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Sand Dollar becomes world’s first CBDC to be used for national payroll

Sand Dollar becomes world’s first CBDC to be used for national payroll

Banking & FinanceCaribbean

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 central bank backed digital currency (CBDC) to be used for payroll.

All Bahamas Eats employees will be paid in the Sand Dollar, the world’s first CBDC, 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 CBDCs,” said 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.”

With the onset of the Digital Transformation many more Bahamian consumers and businesses are looking for ways to make use of digital wallets. Payroll solutions such as this are secure, convenient and save 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.

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