Payments/BS
Bahamas
ISO BS · 3 schemes
Summary
- Sand Dollar first CBDC (Oct 2020)
- QR payments enabled
- <0.1% adoption challenge
- Bitt platform technology
- Island nation 700+ islands
Banking landscape
Central Bank
- Name: Central Bank of The Bahamas
- Website: https://www.centralbankbahamas.com/
- Role: Monetary policy, Sand Dollar issuer
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Bank of The Bahamas | State | BOB Mobile |
| 2 | Commonwealth Bank | Local | CB App |
| 3 | First Caribbean | Regional | CIBC Mobile |
| 4 | Scotiabank | International | Scotia App |
| 5 | RBC Royal Bank | International | RBC Mobile |
Market Structure
- Sand Dollar: World's first CBDC
- BSD: Pegged to USD 1:1
- Offshore: Major banking center
- Islands: 700+ geographical challenge
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| Sand Dollar | Central Bank | CBDC | Active |
| ACH Bahamas | Banks | Clearing | Active |
| Card networks | Visa/MC | Cards | Active |
| Bank transfers | Banks | Wire | Active |
Sand Dollar CBDC
- Launched October 2020
- First fully deployed CBDC
- Bitt Inc. technology
- QR code payments
- Mobile wallet access
Geographic Challenge
- 700+ islands
- Dispersed population
- Banking access limited
- Digital solution needed
QR code standards
Sand Dollar QR
| Attribute | Value |
|---|---|
| Provider | Central Bank |
| Type | CBDC |
| Feature | Scan and pay |
| Launch | October 2020 |
Sand Dollar QR Features
- P2P payments via QR
- Merchant payments
- No internet required (NFC)
- Offline capability
- Instant settlement
Authorized Wallets
| Wallet | Provider | QR | Status |
|---|---|---|---|
| Island Pay | Island Pay | Yes | Active |
| Kanoo | Kanoo | Yes | Active |
| Sand Dollar App | CBOB | Yes | Official |
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Island Pay | Private | Yes | Full wallet |
| Kanoo | Private | Yes | Payments |
| Bank Apps | Various | Limited | Banking |
Adoption Challenges
- <0.1% of currency in circulation
- Merchant adoption slow
- Consumer awareness low
- Cash preference strong
Features
- No bank account needed
- Instant transfers
- Zero fees
- Government payments
- Utility payments
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| Sand Dollar QR | CBDC | Central Bank | Active | sand-dollar |
| Island Pay | Wallet | Private | Growing | island-pay |
| Bank ACH | Clearing | Banks | Active | — |
Sources
Full country report
Schemes
Standards
Mentioned · 1