Payments/BB
Barbados
ISO BB · 3 schemes
Summary
- mMoney Bitt digital wallet
- 20K consumers 2K merchants
- Digital Dollar planning
- Instant payments 2026 target
- DCash ECCB participation
Banking landscape
Central Bank
- Name: Central Bank of Barbados
- Website: https://www.centralbank.org.bb/
- Role: Monetary policy, payment oversight
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Republic Bank | Regional | Republic App |
| 2 | First Caribbean | Regional | CIBC Mobile |
| 3 | Scotiabank | International | Scotia App |
| 4 | CIBC | International | CIBC Mobile |
| 5 | Bank of Butterfield | Offshore | Butterfield App |
Market Structure
- mMoney: Bitt platform
- BBD: Pegged to USD 2:1
- Tourism: Major economy
- Fintech: Growing sector
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| mMoney | Bitt | Digital wallet | Active |
| CBDC planning | Central Bank | Digital Dollar | Development |
| ACH | Banks | Clearing | Active |
| Card networks | Visa/MC | Cards | Active |
mMoney Platform
- Bitt Inc. operated
- 20,000+ consumers
- 2,000+ merchants
- QR code payments
- Mobile wallet
Instant Payment Plans
- 2026 target launch
- Real-time settlement
- Modernization effort
- Central Bank led
QR code standards
mMoney QR
| Attribute | Value |
|---|---|
| Provider | Bitt |
| Feature | Scan to pay |
| Users | 20K+ |
| Merchants | 2K+ |
mMoney QR Features
- QR code generation
- Merchant scanning
- Instant transfer
- No cash needed
- Mobile-first
DCash Participation
| Attribute | Value |
|---|---|
| Provider | ECCB |
| Type | CBDC |
| Region | Caribbean |
| Status | Pilot ended |
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| mMoney | Bitt | Yes | Full wallet |
| Bank Apps | Various | Limited | Banking |
| DCash | ECCB | Yes | CBDC (ended) |
mMoney Features
- P2P transfers
- Bill payments
- Merchant payments
- QR scanning
- Government payments
Digital Dollar Plans
- Central Bank initiative
- Building on mMoney
- Barbados Digital Dollar
- Future implementation
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| mMoney QR | Wallet | Bitt | 20K+ users | mmoney |
| Digital Dollar | CBDC | Planning | Development | — |
| Bank ACH | Clearing | Banks | Active | — |
Sources
Full country report
Schemes
Standards
Primary · 1