Last Sunday, the Maldives Monetary Authority (MMA) officially launched the pilot testing phase for its Instant Payment System (IPS), in partnership with three major financial institutions — Bank of Maldives, Maldives Islamic Bank, and State Bank of India.
Earlier this month, the MMA inked an agreement with these banks, marking the first steps towards the formal introduction of the IPS. This new payment system aims to facilitate real-time, cashless transactions using mobile devices, making it a significant stride in modernising the nation’s financial landscape.
The IPS allows users to make instant transfers to any participating bank by inputting a unique identifier such as an ID card number, email address, mobile number, or business registration number. This innovation eliminates the need to enter account numbers for each transaction, promising a more streamlined and efficient payment experience.
The signing ceremony took place at the MMA on July 10, 2023, where Governor Ali Hashim announced the banks’ imminent integration into the system.
The development of this ambitious project was accomplished in collaboration with TietoEVERY, a Finnish company that specialises in technology solutions.