300 Businesses in Addu Now Accept BML’s New Digital Wallet “Swipe”

Three hundred businesses in Addu City now accept Swipe, the digital wallet introduced by the Bank of Maldives (BML), Managing Director and CEO Mohamed Shareef announced.

Speaking at the official launch of Swipe services in Addu last night, Shareef said the digital payment platform has already seen rapid adoption in the city within a short period.

“Almost all businesses in Addu now accept Swipe payments,” Shareef said.

Swipe is a multi-currency digital wallet developed by BML to transform the way customers bank and make payments. Designed for speed, simplicity and security, the platform brings together a range of payment solutions in a single app, allowing users to send and receive money and make payments both locally and internationally.

The launch event was attended by Minister of Homeland Security and Technology Ali Ihusan, who served as the chief guest.

Swipe will also serve as the official digital wallet of Visit Maldives. Tourists typically pay commissions of more than 2.5 percent when using other digital wallets or credit cards, while Swipe transactions carry a commission of only one percent.

Some international wallets charge additional fees for local transactions, in some cases reaching $15 for a $100 payment. Swipe aims to minimise such costs and will also allow users to receive funds from abroad without withdrawal charges to their personal wallets.

Shareef said the introduction of Swipe represents an important milestone in the Maldives’ growing financial technology sector.

“The wallet is a testament to the Maldives’ FinTech capability in the global digital financial market. It is also a significant milestone in Bank of Maldives’ efforts to achieve its goal of becoming the best digital bank in the region,” Shareef said.

The digital wallet has been designed to comply with international financial regulations and standards. Swipe enables both domestic and international transactions, and funds can be added not only from BML accounts but also from credit, debit and prepaid cards issued by banks worldwide.

Customers using Swipe will be able to send money instantly, receive funds from different countries through multi-currency accounts, transfer money to bank accounts and withdraw funds when needed, BML said.