BML says over 70 e-commerce transactions per second as daily limits reset at 7am

With the e-commerce limit reset, more than 70 transactions per second are being processed on platforms such as Temu, Alibaba, Apple and Amazon, which have the highest customer demand, according to Bank of Maldives (BML) Head of Brand and Market Strategy, Saeed.

BML’s e-commerce limit resets at 7:00am every day for international e-commerce platforms. Saeed said the reset time was announced at the request of customers, many of whom prepare their purchases in advance.

He noted that BML cards are used on more than 40,000 e-commerce sites worldwide, with an average of over 20,000 transactions per day. The bank said limits for the highest-demand platforms were exhausted shortly after the reset, as more than 70 transactions per second pass through the bank’s system.

For platforms where the daily limit is reached, customers are immediately notified and advised to use a dollar card or retry the transaction the following day.

Meanwhile, BML said that once limits are set in this manner, other categories, including transportation and essential subscriptions, consistently remain within their allocated dollar amounts throughout the day. This ensures uninterrupted access for essential daily needs. The bank added that Maldivians travelling abroad, students studying overseas and Maldivians living abroad will be able to use these limits without difficulty.

Explaining the reaon for the limits, BML said demand for dollars to complete e-commerce transactions remains high. To sustainably manage its foreign currency liquidity, the bank has prioritized determining and publishing the exact daily allocations available for each category under a robust two-pronged policy, enabling customers to plan ahead.

Under this policy, up to USD 16 million per month has been allocated for international e-commerce transactions made using Rufiyaa cards. The allocations are:

• Most-used e-commerce platforms (150 sites including Temu, Alibaba, Apple, Amazon): USD 3 million (approx. USD 100,000 per day)  

• Social media platforms (Meta, TikTok, etc.): USD 1.5 million (approx. USD 50,000 per day)  

• Travel and hotel bookings: USD 6 million (approx. USD 200,000 per day)  

• Essential subscriptions and essential services: USD 3 million (approx. USD 100,000 per day)  

• All other online businesses: USD 1.8 million (approx. USD 60,000 per day)  

• Health and education: No limit; a dedicated buffer ensures payments can be made at all times

BML said it spent an average of USD 38 million per month on e-commerce and other card transactions from January to August this year. In addition, the bank has set aside a separate fund of USD 81 million per month for health and education needs across all sectors, ensuring these essential services can be paid for without difficulty under any circumstances.

The bank said it will continue to review these figures based on transaction flows, changes in customer needs and the foreign currency inflows received by the bank. BML reiterated that it remains committed to responsibly managing foreign exchange reserves and ensuring equal access to goods and services for the public.