The island’s hotel and tourism sector now has access to a new technological model for making financial transactions with local and overseas partners.
Speaking at the signing ceremony for a memorandum of understanding (MOU) between the Barbados Hotel and Tourism Association (BHTA) and BITT Inc at Tamarind Cove Hotel, St James this afternoon, chairman of the BHTA Stephen Austin told reporters the mMoney method of doing business would open up fresh opportunities for the local sector and bring it in line with what’s taking place on the global market.
One can download the mMoney wallet to one’s smart phone from the AppleApp Store or the Google Playstore or by scanning the company’s QR code, create an account, verify one’s email and log into the app.
“I do believe that the BITT suite, once developed to its full potential will revolutionise the way we transfer money to our partners both locally and overseas. We at the BHTA embrace and encourage this new initiative and will do all possible to offer our support to ensuring that projects and programmes are developed to the benefit of all of our members and Barbados in general,” Austin said.
He also said the BITT model would further assist the tourism and the Barbados brand.
“We look forward to fostering a close relationship through the MOU. The signing of this memorandum of understanding between our two companies today symbolizes a partnership which we believe will lead to many new opportunities that will produce new synergies,” the BHTA chairman stated.
Warning that there would be consequences if Barbados did not embrace the technology, especially considering that the US is a major source market for Barbados, Chief Executive Officer of BITT Inc. Rawdon Adams noted that the trend to digital payments there was very strong.
“In the US in any given year, individuals are making over 450 transactions that are non-cash. There are digital in one form or another. Something they have gotten use to. It’s a form of convenience for them and when they visit places like Barbados, it’s a good idea that we extend that same convenience they are used to, once they are here actually visiting us,” Adams said.
He said there are many benefits to the use of mMoney including no transaction charges or monthly fees.
“This technology can make payments faster, cheaper and more secure, open up ideas among the experts in the industry,” Adams said.
The digital money expert argued that potentially it can bring non-accommodation members of the BHTA more closely by extending a set of financial tools access to which some of them may not have previously.
“And in that form, it is actually more inclusive. It can drive growth rather than just drive efficiencies,” he suggested.
Adams also sees mMoney helping to solve the current problem in Barbados where the provision of and access to data is a major concern, particularly in the tourism sector.
“We have spoken about it in discussions, but I don’t think we really mentioned it here today, is the kind of data that a unified platform can provide to the tourist sector, whether it is BHTA or CTO. I mentioned the CTO because I had a chance to present to their board in June in New York. And it was very clear that data is a challenge. Just something as simple as how much the tourist spends when he is here,” the BITT Inc boss stated.