Maldives Advances Digital Payments With Beta Testing of ‘Swipe’ E-Wallet
Maldives advances digital finance with BML’s Swipe wallet; PayPal expected by January 2026
The Maldives has taken a significant step towards expanding digital financial services with the introduction of a new multicurrency digital wallet, Swipe, developed by Bank of Maldives, alongside an announcement that PayPal services are expected to become available in the country by January 2026.
Swipe, which was unveiled in October, is designed to support fast and secure transactions both domestically and internationally. The digital wallet offers contactless QR payments, multi-currency transfers and instant fund deposits through international debit and credit cards.
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The application also includes spending analytics and tools aimed at supporting businesses by improving cash flow management. Developed entirely by Maldivians, the platform is scheduled to enter beta testing this month, with plans to connect to international payment networks by the first quarter of 2026, enabling overseas fund transfers without additional fees.
As part of broader efforts to modernise the country’s digital payments ecosystem, President Dr Mohamed Muizzu met with small and medium enterprises this week to discuss the expansion of financial technology solutions.
The administration has reiterated its commitment to introducing global payment platforms, with PayPal expected to commence operations early next year. The combined rollout of Swipe and the anticipated arrival of PayPal is expected to strengthen the Maldives’ digital economy by improving access to secure, efficient and cross-border payment services for businesses and consumers.
