Payce Digital

What Payce Digital does

Payce Digital, legally Cave Shepherd Card (Barbados) Inc., is a Barbados-based Visa issuer and digital payments platform operating as a wholly owned subsidiary of the diversified conglomerate Cave Shepherd Co. Ltd. The company traces its origins to a proprietary store card launched by Cave Shepherd in the early 1990s, transitioned to a globally accepted Visa-branded credit card in 2016, and was rebranded to Payce Digital in 2021 as part of a digital-first repositioning. Its core products are four card tiers — Classic, Gold, Young Professionals, and Student Smart — supported by a mobile app on iOS and Android that enables account management, fund transfers between cardholders, utility bill payments, a spending dashboard (My Payce), and QR-code Mobile Pay at a growing network of local merchants.

The underlying technology stack centers on standard EMV chip & PIN and contactless (Tap & Go) security, Visa network connectivity for global acceptance, a proprietary QR-code Mobile Pay system, and an online pre-approval checker. Payce Digital distributes through two physical payment centers in Barbados (Haggatt Hall and Broad Street, Bridgetown), a self-serve mobile app and online application portal with an approximately 15-minute onboarding flow, the SurePay Barbados over-the-counter and online bill-payment network, and online bill-payment integrations with all major Barbadian banks (CIBC Caribbean, Scotiabank, RBC, First Citizens, Republic Bank, and the Barbados Public Workers' Cooperative Credit Union). Customer acquisition blends direct-to-consumer digital marketing with community-driven event sponsorship and seasonal promotional campaigns such as "Heat Up, Cool Down" and "Next Stop: Panama."

The business model is that of a non-bank credit card issuer. Revenue streams include annual card fees (BBD $10-$50 per tier), processing fees (BBD $15-$50), credit card interest at 18-22% APR, cash advance fees ($5 plus 4% interest), monthly creditor life insurance premiums ($0.25 per BBD $100 of balance), and assorted transaction fees (late payment, overlimit, card replacement, international service assessment). Payce Digital serves general consumers, young professionals (18-35), students (18-25), premium cardholders, and an explicit underbanked segment targeted through a 2025 BBD $10 million loan from IDB Invest. The company holds the distinction of being the first non-financial institution in the English-Speaking Latin American Caribbean to acquire a Visa Issuer Member Licence.

Name

Payce Digital

Legal name

Cave Shepherd Card (Barbados) Inc.

Website

https://paycedigital.com

Company type

Private

Founded year

2021

Operating status

Operating

Short description

Payce Digital (Cave Shepherd Card (Barbados) Inc.) is a Barbados-based Visa credit card issuer and digital payments platform serving over 30,000 consumers across four card tiers, supported by a mobile app, QR-code Mobile Pay, and bank-integrated bill payment channels.

Ownership category

akta.pro rank

Product category

Consumer Credit Cards

NAICS

Credit Card Issuing (522210)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)

akta.pro secondary industries

Bill Pay, Invoicing & Payables Platforms (BPAMAFAF), Bank Bill Pay (Consumer & Small Business) (FSAMAJAC)

Keywords

• Consumer credit cards
• Mobile payments
• Digital banking
• Credit card issuing
• Payment services

Headquarters

HQ city

Bridgetown

HQ country

Barbados

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Credit Card Interest: Annual interest charges on outstanding card balances. Gold & Classic Cards at 22% APR, Young Professionals at 20% APR, Student Smart Card at 18% APR. Interest accrues on cash advances immediately upon withdrawal plus flat fee.
2. Annual Card Fees: Annual membership fees charged per card: Classic Card $40, Gold Card $50, Young Professionals $30, Student Smart Card $10. Additional cardholder fees of $20.
3. Processing Fees: One-time processing fees charged upon card approval: Classic & Gold $50, Young Professionals $30, Student Smart Card $15. Also includes reactivation fees and credit assessment report fees.
4. Cash Advance Fees: Flat fee of $5 per cash advance transaction plus 4% interest on transaction value charged from date of withdrawal.
5. Creditor Life Insurance: Monthly insurance premium of $0.25 per $100 of outstanding balance, providing coverage for outstanding debt in event of death or illness. Coverage terminates at age 70.
6. Miscellaneous Fees: Late payment fees ($20), overlimit fees ($20), card replacement fees ($30), printed statement fees ($1.75), bank letters ($25), return cheque fee ($50), international service assessment fee (1%).

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Payce Digital is a Barbados-based credit card issuer and digital payments provider, operating as Cave Shepherd Card (Barbados) Inc. It issues Visa-branded credit cards across four tiers (Classic, Gold, Young Professionals, Student Smart) and operates a mobile app supporting account management, bill payments, fund transfers, and QR-code-based Mobile Pay transactions at registered merchant partners across Barbados.

Product overview

Payce Digital is a digital financial services company in Barbados offering a suite of credit card products and mobile banking solutions. The product portfolio centers on Visa-branded credit cards (including Classic, Gold, Young Professionals, and Student Smart variants) supported by a companion mobile application for account management, payments, and rewards tracking. The company operates as a card issuer connected to the Visa payment network, with integrations to multiple Barbados banks and payment processors to enable bill payments and online transactions.

Differentiator

Problem solved

Functional benefit

Products and services

• Classic Card Entry-level Visa-branded credit card with worldwide acceptance, $1,000 to $4,999 credit limits, 22% APR, and standard features for everyday credit purchases and building credit history.
• Gold Card Enhanced Visa-branded credit card for consumers seeking higher credit limits (starting at $5,000), extended warranty, and purchase protection, with 22% APR.
• Young Professionals Card Visa-branded credit card targeted at individuals aged 18-35, with credit limits up to $5,000, lower 20% APR, and minimum weekly income requirement of $250.
• Student Smart Card Entry-level Visa-branded credit card for students aged 18-25, with credit limits up to $500, 18% APR, and eligibility for students without income when supported by a guarantor.
• Payce Digital Mobile App Mobile application for iOS and Android enabling Payce Digital cardholders to manage accounts, transfer funds between cardholders, pay utility bills, view transactions, monitor spending via My Payce dashboard, and lock cards.
• Mobile Pay (QR Code Payments) QR code-based mobile payment system enabling cardholders to make in-store purchases at registered Mobile Partners across retail, food service, and professional service providers in Barbados.

Quantifiable outcome

• Over 30,000 cardholders served in Barbados
• +2 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature6 records

Partnerships

14 partnerships are on record, tiered minor and core.

• A1 SupermarketsminorOthersLoyalty partner where cardholders earn loyalty points for every $10 spent. Cardholders can also use A1 Shopping Points to pay towards their Payce Digital credit card balance.
• Do It Best BarbadosminorOthers10% off all purchases with Payce Digital at Do It Best Barbados; excludes items already on sale.
• Chakra SpaminorOthers20% off full spa services at Chakra Spa; not applicable to certificates and already discounted packages.
• CTCM ExpressminorOthers15% discount on Air Freight Service and 15% discount on Ocean Freight Service for cargo from Miami or the UK.
• Destinations UnlimitedminorOthers20% off agency fee plus complimentary airport lounge access for Gold Cardholders and Mobile Partners.
• DMA Value VacationsminorOthersReceive up to $100 off cruise travel bookings through DMA Value Vacations.
• Intermixz BoutiqueminorOthers15% off purchases at Intermixz Boutique at Sky Mall and Lanterns Mall when paying with Payce Digital Card.
• KFC RestaurantsminorOthers5% discount on all meal purchases when using the Payce Digital Card or App at KFC Restaurants.
• My Box USAminorOthers10% discount on the 1st pound charge of My Box USA package when using Payce Digital Card.
• Starbucks BarbadosminorOthers10% off Starbucks purchases of $25 and over with Payce Digital.
• Purity BakeriesminorOthers5% off Purity Bakeries products at the Collymore Rock retail outlet on purchases of $25 or more.
• Mobile Partners NetworkcoreOthersGrowing network of local merchants across Barbados enabling cardholders to use Payce Digital Mobile Pay QR code technology for in-store purchases. Network expands across retail, food service, and professional service providers island-wide.
• SurePay BarbadoscoreChannel Partner/ Reseller/ DistributorBill payment partner allowing over-the-counter payments and online bill payment services for Payce Digital cardholders.
• Barbados Banks (CIBC, Scotiabank, RBC, First Citizens, Republic Bank)coreChannel Partner/ Reseller/ DistributorOnline bill payment partnerships with major Caribbean financial institutions enabling Payce Digital card payments through their online banking platforms.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• CIBC FirstCaribbean International Bank: CIBC FirstCaribbean is one of the largest banks operating in Barbados, offering Visa and Mastercard credit cards, mobile banking, and bill pay to the same consumer segments Payce Digital targets. It is the most direct incumbent competitor in Payce's core market.
• Scotiabank Barbados: Scotiabank Barbados is a major retail bank in Barbados issuing credit cards and offering digital/mobile banking, bill pay, and payment-centre services. Directly competes with Payce Digital on credit card products, deposits, and consumer payments within the same country.
• Republic Bank (Barbados) Limited: Republic Bank Barbados issues Visa credit cards and provides mobile banking and bill payment services, directly overlapping with Payce Digital's core product set and customer base on the island.
• RBC Royal Bank of Canada (Caribbean): RBC Royal Bank offers credit cards, mortgages, and digital banking across the Caribbean including Barbados, targeting the same consumer and small-business segments as Payce Digital with broader financial services depth.

Regional players

• First Citizens Bank Limited: First Citizens is a major Trinidad-headquartered Caribbean bank with retail banking, credit card, and mobile payment offerings across the region. It targets the same Caribbean consumer and SMB market Payce Digital serves, but primarily outside Barbados.
• JMMB Group Limited: JMMB is a Jamaica-based financial services group offering banking, lending, and investment products across the Caribbean. It targets the same English-speaking Caribbean demographic and competes in similar retail credit and digital banking categories.
• National Commercial Bank (Jamaica): NCB is Jamaica's largest commercial bank offering credit cards, mobile banking, and bill pay; it targets the same English-speaking Caribbean consumer market as Payce Digital but operates primarily outside Barbados, making it a regional rather than direct competitor.

Broad incumbents

• Sagicor Financial Company Limited: Sagicor is a large Caribbean financial services group offering insurance, banking, and investment products. As a broad incumbent in the same region with financial-services scale, it represents a potential partner or competitor for Payce Digital's expansion into adjacent financial products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Payce Digital