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BiMPay could bring economic benefits to Barbados, but its adoption could also present important risks and challenges.
That is the crux of an International Monetary Fund (IMF) staff assessment of the national instant payment system (IPS) prepared before it went live on June 12.
The payment rail, which since being implemented has faced some challenges resulting in the late payment of some salaries and pensions, was examined by IMF experts as part of the international financial institution’s latest Article IV consultation.
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