The Central Bank of Barbados has confirmed that its new BiMPay instant payment system will allow Barbadians to send and receive money around the clock at no cost to personal users, as part of a plan to widen access to secure, digital financial services across the country.
Designed to facilitate 24/7 money transfers in under 10 seconds, BiMPay will be free of charge for individual users, the Central Bank said in a release on Tuesday. Whether sending money to a friend or making a retail purchase, individuals will not incur fees, regardless of whether they use their bank’s mobile app or the dedicated BiMPay e-wallet linked to their account.
Small businesses also benefit from this structure, as there will be no fees for enterprises whose revenue falls below a specific threshold, the Central Bank said. But larger entities may be subject to transaction fees, which will be determined independently by each business’s respective financial institution based on their specific banking arrangements.
While the technical infrastructure of BiMPay supports a maximum single-transaction limit of $500 000, individual limits will be managed by banks and credit unions based on a customer’s specific risk profile.
For those without traditional bank accounts, the BiMPay e-wallet offers an alternative through a simplified registration process. Because this simplified due diligence requires significantly less documentation than standard banking, the Central Bank stressed that specific caps are in place to remain compliant with anti-money laundering and combatting the financing of terrorism (AML/CFT) requirements.
Users operating through the e-wallet will be permitted to receive up to $750 daily, $2 500 monthly, and $30 000 annually. Despite these receiving caps, the amount a user can spend is limited only by the funds available in their wallet.
These limits are intentionally set to balance broad financial access with robust security, ensuring that even those without traditional documentation can participate in the digital economy while the system remains protected against fraudulent activity.
The Central Bank emphasised that BiMPay was designed with inclusivity as a core pillar. By removing cost barriers for the average citizen and providing a low-friction entry point for those without extensive documentation, the system ensures that every Barbadian has the option to utilise digital payments.
This approach, the statement added, aims to bridge the gap between traditional banking and the modern digital economy, making high-speed financial transactions a reality for the entire population.
