# Bahamas — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/BS
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **Sand Dollar** first CBDC (Oct 2020)
- **QR payments** enabled
- **<0.1% adoption** challenge
- **Bitt platform** technology
- **Island nation** 700+ islands

## Banking landscape

### Central Bank
- **Name:** Central Bank of The Bahamas
- **Website:** https://www.centralbankbahamas.com/
- **Role:** Monetary policy, Sand Dollar issuer

### Major Banks (2024)

| Rank | Bank Name | Type | Digital Platform |
|------|-----------|------|------------------|
| 1 | Bank of The Bahamas | State | BOB Mobile |
| 2 | Commonwealth Bank | Local | CB App |
| 3 | First Caribbean | Regional | CIBC Mobile |
| 4 | Scotiabank | International | Scotia App |
| 5 | RBC Royal Bank | International | RBC Mobile |

### Market Structure
- **Sand Dollar:** World's first CBDC
- **BSD:** Pegged to USD 1:1
- **Offshore:** Major banking center
- **Islands:** 700+ geographical challenge

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| Sand Dollar | Central Bank | CBDC | Active |
| ACH Bahamas | Banks | Clearing | Active |
| Card networks | Visa/MC | Cards | Active |
| Bank transfers | Banks | Wire | Active |

### Sand Dollar CBDC
- Launched October 2020
- First fully deployed CBDC
- Bitt Inc. technology
- QR code payments
- Mobile wallet access

### Geographic Challenge
- 700+ islands
- Dispersed population
- Banking access limited
- Digital solution needed

---

## QR code standards

### Sand Dollar QR

| Attribute | Value |
|-----------|-------|
| **Provider** | Central Bank |
| **Type** | CBDC |
| **Feature** | Scan and pay |
| **Launch** | October 2020 |

### Sand Dollar QR Features
- P2P payments via QR
- Merchant payments
- No internet required (NFC)
- Offline capability
- Instant settlement

### Authorized Wallets

| Wallet | Provider | QR | Status |
|--------|----------|-------|--------|
| Island Pay | Island Pay | Yes | Active |
| Kanoo | Kanoo | Yes | Active |
| Sand Dollar App | CBOB | Yes | Official |

---

## Mobile payment apps

| App | Provider | QR | Features |
|-----|----------|-------|----------|
| Island Pay | Private | Yes | Full wallet |
| Kanoo | Private | Yes | Payments |
| Bank Apps | Various | Limited | Banking |

### Adoption Challenges
- <0.1% of currency in circulation
- Merchant adoption slow
- Consumer awareness low
- Cash preference strong

### Features
- No bank account needed
- Instant transfers
- Zero fees
- Government payments
- Utility payments

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [Sand Dollar QR](https://docs.barcoder.ai/docs/payments/BS/sand-dollar-qr) | CBDC | Central Bank | Active | [`sand-dollar`](https://docs.barcoder.ai/docs/standards/sand-dollar) |
| [Island Pay](https://docs.barcoder.ai/docs/payments/BS/island-pay) | Wallet | Private | Growing | [`island-pay`](https://docs.barcoder.ai/docs/standards/island-pay) |
| [Bank ACH](https://docs.barcoder.ai/docs/payments/BS/bank-ach) | Clearing | Banks | Active | — |

## Sources

- [Central Bank - Sand Dollar](https://www.sanddollar.bs/)
- [Atlantic Council - CBDC Tracker](https://www.atlanticcouncil.org/cbdctracker/)
- [IMF - Bahamas CBDC](https://www.imf.org/en/News/Articles/2022/02/17/cf-sand-dollar)
- [Bitt Inc.](https://www.bfranceelaw.com/fintech-policy-bahamas/)

## Full country report

[BS-bahamas.md](https://docs.barcoder.ai/docs/payments/BS)