Bank of Maldives (BML) has introduced PayMV QR codes for faster, easier fund transfers.
This functionality allows customers to quickly and securely send and receive funds through QR codes generated on the BML Mobile Banking app.
With Tuesday’s announcement, BML became the first bank in the country to meet the requirements set by the Maldives Monetary Authority’s in its new Maldives Payment System Development (MPSD) project. This significant milestone highlights the bank’s commitment to advancing payment technologies and enhancing customer convenience.
BML’s Chief Executive Officer (CEO) and Managing Director Mohamed Shareef stated that all payment providers are mandated by the Central Bank to comply with the new payment standards. As the biggest financial institution and payment provider in the country, BML is proud to take the first step in implementing this project, he said.
“From today, BML customers can send money directly from their accounts by scanning a QR code, or receive money just by generating a QR code from the app to scan. For our customers, the new functionality introduced today means being able to enjoy a better banking experience,” he said.
BML is the leading financial institution in the country, with an extensive network comprising 42 branches across all 20 atolls, 202 Self Service Banking Centres, 262 ATMs, and advanced Digital Banking solutions. The Bank continues to demonstrate its commitment to supporting communities nationwide through innovative banking solutions and expanded service accessibility.