The demand for central bank-issued digital currency is gaining traction in various countries worldwide, coupled with the adoption of mobile payment systems to ease transactions for users.
In an apparent move to boost its operation and use by most of the population, Sand Dollar CBDC is steadily upscaling its services as it introduces a unique security authentication feature for user authorization.
As a recognized financial institution, SunCash is the sole financial service provider in the Bahamas authorized to issue the government-approved digital token, Sand Dollars, the officially issued central bank digital currency.
On Thursday, May 19, the company announced that it has teamed up with PopID Inc, a security software firm, to allow users of the Bahamas Sand Dollars CBDC to use the company’s PopPay system to verify themselves.
This is the first time in the history of digital currencies that users can use the PopPay facial recognition system to make purchases using the central bank digital currency, CBDC.
SunCash Wallets Link to PopPay
With the new development, citizens of the island nation can now link their SunCash wallet to the PopPay platform to authenticate a face verification payment transaction using Sand Dollars.
Users can use their SunCash at merchants’ outlets that accept payment in the country’s CBDC using their face for transaction authorization. Similarly, various international and local companies receiving SunCash payments will be authenticated through the PopPay platform.
The poppy technology allows businesses to verify customers’ IDs via facial scan; the technology is compatible with various payment methods, making it the ideal platform for the Bahamas’ official digital currency.
Meanwhile, available reports show that there are about 55,000 registered wallets on the SunCash network, which is 1/7 of the total population of the Bahamas, with more than a thousand merchants adopting the wallet for payment.
Retail Payment is Going Digital
The rise in and adoption of cryptocurrency has prompted many central banks to develop their own legally allowed digital token pegged to the national currency to safeguard the country’s monetary value from the instability of the broader crypto market.
In response, last October, the Central Bank of the Bahamas announced the launch of the country’s digital replica of the Bahamas dollar, the Sand Dollar.
Citizens of the Bahamas can use the Sand Dollar to make payments digitally and receive funds into their digital wallets via their smartphones or tabs. Additionally, physical cards are also issued as an option to be used at merchant outlets across the country.
Accounts opening is seamless. Interested residents are to open a digital wallet for CBDC approved by the Central Bank and use it for transactional purposes.
Furthermore, the CBDC transaction records can also be used for the application process when seeking quick loans via the digital currency platform.
Since its launch, Sand Dollar CBDC has enjoyed rapid growth and acceptance by many Bahamians. According to the IMF, towards the end of last year, 20,000 active wallets were using the Sand Dollar CBDC.