Bank of Maldives (BML) has officially launched its newly introduced multi-currency digital wallet, “SWIPE,” with Addu City marked as its inaugural destination in the Maldives. Inaugurated by the Minister of Homeland Security and Technology, Ali Ihusaan, this service represents a significant collaborative effort between the Government and BML to strengthen the nation’s digital economy. Designated as the official wallet of “Visit Maldives,” this application enables users to make seamless payments via QR codes and allows funds to be loaded into the wallet using cards from any bank worldwide.
This service is set to provide immense convenience for tourists making payments within the Maldives. Notably, instead of the standard 2.5% commission charged on other card transactions, SWIPE will only incur a 1% fee. Furthermore, the system is designed to provide merchants with instant settlements, facilitating better cash flow management and transitioning the country’s financial transactions toward a modern digital infrastructure. Currently, almost all businesses in Addu City are equipped to accept this service.
