Bank of Maldives to Expand Swipe Wallet for Global Cardless Payments

Bank of Maldives (BML) is set to evolve its digital wallet, Swipe, into a global payment tool that allows Maldivians to make overseas transactions without the need for a physical bank card. The expansion aims to streamline international spending and position the locally developed app as a primary financial tool for both residents and visitors. Chief Executive Officer Mohamed Shareef announced that the bank will introduce a groundbreaking feature later this month to facilitate instant international remittances. Once launched, users will be able to receive funds from abroad—such as from the UK—with the speed and simplicity of a domestic transfer, eliminating traditional delays. Beyond resident use, BML intends to establish Swipe as the preferred digital wallet for tourists visiting the Maldives. This strategic move would allow international travelers to make seamless payments across the archipelago, integrating them into the local digital economy upon arrival. Launched in March 2025, Swipe was developed entirely by Maldivian engineers and complies with international financial regulations and payment service standards. The platform currently allows users to link their BML accounts or top up their wallets using any credit, debit, or prepaid card. Existing functionality includes contactless QR code payments, instant peer-to-peer transfers, and the ability to monitor spending in real-time. The upcoming updates are expected to remove transfer fees for overseas remittances, further reducing the cost of receiving money from abroad. By removing the reliance on physical plastic cards for international travel, BML is shifting toward a fully digitized ecosystem. This move aligns with global trends in fintech, prioritizing mobile-first accessibility and reducing friction in cross-border financial movements.