Nassau, The Bahamas, September 5, 2018: Island Pay, an electronic money mobile payment provider, will roll out the Contactless Companion Platform (CCP) – a digital cash service allowing consumers to load money onto cards, fobs and a range of wearable items. The new service will allow Bahamians and visitors alike to make contactless payments between themselves or with retailers across the whole of the large island archipelago. CCP is running on secure chip technology from Samsung Semiconductor, the software application platform is provided by Smartlink, a Swiss fintech specializing in mobile and alternative payment solutions.
Frank Svatousek, Island Pay CEO said, “by adding Smartlink to the Island Pay platform we bring immediate, critical benefits to our Bahamian customers including easy bill payment, mobile top-up and merchant solutions. The launch of the Island Pay cashless payment system, licensed by the Central Bank of The Bahamas, comes at a time when bricks and mortar banks are reducing their footprint allowing us to serve the under-banked as well as the un-banked.”
The Smartlink CCP solution brings contactless digital cash to everyone in all levels of society,” says Eric La Marca, CEO and founder of Smartlink. “With CCP in place, you can make contactless payments via any enabled device of your choice, whether it’s a dedicated smart card, wristband, key fob, or even your smart watch or ring. As long as it’s able to accommodate the secure chip technology from Samsung, there’s hardly any shape or size limit.”
“CCP offers full control of payment by validity, location, time of day, and other parameters you decide on during the remote top-up of a secure token with the sleek companion app on your smartphone. What’s more, the underlying technology has the ability to seamlessly combine payments with loyalty points, vouchers, travel cards, ticketing and more.”
Among the benefits of Island Pay Mr. Svatousek explained that, “it’s a tokenized service, making it as secure as existing mobile payments services.
It gives parents the ability to safely transfer money to their children and ensure they can only spend it on what the parents want and with its Web-based or smartphone app interface, available for iOS and Android, it allows users to manage the service and deactivate the chip in the card, fob or wearable item if it is lost. We are thrilled to be working with Samsung and Smartlink as it brings together a powerful combination of security, control and utility for our consumers throughout The Bahamas.”
Interested in learning more?
Download → Island Pay Project Background PDF