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PURCHASE, N.Y. & NASSAU, Bahamas--(BUSINESS WIRE)--Today, Bahamians received even greater flexibility in how they shop and pay using the country’s digital currency, the first of its kind. Under a new program from Mastercard and Island Pay, the Bahamas Sand Dollar prepaid card gives people the option to instantly convert the digital currency to traditional Bahamian dollars and pay for goods and services anywhere Mastercard is accepted on the Islands and around the world.
The digital Sand Dollar is issued by the Central Bank of The Bahamas and carries the same value and consumer protections as a traditional Bahamian dollar. The digital currency can be used to facilitate government disbursements, offer additional payment choices and build a more inclusive economy. In The Bahamas, there are 700 small islands and more than 5000 square miles of water. Cash money movement becomes costly, which makes a central bank digital currency (CBDC) a preferred digital payment in the region. In the future, the Sand Dollar will be offered to tourists.
Originally piloted in 2019, the Sand Dollar became the first fully- deployed digital version of a country’s fiat currency in October 2020. At that time, the Sand Dollar was exclusively accessed by registered users through a digital app at select merchants. Island Pay mobile wallet users can decide if they want to transact in Sand Dollars or Bahamian dollars at merchants using the mobile app.
Stay up to date with product launches, events and much more. We will not share your information with any third parties and you can unsubscribe at any time. The BitPay Prepaid Mastercard® Supports Apple Pay® For an Easy Shopping Experience Apple Pay is the newest way BitPay makes living life on crypto easy. Simply open Apple Pay and scan or enter the BitPay card information to use it wherever Apply Pay is accepted. Known as BitPay Card and provided through Mastercard, the offering enables U.S. Users to spend bitcoin or other cryptocurrencies in stores accepting Mastercard debit cards globally, according to a. 1 day ago Last year, Mastercard partnered with BitPay to launch a prepaid crypto card. In order to use the card, you'll first to fund a BitPay Wallet with a supported cryptocurrency. Once this is done, you.
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Mastercard’s innovative work with CBDCs supports governments around the world as they explore, test and deploy real-life use cases across existing payment rails. Its virtual testing environment enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and people.
Island Pay’s technology platform, combined with Mastercard technology and wide merchant acceptance, has the potential to help reduce the operational distribution costs of cash and modernize the overall payments system in The Bahamas.
Central Bank of The Bahamas Governor, John Rolle, said: “We welcome this approach to combining digital currency use with access to foreign currency and other payment outlets. The Central Bank of The Bahamas will continue to encourage fintech developments that tie into the Sand Dollar infrastructure, while allowing us to satisfy best global practices for regulation of the space.”
Richard Douglas, co-founder of Island Pay, said: “By working closely with the Central Bank of The Bahamas and Mastercard, we are able to issue a prepaid card unlike any other in the world. We are now able to bring immediate, critical benefits to our customers at a time when they are looking to find new, innovative ways to pay. The Bahamas is leading innovation in CBDCs, and we’re thrilled to be able to play an important role in helping to democratize access to currency, especially in areas that are currently underserved.”
Mastercard’s Innovation in Digital Currencies and New Forms of Payment
Xiaomi pc suite for mac. As part of its long-term strategy to enable all types of payments – card, ACH and blockchain-based – Mastercard has invested in the technology to be ready to explore and enable both CBDCs and privately issued stablecoins in partnership with governments, banks and fintechs. With 89 blockchain patents globally, and an additional 285 blockchain applications pending worldwide, Mastercard already has one of the payment industry’s largest blockchain patent portfolios to draw from.
The company recently announced that it plans to support select digital currencies directly on its network, giving choice and flexibility to people and merchants. Each program will be evaluated against the principles Mastercard has established to guide its activities in this space.
Through a dedicated crypto card program, Mastercard helps its digital currency partners accelerate their development efforts, from design and market entry to growth and global expansion. As a result, the jointly-created solutions have an ability to enable a more inclusive economy. If a consumer wants to spend their holdings, Mastercard enables this through our crypto partnerships including Wirex, Uphold, BitPay, and most recently, LVL.
Raj Dhamodharan, executive vice president of Digital Asset & Blockchain Products & Partnerships at Mastercard, said: “This partnership is an example of how the private and public sector can rethink what’s possible, while delivering the strongest levels of consumer protection and regulatory compliance. We’re creating a lot more possibilities for governments, shoppers and merchants, allowing them to transact in an entirely new form of payment.'
About Mastercard (NYSE:MA):
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Island Pay:
Island Pay, founded in 2016, is quickly revolutionizing the way people across the Caribbean and Latin America use and access money. Through its innovative technology and strategic partnerships with governments and a network of merchants, Island Pay allows individuals, businesses and governments to easily and securely pay for goods and services as well as send, transfer and receive funds electronically using their mobile phones and other low-cost access mediums. Island Pay was the first to receive a license as a Payment Service Provider and Electronic Money Institution by the Central Bank of The Bahamas, and is currently handling tens of millions of dollars of transactions for the Government of Bahamas. Island Pay is driven by a passion to democratize access to currency, especially in areas that are currently underserved or lack accessible financial services infrastructure.
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More information about Island Pay can be found on islandpay.com.
ATLANTA--(BUSINESS WIRE)--BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced that US cardholders of the BitPay Prepaid Mastercard can add their card to Apple WalletTM and spend with Apple Pay®. With Apple Pay, BitPay cardholders can make secure purchases in stores, in apps, and online. In addition, customers waiting on delivery of their plastic card can add their virtual card to Apple Wallet via the BitPay Wallet app and can start spending immediately. Dota for mac. Support for Google Pay and Samsung Pay is planned for later this quarter.
“We have thousands of BitPay Wallet app customers using the BitPay Card who are always looking for new places and ways to spend their crypto,” said BitPay CEO Stephen Pair. “Adding Apple Pay and soon Google and Samsung Pay makes it easy and convenient to use the BitPay Card in more places from day-to-day items to luxury purchases.”
BitPay continues to innovate its global blockchain solutions to make paying with Bitcoin and other cryptocurrencies faster, easier and safer than ever before. The BitPay Wallet app is designed to enable customers to manage and spend Bitcoin, and also turn it into dollars and spend with the BitPay Card.
For power blockchain users, the BitPay Wallet app supports an array of options to buy and store crypto and make online payments. Users can instantly buy gift cards from hundreds of top retailers in store and online. The BitPay Card enables customers to instantly convert cryptocurrency into fiat currency, which is then loaded onto the card and can be spent anywhere Mastercard debit is accepted around the world. Customers can also use the cards online for purchases and to withdraw cash from ATMs.
The BitPay Wallet app supports Bitcoin, Bitcoin Cash, and Ether, as well as four dollar-pegged stablecoins, USDC, GUSD, PAX and BUSD.
To add a card to Apple Wallet, cardholders need to have the most recent version of the BitPay app, 12.1.0 which is available in the App Store. To order the BitPay Prepaid Mastercard, visit https://bitpay.com/card/
About BitPay
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Founded in 2011, BitPay pioneered blockchain payment processing with the mission of transforming how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
BY USING THIS CARD YOU AGREE WITH THE TERMS AND CONDITIONS OF THE CARDHOLDER AGREEMENT AND FEE SCHEDULE, IF ANY. This card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2014. Facebook download for mac pc.
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Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.
Apple Wallet and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.