Island Pay, a mobile electronic money provider, has announced its first Caribbean Mobile Payment Solution in The Bahamas using Samsung technology.

According to the statement, Island Pay plans to roll out its Contactless Companion Platform (CCP) – a digital cash service allowing consumers to load money onto cards, fobs and a range of wearable items.

The new service will allow Bahamians and visitors alike to make contactless payments between themselves or with Island Pay merchants across the whole of the island archipelago.

CCP is running on secure chip technology from Samsung Semiconductor, the software application platform is provided by Smartlink, a Swiss financial technology specializing in mobile and alternative payment solutions.

Frank Svatousek, Island Pay CEO said, “The launch of the Island Pay cashless payment system, licensed by the Central Bank of The Bahamas, comes at a time when bricks and mortar banks are reducing their footprint allowing us to serve the under-banked as well as the unbanked.”

The Smartlink CCP solution brings contactless digital cash to everyone in all levels of society,” says Eric La Marca, CEO and founder of Smartlink. “With CCP in place, you can make contactless payments via any enabled device of your choice, whether it’s a dedicated smart card, wristband, key fob, or even your smartwatch or ring. As long as it’s able to accommodate the secure chip technology from Samsung, there’s hardly any shape or size limit.”

Island Pay gives parents the ability to safely transfer money to their children and ensure they can only spend it on what the parents want, the company said.

With its Web-based or smartphone app interface, available for iOS and Android, it allows users to manage the service and deactivate the chip in the card, fob or wearable item if it is lost.