Economic Minister Mohamed Saeed stated on Tuesday evening that the Maldives cannot depend exclusively on tourism to elevate its economy.

PayPal was introduced in the Maldives on Monday.

Saeed stated that tourism is still the primary income source for the country, and the economy relies significantly on it. He stated that tourism is growing more than ever before.

“…To elevate the Maldives’ economy, we can't depend only on tourism,” he stated.

Saeed mentioned that one of the government’s initiatives to diversify the economy aims for 15 percent of the Maldives’s GDP to derive from the digital sector by 2030.

He mentioned that, besides PayPal, additional digital tools will be launched for youth, and a contemporary creator hub will be set up before the government reaches three years in power.

PayPal is an online payment service that enables people and companies to securely send, receive, and handle money over the internet. Users can sign up, connect a bank account or credit card, and utilize PayPal to handle transactions or transfer money without directly disclosing their financial details.

PayPal is extensively utilized globally, facilitating international transactions and e-commerce ventures, providing a versatile and safe platform for online payment processing.

PayPal made its debut in the Maldives via a collaboration with Ooredoo Fintech.

Saeed stressed that Maldives must not depend solely on tourism, despite it being one of the nation’s major income-generating sectors. He remarked that the conflict in the Middle East has resulted in a five percent drop in tourist arrivals.