days, you might be wondering if to expect something similar with BiMPay. The answer is no. That’s because your financial institution has to wait for the cheque to clear – to confirm that it is valid and that the sender has sufficient funds on their account. With instant payments, those checks take place during the transfer. You not only receive same-time confirmation that someone has sent you money, you’re also able to spend it.

Verdict: True.

BiMPay Will Replace Existing E-Wallets

Given that BiMPay is a national instant payment system, you might wonder whether its introduction will spell the end for existing e-wallet services or even banks’ mobile apps. On the contrary, it will provide more opportunities for them. BiMPay is the payment rail, the underlying infrastructure on which FinTechs can build and come up with innovative products to offer.

Verdict: False.

It Doesn’t Matter Who You Bank With

One of the key benefits of BiMPay is that it will allow banks’ and other financial institutions’ systems to connect to each other: you won’t have to have an account at the same bank or credit union as the person you’re sending money to. In fact, in subsequent phases of the project, people who don’t have an account with any financial institution at all will be able to use instant payments. That’s because you’ll be able to access and use BiMPay through mobile and other e-wallet services.

Verdict: True.   

All Banks in Barbados Will Have to Use BiMPay

In order to have a system everyone can use, all the major players in Barbados’ financial system must be on board. For this reason, the Central Bank has mandated that all six local commercial banks and the three largest credit unions: Barbados Public Workers Cooperative Credit Union, City of Bridgetown (COB), and Affinity Plus, become participants in the system from the beginning. In future phases, smaller credit unions and other payment service providers, such as FinTech companies will also connect to the system.

Verdict: True.

You Can Use BiMPay to Send Money Overseas

While some instant payment systems allow you to send money to people in other countries, this won’t be possible when the Central Bank rolls out BiMPay in March 2026. However, the ability to make cross-border payments is something the Bank plans to introduce in future phases of the project.

Verdict: False… for now.

You Don’t Need to Share Your Banking Information

Traditionally, if someone wanted to transfer money to you electronically, you had to tell them who you bank with, the name on the account, the account number, and maybe even the branch code. For some people, that was more information than they wanted to share with people they didn’t know well. BiMPay will allow you to avoid that by using an alias, or proxy identifier, such as a mobile number or email address, which is linked to your account. That way, if someone has to send you money, all you need to provide is that alias.

Verdict: True.

Whether it’s immediate access to our money, not having to share your banking information, or being able to send and receive money even if you don’t have a bank or credit union account, there’s something we can all look forward to with BiMPay. Still, it’s expected that there are things you want to understand about Barbados’ new national instant payment system, and this article was intended to help address some of them. If you have more questions you’d like answered, pose them here.