BIMPay to Launch 10-Second Payments by 2026

BIMPay Barbados 10-Second Payments will soon transform how money moves across the island. The Central Bank plans to launch the system on March 31, 2026. With it, transfers across all banks and credit unions will take just ten seconds.

Why BIMPay Barbados 10-Second Payments Matter

Until now, instant transfers worked only within the same bank. However, BIMPay will connect every institution, creating a faster and more inclusive payment system.

Central Bank Governor Dr. Kevin Greenidge stressed the benefits for small vendors. Shopkeepers, car washers, and sno-cone sellers will be able to use QR codes on their phones to accept payments. He noted: “You scan, and you’re paid. No cash. No missed sale.”

Lower Costs and Wider Inclusion

The new system will also reduce expenses for financial institutions. As a result, banks and credit unions can lower fees for consumers. The Central Bank will manage the infrastructure, cutting costs that individual institutions once carried.

In addition, BIMPay Barbados 10-Second Payments will support alias-based transfers. People can send money using a phone number or email address instead of lengthy account details. Doyle also pointed to a “request-to-pay” feature, which allows bills to generate secure payment codes for faster settlement.

A Step Toward Modern Banking

Moreover, the system will run 24/7. This makes it easier for even unbanked individuals to join the digital economy.At the launch, Doyle and Greenidge joined Shimon McIntosh of the Barbados Bankers Association and Nicholas Smith from the World Bank. All agreed that BIMPay represents a major step forward for Barbados’ financial services.

The Central Bank will now launch a nationwide education campaign. By March 2026, the country aims to have a fully integrated digital payments network that changes how money moves across the island.