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- Dr Delisle Worrell endorsed Barbados’ national digital payment platform, saying digital payments are safer and more convenient than cash.
- He warned that carrying physical currency poses higher risk of loss and fraud, while digital transactions require verification of parties, product, bank soundness and security.
- Worrell noted cash persists for its anonymity, but digital payments will grow due to security and convenience, with both forms coexisting.
Former Central Bank of Barbados Governor Dr Delisle Worrell said digital payments are safer and more convenient than using physical cash, urging Barbadians to adopt the nation’s digital payment platform. In his August 2026 Economic Letter titled “Banks Do Not Use Currency to Make Payments”, he warned that carrying ‘hard’ currency exposes consumers to greater risk of loss and fraud compared with bank‑based transactions.
Worrell explained that every digital transaction requires verification of the buyer, the seller, the product or service, the soundness of the financial institution and the security of the payment channel. He noted that credit and debit cards, cheques, online transfers and mobile wallets move value between bank accounts without any physical currency changing hands.
He argued that the persistence of cash is due to its anonymity, which digital payments eliminate. While bank‑based payments offer convenience and low risk, they come with high information requirements, he said. Nevertheless, he expects digital payments to grow in popularity because of their security and ease of use, while cash will remain for those who value privacy.
The governor concluded that both forms of payment will continue to coexist, each serving distinct needs. He endorsed Barbados’ national digital payment platform as a reliable alternative that reduces exposure to loss and fraud.
The Economic Letter was part of Worrell’s regular commentary on monetary trends, and his endorsement adds weight to ongoing efforts to modernise the country’s payment infrastructure.