BML launches QR code fund transfer feature

Bank of Maldives (BML) has on Tuesday launched PayMV QR codes to enable faster and more convenient fund transfers via its mobile banking app.

The new feature allows customers to send and receive money by scanning a recipient’s QR code or generating their own within the app. This marks a major step forward in digital banking convenience.

With this launch, BML became the first bank in the Maldives to meet the requirements of the Maldives Monetary Authority’s Maldives Payment System Development (MPSD) project.

“This is a proud moment for us,” said BML CEO and Managing Director Mohamed Shareef. “All payment providers are mandated to comply with the new standards set by the Central Bank. As the country’s largest financial institution, we’re pleased to lead the way.”

He added, “From today, customers can send money directly from their accounts by scanning a QR code, or receive money by generating one. This new functionality enhances the banking experience for our customers.”

BML operates 42 branches across all 20 atolls, with 202 Self-Service Banking Centres, 262 ATMs, and a suite of advanced digital banking services. The bank continues to expand its reach and support communities nationwide through innovative financial solutions.