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.
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
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
SunCash is the largest digital payments, mobile money, and e-commerce service provider in The Bahamas. SunCash’s proprietary technology provides financial solutions to all segments of society, including the banked, underbanked, and un-banked Bahamians, as well as non-resident populations in The Bahamas. SunCash has over 55,000 active wallet customers, accounting for approximately 1/7th of the total population of The Bahamas, and more than 1,000 merchants who accept SunCash payment solutions. Customers can also access SunCash services online, through the SunCash App, at local stores, or from more than 150 kiosk locations throughout The Bahamas. SunCash is licensed by both the Central Bank and Securities Commission of The Bahamas. To learn more about SunCash, visit www.mysuncash.com
LISNR’s proximity solutions ensure secure, seamless and contactless data transfer. Powered by a ubiquitous device & OS platform, LISNR’s non-captive near-field association provides proof-present authentication enabled through proximity tokens. From entry validation to payments and fulfillment, LISNR empowers merchant micro-moments across the customer journey. Headquartered in Cincinnati, LISNR is currently deployed in 8 countries via multiple global partners. LISNR powers transactions and connects the online to offline customer journey globally with the most advanced near Ultrasonic Data Platform. Founded in 2012, LISNR’s major investors include Visa, Intel, Jump Capital, Mercury Fund, R/GA, and Synchrony Financial. To learn more about the LISNR technology visit: http://www.lisnr.com or email firstname.lastname@example.org.