Mastercard and Island Pay unveil Central Bank Digital Currency prepaid card
Mastercard, the Central Bank of The Bahamas, and Island Pay announced a new collaborative program where The Bahamas Sand Dollar prepaid card will provide the option to convert the digital currency to traditional Bahamian dollars instantly and pay for goods and services anywhere Mastercard is accepted in The Bahamas and around the world.
The Bahamian central bank issues the digital Sand Dollar which maintains the same value and consumer protections as a traditional Bahamian dollar. The digital currency can be used to offer additional payment choices, facilitate government disbursements, and build a more inclusive economy. The Sand Dollar became the first fully deployed digital version of a country’s fiat currency in October 2020. The combination of Island Pay’s technology platform, Mastercard’s technology and wide merchant acceptance could reduce the operational distribution costs of cash and modernise the payment system in The Bahamas.