Minister: Maldives will get access to modern payment systems next year

Economic Minister Mohamed Saeed said on Thursday that the authorities expect to be able to secure access to modern payment systems in the Maldives within next year.

Addressing a ceremony held at the President’s Office on Thursday to launch the Bank of Maldives (BML)’s ATM expansion project, Saeed said that Maldives has remained without access to such payment systems because the country is perceived as a small market.

“In Sha Allah, next year, we will be able to introduce to the Maldives all these payment gateways, all these resources we were unable to because Maldives is a small market like PayPal, all the e-wallets that need to be monetized, and payment systems,” he said.

Saeed said there are many challenges and a lot of effort required to getting it done.

He said that the government is doing everything necessary, and explaining to everyone that Maldives is not a small market.

Access to international online payments systems including PayPal was one of President Dr. Mohamed Muizzu’s electoral pledges.

Back in August, Saeed said the government had pitched its full proposal to PayPal, and expected reach an agreement with financial technology company “very soon.”

PayPal is an American multinational financial technology company that operates an online payments system in the majority of countries that support online money transfers. It serves as an electronic alternative to traditional paper methods such as checks and money orders.