Island Pay, founded in 2018, is quickly revolutionizing the way people across the Caribbean 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 supporting large scale payments distributions for the Government of Bahamas. Island Pay is driven by a passion to democratize access to financial services, especially in areas that are currently underserved or lack accessible financial services infrastructure, by delivering a convenient, secure and low-cost digital payments solution that people love to use.
Island Pay offers consumers access to wallet accounts 24/7/365 to perform a wide range of every day financial service needs. At the heart of IslandPay’s financial and social consciousness success is the ability to provide all sectors of customers with the convenience and service including the ‘underbanked’ and ‘unbanked’.
In addition to a very easy to use mobile wallet, Island Pay provides both physical cash loading locations and electronic loading of issued accounts, through its widespread Kiosk network and bank transfer integration. Once loaded, account holders will have a spend feature that will make tasks that are currently cash based (bill payments, purchase of goods and services) easier and less time consuming. Services for sending money domestically will also be made available, enabling person to person transfers to be used by family and friends to manage traditional cash transactions with significantly less risk by making the transfer instant and electronic.
Island Pay is a Principal Mastercard member, to issue cards that consumers can use to spend locally, internationally or online, wherever traditional debit and credit cards are accepted. The card can be easily uploaded into the wallet for viewing transaction history, enabling security features and for loading funds virtually.