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Bahamas citizens and residents will now be able to spend their Sand Dollar, the country’s Central Bank Digital Currency (CBDC) through the facial recognition solutions from PopPay, a tech startup providing security services for the fintech space.
The partnership was enabled by SunCash, one of the licensed issuers of the Sand Dollar, and will see holders of the digital money have access to spend the cash at any of the platform’s integrated merchants with the PopPay’s facial ID verification.
“PopPay’s cutting edge technology provides a more consumer-friendly, seamless, and secure experience for SunCash’s users,” said Desmond Pyfrom, CEO of SunCash. The solution is seen as a revolutionary one as existing apps for transacting in digital Sand Dollar generally require consumers’ use of smartphones, QR codes, or various other codes to complete a transaction at the point of sale.
“With the integration of the PopPay platform into the SunCash App, Bahamian consumers can now quickly, efficiently, and safely use the digital Sand Dollar to purchase food and other products even if the consumer does not have a functional smart phone or an internet connection,” Pyfrom added.
Bahamas broke the record as the very first country in the world to launch a CBDC back in October 2020. While a number of other governments and Central Banks around have also floated their own CBDCs or are in the advanced stages of doing so, the Bahamas has seen a wider usage, and more innovative solutions to truly drive the intended financial inclusion push of the e-money.
Bahamians and Secure Payment Solutions
The PopPay and SunCash partnership is aiming at re-establishing the goal that the Bahamian Sand Dollar can offer as much of a secure payment solution as private cryptocurrencies like Bitcoin, one of the primary factors that are stirring the growing development of CBDCs.
The government is notably acknowledging the ease with which the new facial recognition solution will afford citizens and further drive the mainstream adoption of the CBDC.
“We applaud SunCash for its deployment of this solution that allows Bahamians to transact in Sand Dollar using only their face,” said John Rolle, Governor of the Central Bank of The Bahamas. “Such security features are important to increasing personal comfort around the use of digital payments and advancing the Central Bank’s goal of increasing financial inclusion among all segments of our society.
The post Bahamians Can Now Use Sand Dollar With PopPay’s Facial Recognition Solution appeared first on Blockchain, Crypto and Stock News.
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