Barbados Tells Banks to Fix the Spending Limits on BiMPay, Its Payment App

Key Facts

—The order. Barbados’ central bank told banks to align BiMPay spending limits with customers’ existing caps.

—The complaint. Some banks capped the national app lower than their own platforms for the same customer.

—The scale. BiMPay processed 750,000 transactions worth $1.3 billion in local currency in its first month.

—The glitches. A 0.2% failure rate meant some salaries and pensions arrived late.