Caribbean Urged to Accelerate Adoption of Instant Payment Systems

Caribbean nations must urgently adopt modern instant payment systems to boost financial inclusion, economic efficiency, and regional competitiveness, World Bank senior financial sector specialist Nicholas Smith said Tuesday.

Speaking at the launch of Barbados’ new national Instant Payment System (IPS), BimPay, Smith highlighted that while over 120 countries – including Brazil, El Salvador, and Costa Rica – have successfully implemented fast payment platforms, the Caribbean has lagged behind.

“Instant payments are transforming economies – making life easier for everyone, from fruit vendors to small businesses,” Smith said. “Barbados is now leading the charge in the region, and that’s encouraging.”

In Brazil, for example, 90 percent of businesses use instant payments, demonstrating the system’s broad accessibility and impact. Smith emphasized that central banks play a critical role by providing the foundational infrastructure as a public good, enabling financial institutions to innovate and tailor services to consumers.

The BimPay system, developed by the Central Bank of Barbados (CBB), enables individuals, businesses, and government entities to send and receive funds in under 10 seconds, with immediate access to transferred money. Fully interoperable, it eliminates previous restrictions that limited instant transfers to customers within the same bank.

Smith also noted that successful implementations foster stronger public-private collaboration and increase competition, allowing smaller institutions to offer services on par with larger banks.

“Instant payments aren’t just about convenience – they are about inclusion, efficiency, and building a more resilient digital economy,” Smith said. “The Caribbean’s momentum is growing, and Barbados is setting the pace.”

The CBB’s rollout of BimPay marks a pivotal step toward regional financial modernization, with potential for integration across Caribbean Community (CARICOM) member states.