Bank of Maldives launches Swipe digital wallet in Addu
Bank of Maldives (BML) has launched its digital wallet service, Swipe, in Addu City.
The bank announced the launch during a ceremony held in Addu on Wednesday night, stating that the service is now available at businesses across the city.
Speaking at the event, BML Managing Director and Chief Executive Officer Mohamed Shareef said the development of online payment systems is an important step in building a digital economy.
Shareef said Swipe has been developed in the Maldives and complies with local regulatory requirements and international payment standards.
“This is a multi-currency digital wallet designed to support financial transactions locally and internationally,” he said.
He added that the launch forms part of BML’s plan to expand its digital banking services.
The platform allows users to send money and receive funds into multi-currency accounts from different countries.
According to the bank, key features of the Swipe platform include:
- Monitoring account spending through real-time data
- Adding funds to the wallet using debit, credit or prepaid cards issued by banks
- Transfers between Swipe wallets and BML accounts
- Receiving international funds into personal Swipe wallets without fees
- Instant settlement for businesses receiving payments
The bank said the platform also allows freelancers and online businesses to receive payments from clients abroad.
Shareef added that Swipe will also be used by visitors to make payments within the Maldives.
He said transaction fees on the platform will be about one percent, compared with fees of more than 2.5 percent charged by some payment methods.
