BRIDGETOWN; Barbados; October 3rd, 2018 : Peter George, Chairman of the Barbados based
FinTech company, Bitt Inc, has introduced the use of the company’s mMoney app to accept digital Barbados dollars at his establishments in Trinidad.
“We started accepting mMoney at Buzo Barbados some months ago and it has been a great experience for our customers, and for us as well; it’s all about providing a menu of payment options, so why limit it?,” George said.
Bitt’s mMoney app allows users to send and receive digital Barbados dollars and make payments from the app on their smartphones, eliminating the need to carry cash or incur fees for traditional bank cards, as mMoney bears no cost to the end user and much lower costs to the merchant, when compared to credit and debit cards.
One of the region’s earliest adopters who has long accepted payment in bitcoin at his Trotters restaurant in Trinidad, George is now poised to give Barbadians the opportunity to use digital Barbados dollars at his restaurants in Trinidad.
“It’s a personal pilot that gives anyone holding digital Barbados dollars in their mMoney app, an opportunity to use their currency abroad,” he stated.
“Now Barbadians visiting Trinidad can enjoy a meal at any of our three restaurants – Prime, Trotters or Buzo Trinidad – and pay using Barbados dollars with their mMoney digital wallet,” he explained.
“This seamless experience can be replicated across the region and has huge potential for tourism, and it can promote financial inclusion for everyone,” he added.
At Bitt’s conference on Septemebr 19th, Mia Mottley, Prime Minister of Barbados, announced the introduction of a national pilot based on the use of digital currency and mMoney, which she intends to personally oversee. Through partnership with Bitt, the pilot has the potential to introduce the ease of digital payments at traditional points of payment.
“The specifics of the pilot are being worked out; but the Bitt team is excited and eager to get to work. Once all is clear and agreed to, details would be communicated,” George promised.
Bitt is already leading similar pilots with the Eastern Caribbean Central Bank, and the Central Bank of Curacao and Sint Maarten.
In photo : Bitt Chairman, Peter George during Bitt’s second annual conference, ‘Central Banks Meet Blockchain’ at the Barbados Hilton recently.