Barbados will not transition to a cashless economy, the Central Bank governor said on Monday, moving to reassure the public even as digital payment systems rapidly reshape how people and businesses conduct transactions.

Dr Kevin Greenidge told journalists that while cash will remain in circulation, increasing use of digital platforms such as BiMPay is expected to drive an organic decline in cash transactions.

“We have no plans to go cashless,” he said in a briefing on last Friday’s inauguration of the nationwide digital payment platform, BiMPay. “In countries that have implemented instant payment systems like Pix in Brazil, UPI (Unified Payments Interface) in India and PromptPay in Thailand, you saw a natural reduction in the use of cash, simply because you had another convenient way of paying. The use of cash will reduce organically and naturally.”