Mastercard, Island Pay launches central bank digital currency-linked card

Mastercard (MA) and fintech Island Pay introduce a prepaid card that allows people the option to instantly convert the Bahamas Sand Dollar central bank digital currency to traditional Bahamian dollars to pay for goods and services.The digital Sand Dollar is issued by the Central Bank of The Bahamas and carries the same value and consumer protections as a traditional Bahamian dollar.In The Bahamas, there are 700 small islands and more than 5000 square miles of water. Cash movement becomes costly, which makes a central bank digital currency a preferred digital payment in the region. In the future, the Sand Dollar will be offered to tourists.Island Pay was the first to receive a license as a payment service provider and electronic money institution by the Central Bank of The Bahamas, and is currently handling millions of dollars of transactions for the government of the Bahamas.Island Pay’s technology platform, combined with Mastercard technology