Frequently Asked Questions
Getting Started & Access
What is the Instant Payment System (IPS)?
It is a new national digital network built by the Central Bank of Belize. It connects all banks, credit unions, and digital wallets so everyone can send and receive money instantly.
Do I need a traditional bank account to use it?
No. If you do not have a bank account, you can use a licensed digital wallet (like DigiWallet or E-Kyash) to send and receive funds through the IPS.
Can I send money from a digital wallet to a bank account, and vice versa?
Yes. The system is fully interoperable. You can send money from your wallet directly to a bank account, or from a bank account to a wallet, using just the recipient's phone number or email.
Do I need to download a new app?
No. IPS features will be built directly into your existing mobile banking or digital wallet app. If your specific institution does team up with IPS but lacks an app, the Central Bank will provide a secure, brandable app for them to give to you.
What happens if I lose my phone?
Your money and information are secure. They are tied to your identity at your bank or wallet provider, not stored on the physical device. You can recover your access safely by contacting your financial provider.
Can I use IPS without an internet connection?
No. Because payments happen in real-time, your phone or computer must have an active internet connection or mobile data to use the service.
Transactions & Speed
How fast is an IPS payment?
It takes less than 10 seconds for funds to move from one account to another.
Is IPS open on weekends and holidays?
Yes. The system runs 24/7/365. You can send money at midnight, on Sundays, or on public holidays, and it will settle immediately.
Can I cancel a payment after hitting send?
No. Once you approve a transfer, it is final, irreversible, and instantaneous. Always double-check the recipient's details before sending.
What is an "Alias" and how does it protect my privacy?
An alias is a simple identifier—like your phone number, email, or Social Security Number—that links directly to your account. This means you can get paid by simply giving someone your phone number, without ever sharing your private bank account number.
What is "Request to Pay" (RtP)?
This allows a shop, a utility company, or a friend to send a digital bill directly to your phone. You simply tap "Approve" on your screen to pay it instantly. It can also be used for recurring monthly bills.
Are there limits on how much money I can send?
Yes. Daily and per-transaction limits will be set to protect against fraud and to comply with Belize’s anti-money laundering laws.
For Shop Owners & Businesses
How does IPS help my business compared to credit cards?
- Instant Cash Flow: You receive your money in under 10 seconds, instead of waiting days for card payments to clear.
- No Minimum Purchase Rules: Because transaction costs are exceptionally low, you will no longer need to enforce "minimum purchase" rules for digital payments.
- Lower Fees: System rates will be significantly cheaper than traditional credit card fees or existing digital transactions.
Can I use QR codes?
Yes. Secure, built-in QR codes will be available so customers can easily scan and pay at your register.
Security & Privacy
Is the government using this to track my money?
No. This system is built for speed and transaction safety, not surveillance. The digital records are there to protect you by providing an indisputable receipt if a transaction is ever disputed.
What happens if I send money to the wrong person?
All participating banks and wallets follow a standardized dispute process to handle accidental payments and help you recover your funds.
What happens if the system goes down while I am making a payment?
You will not lose your money. IPS uses automatic backup systems that seamlessly redirect traffic within seconds. If an outage is serious, your transaction is placed in a secure queue and processed automatically as soon as the system is fully restored.
Background & Policy
Is this like Zelle or Cash App?
Not exactly. Those are private, foreign platforms. IPS is a "native" infrastructure specifically custom-built for Belize to ensure every local bank, credit union, and wallet can talk to each other seamlessly.
Is the Central Bank doing this to make a profit?
No. The IPS is designed to be low-cost and sustainable. The main goal is simply to modernize Belize's economy and include people who do not have traditional bank accounts.