The Central Bank of the Bahamas has partnered with Mastercard and Island Pay, the digital payment startup, to launch a card for its central bank digital currency (CBDC), the “sand dollar.”
It has been reported that the card is running under a new program from Mastercard and Island Pay by allowing users to convert the digital currency to traditional Bahamian dollars and pay for goods and services.
However, the new card will be accepted for payments across the Caribbean region and other locations supporting Mastercard.
The report said that the new solution is based on technology from Island Pay, which is mainly operating across the Caribbean region. The company holds a license from the Central Bank of The Bahamas to operate as a payment service provider and electronic money institution.
A spokesperson for Island Pay said:
“Island Pay is the issuer of the Sand Dollar Mastercard. The card is integrated into our mobile wallet so that customers can view their balance and transaction information, enable/disable the card and check their PIN.”
Likewise, the representative said that the card is now in private beta, while the full launch is scheduled for March 2021. Once launched, the card would be linkable with mobile payment services like Google Pay and Samsung Pay.
Thus, the Bahamas is known as one of the first countries in the world to ever launch a CBDC, as the sand dollar launched in pilot mode in late 2019 and became available across its entire archipelago in October 2020.
Source: Cointelegraph