Shareef: Swipe will be a digital wallet on par with international competitors

Bank of Maldives (BML)’s Managing Director Mohamed Shareef has stated that the bank’s digital wallet, “Swipe,” is intended to be on par with leading international digital wallets.

The official global launch of the wallet took place at the world’s largest travel trade fair, ITB Berlin, currently underway in Germany. The service was formally inaugurated by Hassan Afeef (Champa), Chairman of the Maldives Association of Tourism Industry (MATI) and a prominent figure in the country’s tourism sector.

In an interview with state media, PSM, following the launch, Shareef emphasized that as the Maldives is recognized as a premier global tourism destination, it is important for the country to provide financial products that meet international standards.

Explaining the decision to introduce the digital wallet at ITB Berlin, Shareef noted that the platform could offer considerable advantages to the tourism sector.

"I believe this wallet will stand on equal footing with other global digital wallets. There is no reason it shouldn’t; the Maldives hosts some of the world’s leading tourism brands and luxury resorts. Therefore, we believe our financial products should also evolve into robust international solutions capable of competing globally," Shareef remarked.

We have officially launched Swipe as the official wallet of Visit Maldives at ITB Berlin! ⚡️

Swipe is a new digital wallet that offers seamless, instant and secure payments for Maldives and beyond.

Through this 100% Maldivian-developed digital wallet, you can now send funds… pic.twitter.com/HmUox7oayX

— Bank of Maldives (@bankofmaldives) March 4, 2026

He further explained that Swipe would enable resorts to reduce operational costs while supporting instant payment processing. Shareef noted that while many digital wallets and credit card services typically charge commissions exceeding 2.5 percent, transactions made through Swipe would incur a significantly lower commission of just one percent.

Swipe is a fully Maldivian-developed product. BML stated that the digital wallet has been designed to comply with both domestic regulatory requirements and international financial transaction standards.

The wallet supports both domestic and international transactions. According to BML, users can add funds to their Swipe wallets using BML accounts as well as credit, debit, or prepaid cards.

After a limited rollout in January, selected users were able to test the wallet’s core features. These include person-to-person transfers, QR code payments, self-service expense tracking, payment link sharing, and simplified top-up and withdrawal functions.

President Dr. Mohamed Muizzu has previously described ‘Swipe’ as the Maldivian equivalent of PayPal.

Alongside this local development, efforts are also underway to introduce full PayPal services in the Maldives to further support international financial transactions. Economic Minister Mohamed Saeed recently stated that PayPal services are expected to be introduced soon through a partnership between Ooredoo Maldives and PayPal.