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Barbados Advocates Consumer Protections in Upcoming Payment System

7/27/2025

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Summary

Story summary

The Barbados Consumer Empowerment Network (BCEN) calls for consumer protections and cybersecurity in the new Instant Payment System (IPS).
BCEN supports a dual-track approach, promoting both cash and digital payments.
There are concerns regarding Barbados' cybersecurity capabilities and the legal framework for digital finance.
The Central Bank intends to launch the IPS in March 2024 for quicker, cost-effective transactions.

History

Historical Context

The European Union's Payment Services Directive, established in 2001, aimed to enhance consumer protection in digital transactions. As the Barbados Consumer Empowerment Network advocates for similar measures, the Central Bank prepares to launch its Instant Payment System in March 2024. With over 42 billion transactions in Brazil's Pix system by 2024, the need for robust regulations in digital finance remains critical.

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Story summary

The Barbados Consumer Empowerment Network (BCEN) calls for consumer protections and cybersecurity in the new Instant Payment System (IPS).
BCEN supports a dual-track approach, promoting both cash and digital payments.
There are concerns regarding Barbados' cybersecurity capabilities and the legal framework for digital finance.
The Central Bank intends to launch the IPS in March 2024 for quicker, cost-effective transactions.

1 / 2