Island Pay and Bahama Eats partner to make Sand Dollar the world’s first Central Bank Digital Currency (CBDC) to be used for national payroll
(Nassau, Bahamas – October 4, 2021) Island Pay, one of the world’s leading digital currency technology companies, and Bahama Eats, the country’s largest on-demand food delivery service, have announced a partnership that will see The Bahamas Sand Dollar become the world’s first CBDC to be used for payroll.
In this ground-breaking new initiative, all Bahamas Eats employees will be paid in the Sand Dollar, the world’s first central bank backed digital currency, through the Island Pay digital wallet.
“At Island Pay, we are proud to work with an innovative partner like Bahama Eats on what we believe is a major step in the global advancement of central bank backed digital currencies,” says Richard Douglas, co-founder at Island Pay. “Island Pay is all about democratizing access to money. Evolving our technology to be used for payroll payments represents the next stage in the evolution of the digital wallet and CBDCs.”
“In an era where cost savings, efficiency and conservation of time are more critical, partnering with Island Pay for our payroll needs was the obvious choice,” says Gershwin Greene, Founder and Managing Director of Bahama Eats. “Using our employees’ digital wallets to pay their salaries into provides us with the ability to give them immediate access to their monies while relieving us of traditional administration costs and resources. Ultimately, it’s more time for us to focus on our customers and in ways to continue to innovate to meet their growing needs.”
With the onset of the digital transformation many more Bahamian consumers and businesses are looking for ways to adapt and make use of digital wallets as a part of their everyday life. Payroll solutions such as this are secure, convenient and saves businesses money in traditional bank fees and countless hours in back-end administration.
“As Bahama Eats gets ready to expand into the region, the Bahamas experience will go a long way in helping us develop this and other models for our business partners in the Caribbean and around the world,” added Douglas.