IslandPay Group Ltd. was founded in 2016. The company recognizes the strong business case for mobile electronic money providers seeking to re-do the way consumers interact with payments, authentication and identity, especially in underserved areas of the Caribbean.
IslandPay offers the Bahamian market access to accounts 24/7/365 covering a wide array of needs in the payments environment. IslandPay will start by providing payment services to all Bahamians. At the heart of IslandPay’s financial and social consciousness success is the ability to provide all sectors of customers with the convenience and service including the ‘underbanked’ and ‘unbanked’ which also includes the underserved communities in the Family Islands. The corporate strategy is to provide a simple to use payment service accessible on basic, widely distributed mobile phones and other easily attainable and low-cost account access mediums.
The electronic money payments network created under its electronic money license that will allow the company to roll out a variety of loading methodologies which will be accessible for novice and experienced users. Options will include both physical loading locations and electronic loading of issued accounts. Once loaded, account holders will have a spend feature that will make tasks that are currently cash based (bill payments, purchase of goods and services) easier and less time consuming for both the consumer and merchant. Services for sending money domestically within the Bahamas will also be made available opening up a Person-to-Person environment to be used by family and friends to manage traditional cash transactions with significantly less risk by making the transfer instant and electronic.