BASSETERRE, St. Kitts & Nevis–The Eastern Caribbean Central Bank (ECCB) has partnered with several credit unions, banks, and businesses to provide a new payment option for countries in the Eastern Caribbean Currency Union (ECCU).
The initiative, called DCash, is a digital version of the EC dollar, and launched in St, Vincent and The Grenadines (SVG) at the end of June, according to the bank.
The ECCB said a 12-month pilot was conducted that allowed it to assess the feasibility of a full commercial launch to all eight of its member countries.
“Having recognized the critical task of rebuilding the economy of Saint Vincent and The Grenadines in the wake of the recent volcanic eruptions and the impact of the COVID-19 pandemic, the ECCB is moving expeditiously to bring this safer, faster, and cheaper digital payment option to the citizens and residents,” the bank said in a released statement.
The immediate objective of launching DCash is to allow for the exchange of DCash for physical cash via the DCash Merchant-Teller network, according to the bank. The authorized entities will facilitate DCash to physical cash exchanges, thereby allowing faster, safer and cheaper cross-border person-to-person remittances.
Additional Emphasis
The ECCB said emphasis will also be placed on establishing the DCash merchant network with focus on getting essential service providers DCash-ready. In addition, other DCash users will be able to send funds directly to users in SVG.
Using the DCash Wallet App, users can make in-person or remote transactions to and from other DCash Wallet holders or merchants, the ECCB said.
It added the DCash Merchant App allows businesses to manage consumer and business-to-business transactions, vendor payments, e-commerce, and internal cash or DCash management.