The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A digital payments provider is proud to tout they are processing 80 percent of all Sand Dollar transactions as it leads the way to more business accounts for 2024.

Shawn Smith, SunCash’s business development manager, told Tribune Business that out of approximately $1.7m in Sand Dollars in circulation, SunCash accounts for over 80 percent of those transactions and only sees that number increasing when it rolls out its full suite of business support tools for merchants.

Mr Smith said: “The reason why I say that is because you know you have a little over 2,500 businesses that are on when you have more than 68,000 now active customers, and we have more than 120,000 unique customers and we have all the methods where people are able to interact with us, we’re connected to all of the utilities we’re connected with most of the government systems you can pay through us.”

SunCash has also participated in every Sand Dollar event and have expanded its reach to the Family Islands as well as investing in more kiosks and automated teller machines to make the transfer to Sand Dollars easier.

Mr Smith also said the commercial business is “growing”, and that there are multiple stores on various Family Islands where you can transfer Sand Dollars using the SunCash wallet. “I see why businesses are now using our wallet because we are giving them the option of when they receive Sand Dollar, they can send it to any commercial bank and convert that fiat currency like an off-ramp.”

He also said: “We’re the only ones with ATMs and the difference between SunCash and our competitors is that we have clearly invested four or five times more in new technology and software and hardware.

“When you make that kind of investment it gives you a competitive edge. But we’re open to where persons can come with other wallets to be able to utilise our ATM if they have Sand Dollar wallets, or if they want to go to our merchants, they can still go to our ATM.”