Minister of Economic Development and Trade Mohamed Saeed has revealed the government has submitted a full proposal to PayPal Holdings Inc., aiming to launch PayPal services in the Maldives.
Speaking at a programme aired on PSM News, Minister Saeed highlighted the introduction of PayPal services is a long-awaited goal for the youth and various stakeholders in the e-commerce sector. The minister reiterated President Dr. Mohamed Muizzu's commitment of introducing a variety of services targetting the youth as he prioritises in ensuring a better future for them. He emphasised the potential for leveraging online platforms, including social media, to generate revenue and indicated the government's goal to enable local users to benefit from these platforms.
Furthermore, Minister Saeed also noted that many creative online businesses and individuals engaged in digital e-commerce face substantial challenges. To address these issues, he mentioned that the government had engaged in comprehensive discussions with relevant authorities and submitted a full proposal to launch PayPal services.
PayPal, a widely used e-wallet application, facilitates convenient online transactions. However, while Maldivians can use PayPal to send funds abroad, they encounter challenges when it comes to receiving payments. Introducing online payment systems and e-wallets in the Maldives is a pledge of President Dr. Muizzu. The government is working to fulfil this pledge, including plans to introduce additional e-wallets from other countries alongside PayPal. The administration is optimistic that these initiatives will enhance the financial system and provide residents with greater convenience in financial transactions.