Instant Payments Coming to Maldives

  • Maldives
  • World
  • Business
PUBLISHED 11 July 2023

The Central Bank of Maldives (CBM) has signed an agreement with three banks to participate in the Instant Payment System (IPS). BML, MIB, and SBI will be the first banks to offer the IPS, which will allow users to make instant payments in real time using their mobile phones or other devices.

The IPS is a major step forward for the Maldives' payments landscape. It will make it easier and faster for people to send and receive money, and it will reduce the need for cash. The IPS will also be more secure than traditional payment methods, as it uses encryption to protect user data.

The IPS is scheduled to launch next month. The CBM will start pilot testing the system within the next two weeks, and it will then be gradually rolled out to other banks.

The IPS is a significant development for the Maldives' financial sector. It will make it easier for businesses to operate and for people to manage their finances. The IPS is also expected to boost economic growth by making it easier for people to make and receive payments