Bank of Maldives (BML) CEO Mohamed Shareef has stated that the bank's digital wallet, "Swipe," is a 100 percent Maldivian product with the quality to compete on the same level as world-famous digital wallets.
BML launched Swipe yesterday at the Visit Maldives stall during the ITB Berlin fair in Germany. Following the launch, in an interview with PSM, Shareef said that the introduction of Swipe would bring numerous benefits.
Among these, Shareef highlighted that resort merchants would receive funds instantly from transactions made via Swipe.
"Even if a guest makes a transaction and pays from anywhere in the Maldives, the money will be received instantly," Shareef said.
Furthermore, he stated that Swipe would also help reduce costs. Shareef noted that while commissions taken from credit cards and other cards at resorts currently start from approximately 2.5 percent and higher, the commission for Swipe transactions would be much lower, and no additional fees would be charged.
"Card associates and banks charge a commission starting from about 2.5 percent and higher. For transactions made through Swipe, we will charge only one percent. No additional fees will be taken from either the cardholder or the merchant," Shareef said. Therefore, Shareef mentioned that resorts would benefit significantly from Swipe when conducting large-volume transactions.
According to Shareef, Swipe is a wallet designed and developed 100 percent by Maldivians using the most modern tools. He stated that from today on wards, parties from abroad would also be able to send money via Swipe, and this opportunity would be arranged for those sending money from within the Maldives as well.
"...Therefore, I believe this is a world-class wallet. I hope it can establish its footing on par with the world's famous wallets. There is no reason why it shouldn't," Shareef said.
Swipe is designed in accordance with Maldivian regulatory standards and international payment standards. Used as a multi-currency wallet, any BML account and any credit or debit card can be used to top up Swipe. BML has stated that the wallet is a tool that will allow Maldivian youth and businesses to conduct cross-border transactions with ease.
Along with this, the bank said it would help reduce costs, assist in bringing foreign currency into the Maldives, and decrease the difficulties in acquiring foreign currency.
The bank further stated that the wallet is an international wallet that can be used by anyone, from any country in the world, similar to other digital wallets across the globe.
