BiMPay

BiMPay is a national instant payment system introduced by the Central Bank of Barbados that allows users to send and receive funds to anyone, anywhere in Barbados, 24/7/365.

Both parties will receive immediate confirmation of the transaction, and the recipient will have instant access to the transferred funds. This service aims to enhance convenience, security, and efficiency in everyday financial transactions nationwide through immediate access to their funds.

The platform verifies the sender’s identity using multifactor authentication, which may include a combination of passwords, PIN codes, or biometrics. It then ensures that the sender has sufficient funds in their account or digital wallet and that the recipient’s information is accurate before executing the transaction.

Upon completion, both the sender and the recipient receive real-time notifications in-app alerts—confirming the successful transfer. Finally, the system settles the transaction, making the funds instantly available to the recipient.

BiMPay offers several key advantages:

• Convenience: Instant payments are available 24/7, every day
• Speed: Enjoy immediate access to funds as soon as they are sent.
• Security: Your funds and information are protected by encryption, multi-factor authentication, and real-time fraud detection systems.
• Interoperability: BiMPay is integrated with banks’ platforms, digital wallets, and financial apps. This means you can easily make transactions with people and businesses, even if they use different banks or e-money services.

Yes, BiMPay is safe and Secure. The platform uses encryption, multi-factor authentication and real-time fraud detection systems to protect your funds and information.

Yes, a traditional bank account is required to register for BiMPay.

Yes. You can send funds to friends and family at another local financial institution or Banks once both parties are registered with BiMPay.

Online Banking requires you to have an active account with a traditional commercial bank and use their specific online portal or app.

BiMPay can be accessed either through your existing banking app or via a standalone BiMPay e-wallet. You can use the BiMPay e-wallet even if you do not have a traditional bank account.

In the initial stages, your ability to send and receive payments is limited to local transactions only. International payment capabilities may become available at a later date.

Available transactions include:

• Person-to-Person (P2P): Instantly send and receive money from friends, family, or individuals using simple proxy identifiers like a phone number or email address rather than complex banking details.
• Business-to-Consumer (B2P) & Person-to-Business (P2B): Pay for everyday goods and services such as groceries, meals, transportation, and utilities or pay informal and small business service providers like neighbourhood shops, mechanics, and gardeners.
• Business-to-Business (B2B): Facilitate secure, digital payments between suppliers, vendors, and corporate partners.
• Government Disbursements & Payments (G2P / P2G): Receive government funds or pay public fees and renew licenses securely.
• “Request to Pay”: Send a direct payment request through the system (ideal for landlords collecting rent or small businesses providing regular services).

If you accidentally send funds to the wrong person; you should immediately contact your financial institution or payment service provider.

No, you cannot reverse a payment using BiMPay. This is because instant payment systems use real-time settlement transactions which are generally irrevocable.

It is essential to review all details carefully before confirming payment. The system will prompt you to verify this information before you send the transaction. If you do make an error, contact your financial institution or payment service provider immediately, as any delay in reporting the issue could reduce the chances of recovering your funds.

All local banks will support BiMPay, as mandated by the Central Bank of Barbados.

You can contact us at BIMPAYwalletsupport@firstcitizensbb.com  or view the Central Bank of Barbados website for information on BiMPay by clicking here.