BML’s Swipe receives huge support from Addu within short span of time

Almost all businesses in Addu City have now enrolled in Bank of Maldives (BML)’s digital wallet, Swipe.

The 100 percent Maldivian-developed multi-currency digital wallet was officially launched in Addu on Wednesday night. The inauguration ceremony, held in Hithadhoo, was attended by Homeland Security Minister Ali Ihusan and BML’s CEO and Managing Director Mohamed Shareef.

Speaking at the ceremony, Shareef noted that Swipe offers instant transfers, facilitates both local and international transactions and can be funded through BML accounts or via any credit, debit, or prepaid card issued by any bank in the world.

“Businesses will have the money instantly deposited to their accounts the moment customers pay via Swipe. This means that any payment made via Swipe will be instantly deposited, regardless of whether it is a working day or not,” he said.

Shareef noted that Swipe is also now the official wallet of tourists who visit the Maldives. He said that while transactions made by tourists via other wallets and credit cards are subject to a charge of over a 2.5 percent, transactions made via Swipe is subject to only one percent charge.

“PayPal or any other digital wallet imposes a charge for payments in the Maldives. Sometimes, they charge USD 15 for USD 100 transactions. But money added from overseas to personal wallets via Swipe will not be subject to any fees,” he said.

Shareef said that Swipe is also a convenient wallet for freelancers and people with online-based businesses to secure payments from overseas clients.

Swipe is a 100 percent Maldivian-developed multi-currency digital wallet, built in compliance with domestic regulatory frameworks and international payment industry standards.

It offers users access to a range of core features, including instant person-to-person transfers, fast QR payments, personalized spending insights, shareable payment links, and simplified top-ups and withdrawals.