The Bank of Maldives (BML) has launched its multi-currency digital wallet, Swipe, in Addu City.
The service was officially launched by Minister of Homeland Security and Technology Ali Ihsan at a special ceremony held in Hithadhoo, Addu City.
Swipe is the official digital wallet of Visit Maldives. The wallet was first introduced during a special ceremony held at the ITB Berlin travel trade fair in Germany.
Addu City is the first location in the Maldives where the Swipe service has been introduced. Following the launch, the majority of businesses in Addu are expected to begin accepting payments through the digital wallet.
Speaking at the launch event, BML Chief Executive Officer and Managing Director Mohamed Shareef said the government is working to introduce modern digital services across the country.
He said that in an increasingly digital global economy, establishing a strong online payment system is essential to building a modern digital economy.
Shareef also described the Swipe wallet as a locally developed fintech product that demonstrates the Maldives’ growing capabilities in the global digital financial sector. He said the initiative marks an important milestone in BML’s efforts to achieve its goal of becoming the leading digital bank in the region.
According to Shareef, the bank’s role as the national bank includes contributing to the economic and social well-being of the public through the introduction of innovative financial services.
He said the changes and developments introduced by the bank over the past year have been made in response to the evolving needs of the market and the wider society.
Shareef also noted that the digital wallet has been introduced with international tourism in mind. As tourist arrivals continue to grow, he said it is important for the Maldives to offer financial products that meet international standards.
Swipe will serve as an official payment wallet for tourists visiting the Maldives. While many tourists currently use other digital wallets and credit cards that charge transaction commissions of more than 2.5 per cent, transactions made through Swipe will incur a commission of around one per cent.
Using the Swipe Digital Wallet application, customers can make contactless payments quickly and securely through QR codes from anywhere in the Maldives. The platform also allows users to send money instantly, receive funds to their multi-currency account from any country, and track their spending through the application.
Funds can be added to the Swipe wallet using debit, credit or prepaid cards issued by banks worldwide. Users can also transfer funds to their Bank of Maldives accounts and withdraw money when needed.
The system has also been designed to enable businesses to receive payments instantly, helping them manage cash flow more efficiently.