Bank of Maldives (BML) has introduced its digital wallet ‘Swipe’ to the international market during the ITB Berlin tourism trade fair, highlighting the importance of modern financial solutions to support the Maldives’ globally recognised tourism sector. The digital wallet was officially launched at the event by Maldives Association of Tourism Industry (MATI) Chairman Hussain Afeef and has been designated as the official digital wallet of Visit Maldives Corporation (VMC).
Speaking following the launch, BML Chief Executive Officer and Managing Director Mohamed Shareef noted that the Maldives’ reputation for delivering a premium tourism experience must be matched with equally advanced financial services. He emphasised that the country’s internationally acclaimed resorts and hospitality standards require payment technologies that meet the expectations of modern travellers and businesses. Shareef explained that presenting the platform at ITB Berlin, one of the world’s most influential tourism exhibitions, was a deliberate effort to introduce the Maldivian digital payment solution directly to global tourism stakeholders and industry partners.
Shareef stated that ‘Swipe’ has been designed to operate at the same standard as leading international digital wallets. He explained that the Maldives has established itself as a destination known for its luxury resorts, exclusive private island experiences, and exceptional guest services, and therefore requires financial technologies that complement the country’s high-end tourism offering. According to him, providing convenient, secure, and competitive payment solutions plays an important role in maintaining the Maldives’ position as one of the world’s most sought-after holiday destinations.
The digital wallet is expected to provide significant advantages for businesses operating within the tourism sector, particularly resorts, guesthouses, travel operators, and tourism service providers. Shareef highlighted that the platform offers substantially lower transaction costs compared with traditional international payment platforms. While many international credit card systems and payment processors charge fees that exceed 2.5 percent per transaction, ‘Swipe’ transactions will incur a fee of only 1 percent, with no additional hidden charges imposed on either merchants or customers. In addition to reducing operational costs for tourism businesses, the system also provides immediate settlement of payments, enabling businesses to receive funds more quickly and manage their cash flow more efficiently.
The ‘Swipe’ platform has been fully designed as a local digital financial solution equipped with advanced security features to ensure safe and reliable transactions. It also introduces new levels of convenience for both international visitors and Maldivian residents by allowing users to easily send and receive money from abroad. After downloading the application and depositing funds, users can access their balance instantly and utilise a range of integrated financial features designed to simplify daily transactions.
Among the services available through the wallet are person-to-person money transfers, QR code payments, real-time spending statistics, shared payment links, and simple options for topping up and withdrawing funds. These features aim to enhance the overall payment experience for tourists during their stay in the Maldives, while also providing businesses with a flexible and efficient payment system that aligns with modern digital commerce.
The digital wallet was first introduced in October last year, followed by a beta testing phase that allowed the platform to be refined through user feedback and operational testing. The global introduction of ‘Swipe’ at ITB Berlin represents the next phase in its rollout, positioning the platform as a financial technology solution designed to support the evolving needs of the Maldives’ tourism ecosystem.
As the Maldives continues to welcome visitors from around the world to its luxury resorts, pristine islands, and unique marine environments, the introduction of advanced digital payment technologies such as ‘Swipe’ reflects ongoing efforts to strengthen the country’s financial infrastructure and ensure that it complements the international standard of services offered across the tourism industry.
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