The Bank of Maldives (BML) has officially introduced its multi-currency digital wallet, “Swipe”, expanding the country’s digital payment ecosystem and strengthening the integration of financial technology within the Maldives’ growing tourism-driven economy. The announcement was made during a special ceremony held in Germany alongside the globally recognized ITB Berlin tourism fair, where the launch was officiated by Hussain Afeef, Chairman of the Maldives Association of Tourism Industry (MATI). The introduction of Swipe reflects the Maldives’ continued progress in adopting innovative financial solutions that support seamless transactions for residents, visitors, and businesses.
Swipe has also been designated as the official digital wallet of Visit Maldives, aligning the platform with the country’s international tourism promotion efforts. This collaboration is expected to enhance the convenience of digital payments across the tourism sector, enabling visitors and service providers to benefit from a secure and modern payment environment while reinforcing the Maldives’ reputation as a technologically progressive travel destination.
The digital wallet is a fully Maldivian-developed product created by local developers, highlighting the country’s growing capabilities in financial technology innovation. Designed in compliance with international standards and regulatory frameworks governing currency transactions, Swipe provides users with a secure platform for managing and transferring funds across multiple currencies. The application enables users to conduct transactions both within the Maldives and internationally, allowing for greater flexibility in cross-border payments and financial interactions.
In addition to linking directly with Bank of Maldives accounts, users can fund their Swipe wallets using credit, debit, or prepaid cards issued by banks worldwide. This feature ensures broad accessibility for both local users and international travellers, allowing them to manage payments conveniently through a single digital platform. Customers can transfer funds between Swipe and their Bank of Maldives accounts, facilitating seamless deposits and withdrawals.
The development and introduction of Swipe followed a phased rollout process. The platform was first officially introduced in October last year, followed by beta testing conducted in December to evaluate functionality and user experience. A limited public release in January allowed early users to explore the wallet’s core capabilities and provide feedback prior to the full-scale launch.
Through the Swipe application, customers gain access to a range of digital payment services designed to simplify everyday financial transactions. These include instant person-to-person transfers, QR code-based payments, personalised spending insights, shareable payment links, and convenient options for topping up and withdrawing funds. The application also enables fast and secure contactless payments using QR codes, supporting the increasing global demand for digital-first payment methods.
Swipe further allows users to send money instantly to other users, receive funds into their multi-currency wallet from anywhere in the world, and monitor spending through integrated financial insights. The platform’s ability to accept deposits through debit, credit, or prepaid cards issued by any bank worldwide expands its usability beyond domestic banking channels, supporting international users and travellers visiting the Maldives.
Beyond personal use, Swipe has also been developed to support businesses operating across the Maldives, including those within the tourism industry. Merchants can receive instant deposits into their accounts through the platform, helping businesses manage their cash flow more efficiently while offering customers a convenient and secure digital payment option. This capability is expected to support small businesses, tourism service providers, and retail establishments by enabling faster payment settlements and reducing reliance on traditional payment methods.
The launch of Swipe reflects the Bank of Maldives’ broader commitment to expanding digital financial services and supporting the country’s transition toward a modern, technology-enabled payment ecosystem. By combining multi-currency functionality with globally compatible funding options and secure transaction features, the platform aims to enhance financial accessibility for residents and visitors while strengthening the Maldives’ position as a digitally connected destination in the global tourism market.
advertisment
advertisment
