The BiMPay E-Wallet: What You Need to Know

BiMPay is the Central Bank of Barbados’ new national instant payment system, which replaces the automated clearing house (ACH) and real-time processing (RTP) system as the underlying infrastructure, or rail, that facilitates interbank transactions. Money sent using BiMPay will reach the recipient within 10 seconds regardless of the time of day or day of the year, and they will have immediate access to those funds.

Find out more about What BiMPay Is and How You’ll Use It

In addition to providing the payment rail, the Bank has also developed an accompanying BiMPay e-wallet. Here’s what you need to know.

What is the BiMPay e-wallet and how does it work?

The BiMPay wallet is part of the new national instant payment system in Barbados that lets you send/receive money using a phone number, email address or QR code, through the BiMPay e-wallet or through your bank’s app. The e-wallet is accessible to every Barbadian, including those who do not have an account at the financial institution. If you have an account at one of the six commercial banks or three largest credit unions (Barbados Public Workers Cooperative Credit Union, COB Credit Union, or Affinity Plus), you can opt to link the wallet to your existing bank account. 

If you do not have an account at one of these institutions or if you don’t want to link the wallet to your existing account, you will have to choose an entity that is licensed by the Central Bank of Barbados as the custodian of your funds.  In that way, your money is protected while you are under no obligation, unless you choose to do so, to sign up for other products or services from this institution that acts as the custodian of the money stored in your wallet. 

How to Get Started

Step 1 – Check Requirements

• You need to be resident in Barbados with a national ID number or, for non-nationals, a national residence permit number
• You have a smartphone with an active telephone service (post-paid or pre-paid) and Android version 10 or later or an iPhone with IOS version 24 or newer
• You can access the internet on your mobile device
• You have an email address

Step 2 – Register

1. Download the “BiMPay” app from the Apple App Store or Google Play
2. Install the app and open it
3. Link your phone number and email address
4. Confirm both via the one-time password that you receive via SMS (for your phone number) and via email (for your email address)
5. On the next screen indicate if you already have a bank account that you want to link with the BiMPay app. You will receive a token from your financial institution which you will need to enter in order to link your account to the e-wallet
6. If you have no bank account, or if you don’t want to link the e-wallet to your existing account, select the option that you have no bank account, then choose the institution that will act as the custodian of your money.
7. Provide the information to identify yourself such as name, address, national ID etc.
8. Within 30 minutes, you will receive confirmation that all is in order and you can start using the BiMPay app. (In some cases, you may be asked to supply additional information.)

How will I receive the token to link my existing bank account to the BiMPay e-wallet?

How you receive the token varies according to which financial institution you bank with. Check the list below to see how your bank will send you the token:

If you were previously unbanked or opted not to link your BiMPay e-wallet to an existing account, Sagicor Bank will act as a custodian for your funds, and they will send you the token via email.

It is important to note that even when using the BiMPay e-wallet, your relationship remains with your financial institution, and it should be your first point of contact for any queries related to receiving tokens or linking to the BiMPay e-wallet.

What information do I need to provide to apply for a BiMPay wallet using a custodian account?

Applying for a BiMPay wallet is easier than opening an account with a bank or credit union. You will not be asked about your source of income or for proof of address nor will you have to go anywhere to sign any documents. The only information that you will be asked to provide is:

• Your name
• Your address
• Your date of birth
• A copy of your national ID card, or residence permit for non-nationals living in Barbados

Are there any limits or restrictions that come with the BiMPay wallet if I use a custodian account?

Because the BiMPay wallet does not require all the information that you would need to open a regular bank account, there are a few limitations on its usage. These are in the form of transaction limits: 

• The daily limit is BBD$ 750. This is the maximum amount you can receive in a day
• The monthly limit is BBD$ 2,500. This is the maximum amount you can receive in a month
• The annual limit is BBD $30,000. This is the maximum amount you can receive in a year

Should you wish to increase your limit, you will need to contact the custodian institution. You will need to provide additional information. Thereafter, it will make an assessment based on your risk profile

Can tourists and other visitors that do not live in Barbados download the BiMPay wallet?

Not yet. At this stage the BiMPay wallet will be made available only to people who live in Barbados and those people living outside Barbados who have a BBD-denominated account at a Barbadian financial institution.

How do I pay with BiMPay? How do I receive money?

You can choose whether to send money using the recipient’s phone number, email address, account information, or by choosing one of the existing contacts in your phone. You can also scan the person’s or merchant’s QR code to pay. Once you have entered the amount, you will be shown the person/merchant’s name and be asked to confirm they are the intended recipient. Only after that confirmation can you send the payment. N.b. you will be asked to verify your identity via biometrics or by entering your PIN.

You can also receive payments using BiMPay. You will receive a notification whenever someone sends you money. In addition, the e-wallet allows you to request funds using its “Request to Pay” function.

Are there fees for using BiMPay?

BiMPay is free to individuals and businesses whose revenue falls below $10,000 per day. Banks and credit unions can charge their larger business clients fees. Those fees would be negotiated between the individual entity and their financial institution based on their specific arrangement, not by the Central Bank of Barbados.

Read about Fees and Transaction Limits in BiMPay

What happens if I send the wrong amount or to the wrong person? 

Transactions are instant and typically cannot be reversed automatically – you’ll need to arrange a refund with the recipient. Your custodian or bank will have a process in place to help you with the “Request-for-Recall” procedure.

Can transactions be reversed?

BiMPay transfers are near instant; mistakes usually require the other party’s agreement to refund.  However, before you OK a payment with the BiMPay wallet, you will be shown the name of the person you are sending the money to so that you can double check that you made no mistake with the recipient. Only after you confirm will the money be sent. 

Your custodian or bank will have a process in place to help you in this process with a “Request-for-Recall” procedure.

Can I use my BiMPay wallet abroad?

BiMPay is limited to payments from BBD-denominated accounts held at financial institutions in Barbados, so you cannot use it for foreign currency transactions. However, if you are abroad but want to make a payment from your Barbadian account to another Barbadian account, you can do so using BiMPay.

What can I pay for with BiMPay?

You can send money to friends and family, pay a service provider such as a gardener, car washer; you can pay for goods and services, and make rental payments. These can be done by sending the money directly, scanning a QR code the payee presents to you, or approving a request for payment.

After BiMPay has gone live, you will see more and more shops, restaurants, utility companies, and even government agencies offering the possibility to pay via BiMPay. 

What if I don’t know someone’s bank details?

BiMPay allows you to send money using “aliases” such as a phone number or email address. Behind the scenes, the system will match the bank account number or the wallet that that alias belongs to and do the rest.

Find out more about aliases and how they work.

Is BiMPay secure?

Yes. BiMPay has several strong security features, including end-to-end encryption and fraud detection systems. However, it is still important for you to be wary of phishing attempts and other forms of fraud and scams. Never share your log-in information or passwords with anyone. Neither the Central Bank of Barbados nor your financial institution will ask you to disclose this information.

What are the things to look out for to stay safe when using the BiMPay wallet?

• Verify the recipient’s full name before approving
• Be cautious of fraud or “urgent payment” scams
• Never share verification codes with anyone, not even bank employees
• Use app security like biometrics, screen unlock, and PIN codes