The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A digital payments provider is aiming to launch wireless transactions, its own digital currency and payment cards in 2021 following the "boost" provided by the COVID-19 pandemic.

Sean Smith, SunCash's business development manager, told Tribune Business it planned to capitalise on the virus-driven consumer shift to electronic payment transactions by expanding its range of products and services once regulatory approval is received from the Central Bank of The Bahamas.

Disclosing that the Central Bank's launch of the Bahamian digital dollar, the Sand Dollar, had created further momentum, he said: “The COVID-19, believe it or not, has boosted our business model big time, together with the launch of the Sand Dollar, and now we are doing National Insurance and all of the health [unemployment] benefits for the National Insurance Board. Things have been good for us.”

Mr Smith said the island-wide roll-out of SunCash cards is being targeted for mid-January. He added: “Seventy-five thousand cards are already on the island and ready to be disbursed. You may see persons pay with their SunCash cards and pairing that with their SunCash wallets.

"We're in the process of integrating with the Government right now so that you will be able to pay the Government in terms of Road Traffic and the Passport Office. We have been in the process of doing an integration with them.”

SunCash customers can already withdraw cash from their Super Value check-out accounts, and Mr Smith said: “Along with the roll-out of our cards for early 2021, we are also waiting for confirmation from the Central Bank for our cryptocurrency to roll out next year, too.

“We have a POS (point of sale) system that is able to accept everything, because right now..... Let's say you go to the food store. You say you'll pay with a credit card. The only thing you could do [to pay] is just run it right across to the magnetic swipe.

“So we are coming up with a device that, instead of just running it across the magnetic swipe, you'll be able to tap, which is NFC (near field communication). You'll be able to scan the QR code, similar to the check-out device," he explained.

"So you'll be able to scan it across. You'll be able to swipe it across. You'd be able to tap. You'll be able to scan the QR code in terms of being able to make the payment, so top swipe or scan, and you could even type it in manually if you want to.”

Mr Smith said the provider will also offer a wireless solution for roadside vendors. This will allow them to accept SunCash dollars from anywhere in The Bahamas once provided with a handheld device that allows them to accept payment from one of its card holders.

SunCash has teamed with NIB since April to distribute unemployment benefits, enabling claimants to receive payment through their SunCash wallets or accounts. SunCash is also an approved payment provider for the Bahamian digital currency, the Sand Dollar.

Mr Smith added: “We have handled about $7m to $8m for NIB flawlessly; we have done that well. We are doing Western Union all online, right from your phone. We could also pay the prison now, so you could send money to your friends in the prison, or family members, or do top-ups for people in the prison. We can do that, too.”