The Eastern Caribbean Central Bank (ECCB) says the full functionality of the DCash digital payments platform has been restored. DCash is the digital version of the Eastern Caribbean (EC) dollar.
DCash involves the secure minting of a digital version of the Eastern Caribbean dollar (DCash) as legal tender. The ECCB is the monetary authority of the Eastern Caribbean Currency Union (ECCU) and will remain the sole authority to mint, issue, and redeem DCash.
As part of the restoration, the platform now benefits from several upgrades, including an enhanced certificate management process and an updated version of the software, which provides the foundation for the DCash system.
In a press release, the ECCB said, “extensive testing and assurance exercises were conducted prior to restoration of the platform to ensure full functionality of the service in accordance with quality assurance specifications.”
The ECCB says it continuously monitors the system’s performance to optimize the user experience and increase user engagement. Revolutionizing how money is transferred throughout the ECCU, DCash makes it easier for ECCU citizens to move money within and across borders, ‘Connecting the Region, Transforming Lives.’
Once DCash users load their digital wallets, payments and money transfers to friends, family, and merchants in the DCash network may be made faster, safer, and cheaper. DCash is sent and received within mere seconds, from the convenience of anywhere and with no transaction fees.
Seven of the eight ECCB member countries are enrolled in the DCash pilot; Anguilla will join soon. The introduction of an e-commerce function, which will enable businesses to accept DCash via their websites, and the rollout of government-to-consumer payments are also in the pipeline.
The free DCash app is available for download in the Google Play Store and the Apple App Store.
DCash users enjoy the following benefits:
- Pay or transfer money, without fees, in real-time
- Simple steps and easy-to-use interfaces
- A secure and safe platform to facilitate DCash storage and transactions
- The ability to send money instantly to family, friends, and businesses within the Eastern Caribbean Currency Union (ECCU)
- No bank account is required
- No minimum spending amount (as in the case of some card payment products)
- No minimum balance is required to maintain a DCash account
- Personal digital financial reports provide real-time access to transaction records
- Privacy and confidentiality of all transaction information
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