Fintech News Desk
Using LISNR Radius, Suncash will deliver online and offline proximity-based payments to over 1,000 merchants in the Bahamas
SunCash, the largest mobile & digital payments company licensed and regulated by the Central Bank of the Bahamas and the Securities Commission, has inked a partnership with LISNR, the global leader in proximity verification, to enable ultrasonic authentication for online, offline, and Central Bank Digital Currency (CBDC) transactions.
SunCash is also the first mobile wallet to set up and process a CBDC in the world. As innovators, Suncash continues to lead the way by driving large CBDC adoption, after onboarding the world’s first business and customer that processed a CBDC transaction. The Bahamas and SunCash will continue to promote financial inclusion through pioneering the way with CBDC for the rest of the world to benefit.
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By combining LISNR’s ultrasonic payment capabilities and SunCash’s leading regional experience consumer and merchant CDBC platforms, the Caribbean and Latin America will become the world’s largest, most ubiquitous payments region in the world, and a leading adopter of digital economy solutions, including offline digital wallet payments.
LISNR’s ultrasonic proximity verification solution, Radius, will be implemented across SunCash’s issuing and acquiring ecosystem for consumers and merchants to transact any time, anywhere. While operating on various merchant devices enabled by Sunmi, Suncash consumers issued Visa and Mastercard cards will be able to transact in any environment, regardless of internet connection, through LISNR.
“Providing digital payment solutions for governments, nonprofits, businesses or just loved ones, that are in remote areas, or after a hurricane, major power/ internet outage has always been a problem in this region. LISNR & Sun FinTech/SunCash can finally address and in many ways solve this problem through these innovative FinTech solutions. -Shawn Smith, Director Business Development – Sun FinTech
“Incorporating LISNR into the SunCash mobile wallet is an exciting opportunity for us, our users, and our merchants. As we leverage its proven technology abilities, LISNR’s experience and market knowledge for digital transactions between peers, merchants, and transportation will allow us to provide a unique, personalized wallet experience to our users and customers. Without the need of QR Code, NFC, or biometric scanners, our costs will be reduced over time, allowing us to expand into markets and grow as an organization. Our partnership with LISNR will give us strong market adoption and allow us to stand out in the ever-changing payment landscape.” – Desmond Pyfrom, CEO, SunCash.
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CBDC is in a position to revolutionize payments across the globe, with 119 countries, representing 95% the world’s GDP, experimenting with CBDC creation and development. The Bahamas launched the world’s first Central Bank Digital Currency (Sand Dollar) in 2019 and SunCash/Sun FinTech played a critical role in this process. SunCash is also the first to roll out a digital wallet enabling consumers to make payments using facial recognition through CBDC.
“We are thrilled to partner with SunCash, enabling person present payments in a growing region. The SunCash team communicated to us that with LISNR’s evolving ability to outperform current modalities such as QR Code, NFC, and biometrics will enable a safe, secure, and frictionless experience to consumers and merchants as device to device authentication through speaker and microphone provides the lowest transactional cost. With the growing demand for user offline and CBDC payments evolving across the globe, the Suncash and LISNR partnership will position both sides to evolve, expand, and grow. ” – Eric Allen, CEO, LISNR
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