Mobile payment firm Island Pay is set to launch its solution, Contactless Companion Platform (CCP), in The Bahamas.

The digital cash service will enable Bahamians to transfer funds to any compatible wearable device. It can also make contactless payments.

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Developed by Swiss fintech Smartlink, the CCP software application platform utilises secure chip technology from Samsung.

Island Pay CEO Frank Svatousek said: “By adding Smartlink to the Island Pay platform we bring immediate, critical benefits to our Bahamian customers including easy bill payment, mobile top-up and merchant solutions.

“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 un-banked.”

The user can use this service to pay for purchases from all Island Pay merchants across the island country. In addition, they can make contactless payments within themselves.

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Smartlink CEO and founder Eric La Marca said: “The Smartlink CCP solution brings contactless digital cash to everyone in all levels of society.

“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 smart watch or ring. As long as it’s able to accommodate the secure chip technology from Samsung, there’s hardly any shape or size limit.”