Central Bank dismisses viral BiMPay claims as false

The Central Bank of Barbados (CBB) has moved to reassure the public after a voice note circulating on WhatsApp made what it described as “false and misleading” claims about the country’s national instant payments system, BiMPay.

In a statement on Thursday, the Bank categorically rejected assertions that Barbadians must use BiMPay to receive overseas funds through services such as PayPal, that domestic bank transfers are being deliberately slowed for customers who do not use the platform, or that people are being forced to adopt the system.

“These claims are entirely false,” the Central Bank said.

The Bank stressed that BiMPay is a domestic payments system designed to facilitate instant electronic transactions between participating financial institutions within Barbados. It said the platform does not process international money transfers or remittances and has no impact on services such as PayPal or other overseas payment providers.

“The ability to send or receive funds internationally is not dependent on whether an individual has the BiMPay wallet,” the statement said.

The Central Bank also denied claims that it had directed banks, credit unions or payment service providers to slow or restrict existing payment services for customers who choose not to use BiMPay.

“There has been no policy or directive to delay domestic transfers in order to encourage adoption of the system,” it said.

According to the Bank, BiMPay serves as Barbados’ national instant payments infrastructure, allowing participating financial institutions to exchange payments securely in real time, 24 hours a day, seven days a week.

It noted that the BiMPay wallet is only one optional way of accessing the system, with customers also able to use digital banking applications or payment services offered by participating financial institutions.

The Central Bank further rejected suggestions that it was “forcing, manipulating or coercing” members of the public into using BiMPay, saying the system was introduced to expand consumer choice by providing an additional payment option alongside existing electronic payment services.

“Individuals remain free to choose the payment methods and digital channels that best meet their needs,” the statement said.

The Bank urged Barbadians to exercise caution before sharing information received on social media and messaging platforms and encouraged the public to verify claims through its official communication channels or directly with their financial institution before forwarding messages or acting on them.