Mastercard has partnered with the Central Bank of The Bahamas and Island Pay, an online payment service provider, to launch the Bahamas Sand Dollar prepaid card.
According to a Wednesday press release, the project is the first of its kind, being the world’s first central bank digital currency-linked card. The Bahamas populace is now presented with some new features when exchanging the digital currency.
With the new Bahamas Sand Dollar prepaid card provided by Mastercard and Island Pay, Bahamians can now instantly convert the digital currency to their traditional dollars while paying for goods and services anywhere in the world provided the organization accepts Mastercard.
Regarding the partnership, the co-founder of Island Pay, Richard Douglas, 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.”
Central Bank of The Bahamas Governor, John Rolle, commented: “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 the regulation of the space.”
Before the launching of the digital currency linked card, the Bahamians use its digital currency for transactions. This digital Sand Dollar issued by the Central Bank of The Bahamas has the same value and power as the traditional Bahamian dollar.
The authorities created it due to the difficulties involved in moving cash across the country. However, with the recent Bahamas Sand Dollar prepaid card made possible by the country’s central bank, Island Pay, and Mastercard, such difficulties are reduced to a minimum.
On its part, Mastercard is pressing forward with its goal of making all types of payments like the card, ACH, and blockchain-based payments possible on its network. In a similar development, Mastercard revealed its plans to support cryptocurrency transactions and give users access to cryptocurrency on its network later in 2021.