Mastercard, Island Pay launch Central Bank Digital Currency - linked card

Wednesday 17 February 2021 14:42 CET | News

Mastercard, Central Bank of The Bahamas, and Island Pay have teamed up to give users an additional option to use The Bahamas Sand Dollar central bank digital currency.

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. In the Bahamas, there are 700 small islands and more than 5000 square miles of water.

Originally piloted in 2019, the Sand Dollar became the first fully- deployed digital version of a country’s fiat currency in October 2020.

To learn more about CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs.

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Keywords: MasterCard, CBDC, merchants, prepaid card, payments , Central banks, Bahamas, Island Pay, Bahamas Sand Dollar
Categories: Payments & Commerce
Countries: Bahamas
This article is part of category

Payments & Commerce