Originally piloted in 2019, the Sand Dollar became the first fully- deployed digital version of a country’s fiat currency in October 2020. At that time, the Sand Dollar was exclusively accessed by registered users through a digital app provided by local payment service provider Island Pay at select merchants.
Now, Island Pay is to issue a Bahamas Sand Dollar prepaid card that gives people the option to instantly convert the digital currency to traditional Bahamian dollars and pay for goods and services anywhere Mastercard is accepted on the Islands and around the world.
In The Bahamas, there are 700 small islands and more than 5000 square miles of water. Cash money movement becomes costly, which makes a central bank digital currency (CBDC) a preferred digital payment in the region. In the future, the Sand Dollar will be offered to tourists.
Read the full article on MasterCard and Sand Dollar at Fintechs.fi.