The Digitization of Money In The Bahamas
Abstract
In The Bahamas, cash has traditionally been used as the
dominant and preferred form of payment for many years. Almost all retailers, companies, and customers traditionally conducted transactions and made payments using cash. The Covid-19 outbreak rocked the worldwide economy in 2020. The impact of the virus changed the patterns of consumption and spending which affected The Bahamas and other countries. Even while credit and debit cards were already accessible, their use and that of other types of digital money changed rapidly to reflect the global cultural shift. Digital wallets emerged prior to the virus but has expanded because of it, while physical coins were retired out of circulation. Advancement in these and other types of digitalization has placed The Bahamas in forefront of this emerging market. The problem is, however, understanding how this digital transition will affect the Bahamian economy and how The Bahamas can continue to play a significant role in this shift. This paper will discuss how the Bahamian economy is affected by digitization and consider how this nation can be a remain trend-setter in an ever-evolving global environment. To do this, this paper will examine two case studies, El Salvador and Coca-Cola Company, to see if these institutions can sustain their competitive edge and how the data can be used to help to The Bahamas sustain ours.
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