Bank of Maldives (BML) has announced that the beta testing phase for its digital wallet, ‘Swayp’, is currently underway. The bank confirmed that merchant registrations on the Swayp platform will commence in January.
Swayp is a multi-currency digital wallet designed to facilitate fast, easy, and secure financial transactions both locally and internationally. BML officially introduced Swayp in October this year.
According to BML, the beta testing phase involves a selected group of customers and businesses. This is a crucial step aimed at ensuring a seamless and optimized user experience before the service is officially rolled out to the general public.
The bank further detailed that following the commencement of merchant registration in January, the platform will be opened to all customers within the same month. This launch will enable instant person-to-person (P2P) fund transfers and receipts within the Maldives, ensuring that businesses receive payments through Swayp in real-time.
BML’s CEO and Managing Director, Mohamed Shareef, stated that the bank is working diligently to introduce payment services and international transactions early next year. He noted that the expansion of Swayp through international partnerships in the first quarter will connect the Maldives to the global market, further strengthening BML’s leadership in digital financial services.
BML aims to extend Swayp’s services internationally during the first quarter of the coming year. By collaborating with renowned global payment networks, the bank intends to enable Maldivians to receive funds from abroad, allow tourists visiting the Maldives to pay local merchants effortlessly, and facilitate international payments for Maldivians traveling overseas.
The bank highlighted that Swayp is set to become an essential tool for tourists visiting the Maldives, locals engaging in international transactions, and foreign entities conducting business with the Maldives.
Developed with state-of-the-art security features, Swayp is a Maldivian digital wallet that fully complies with both local and international regulations and payment standards. BML informed that customers will be able to send money instantly, receive funds into their multi-currency accounts from any country, and track their spending through personalized analytics. Additionally, users can top up their Swayp wallet using debit, credit, or prepaid cards issued by any bank worldwide, and enjoy the convenience of transferring funds to and from BML accounts.
