Do you still remember the existence of the digital currency of the first central bank, Sand Dollar, which was reported by Team Intraday last October?
Most recently, the currency issued by The Bahamas central bank is said to be in the process of arranging a new prepaid card involving Mastercard.
According to the details revealed by Mastercard yesterday, apart from the central bank, the mobile payment service provider, Island Pay also collaborated.
Through the prepaid card launched by Mastercard later, users can convert Sand Dollar to cash at the time of purchase.
As previously reported, The Bahamas was the first country to launch a central bank digital currency. The country has tested the Sand Dollar in 2019 before fully launching the central bank's digital currency in October 2020.
Initially, the acceptance of digital currency was relatively limited through digital applications. However, with the efforts of Mastercard, Island Pay and The Bahamas central bank, the prepaid card can be used at any retailer that accepts Mastercard.
Mastercard executive vice president Raj Dhamodharan described the collaboration between the public and private sectors as an effort to realize what is impossible for an administration, again related to the new payment system.
