Sandun Hapugoda has shaped Mastercard into a key player in the Maldivian payments landscape. With over seven years at the company, including his role as Country Manager for Sri Lanka and Maldives since November 2021, Sandun’s journey spans Head of Digital Payments (2017–2020) and Director (2020–2021) positions. Under his leadership, Mastercard drives innovation and financial inclusion across the archipelago.
His vision prioritises a digital-first Maldives, harnessing Mastercard’s global network to enhance payment experiences through mobile solutions and robust security. Sandun’s strategic collaborations with local banks and fintechs have bolstered the country’s digital shift, cementing Mastercard’s role in its economic growth. We spoke with him about his journey and Mastercard’s future plans.
Could you tell us about Mastercard’s current role in the Maldives’ payment landscape?
Mastercard plays a crucial role in the Maldives’ payment landscape by providing secure, efficient, and innovative payment solutions that cater to the needs of both businesses and consumers for over two and half decades. Our extensive network and cutting-edge technology facilitate seamless transactions across the archipelago, enhancing the overall payment experience. We are committed to supporting the country’s economic growth by driving financial inclusion and promoting digital payment adoption.
Cash remains king in many parts of the Maldives. How is Mastercard driving the shift towards a cashless economy while aligning with the country’s growing digital transformation?
Mastercard is at the forefront of promoting a cashless economy in the Maldives by introducing convenient, secure, and accessible digital payment solutions. We actively collaborate with local banks, businesses, and government entities to raise awareness about the benefits of digital payments. Our initiatives include educational campaigns, merchant onboarding programs, and technology investments that align with the country’s digital transformation strategy. By offering tailored solutions that meet the specific needs of Maldivian consumers and businesses, we are gradually reducing the reliance on cash and fostering a thriving digital economy.
Additionally, Mastercard is focusing on growing a cashless economy in emerging areas such as transit, tax payments, B2B payments, and business-to-government (B2G) payments. By introducing innovative solutions that streamline the payment experience, we aim to make digital transactions more convenient and efficient. Furthermore, we are working on several promotions to incentivize customers, encouraging them to adopt digital payments instead of using cash.
With growing competition from fintechs and local digital payment platforms, is Mastercard doing enough to stay ahead in the Maldivian market?
Our approach is to collaborate with fintechs, telcos and other local digital payment platforms and provide Mastercard’s technology, services and advisory capabilities. That way, while we help them to go-to-market faster, we will also stay relevant by extending the ever evolving Mastercard technologies to these players.
Mastercard is continually innovating to stay ahead in the competitive Maldivian market. We leverage our global expertise and local insights to develop bespoke solutions that cater to the unique needs of the Maldives. Our partnerships with local fintechs and digital payment platforms enable us to offer a comprehensive suite of services that enhance customer experiences. By investing in advanced technologies, expanding our product offerings, and maintaining a customer-centric approach, we ensure that Mastercard remains the preferred choice for digital payments in the Maldives.
Digital payment systems often face challenges related to infrastructure, connectivity, and accessibility, especially in remote islands. How is Mastercard addressing these barriers while ensuring financial inclusion reaches underserved populations?
The Maldives, with its relatively well-connected digital infrastructure, is poised to accelerate the growth of digital payments and the broader digital economy. The widespread availability of high-speed internet and the increasing penetration of mobile connectivity across even the most remote islands provide a strong foundation for the adoption of digital payment solutions. This connectivity enables seamless and secure transactions, fostering a cashless ecosystem that benefits consumers and businesses alike. Moreover, the integration of advanced technologies such as mobile wallets and contactless payments into the existing infrastructure further enhances the efficiency and convenience of digital transactions. By leveraging this well-established infrastructure, the Maldives can drive financial inclusion, stimulate economic growth, and position itself as a leader in the global digital economy.
Mastercard is committed to overcoming the challenges of infrastructure, connectivity, and accessibility in the Maldives. We work closely with local partners to enhance the payment infrastructure, ensuring reliable and secure transactions even in remote areas. Our initiatives focus on providing affordable and user-friendly payment solutions that cater to the needs of underserved populations. By leveraging mobile technology and innovative payment methods, we are bridging the digital divide and promoting financial inclusion across the Maldives.
Cybersecurity threats are evolving faster than solutions. How confident are you that Mastercard’s systems can withstand targeted attacks in a market like the Maldives?
Ensuring At Mastercard, cybersecurity is a top priority. We employ state-of-the-art technologies and robust security protocols to safeguard our payment systems against evolving threats. Our dedicated cybersecurity teams continuously monitor and mitigate risks, ensuring that our systems are resilient to targeted attacks.
Mastercard is also leveraging AI-based technologies to enhance the security and efficiency of its digital payment systems. By utilizing sophisticated algorithms, Mastercard can score each transaction in real-time, analyzing multiple data points such as location, amount, merchant details, and buyer behavior. This advanced technology enables us and our partners such as issuers and acquirers to detect and mitigate fraudulent activities swiftly, ensuring safe and reliable transactions for our customers.
In the Maldives, we collaborate with local stakeholders to enhance cybersecurity awareness and implement best practices. Our comprehensive approach to security gives us confidence that Mastercard’s systems can withstand potential threats and protect our customers’ data and transactions.
The Maldives has seen a significant rise in internet and mobile banking, with over 96% of registered users actively engaging. How is Mastercard aligning its strategies to further accelerate this digital shift?
Mastercard is aligned with the Maldives’ digital shift by focusing on mobile-first solutions and leveraging the growing adoption of internet and mobile banking. We collaborate with banks and fintechs to integrate our payment solutions with digital banking platforms, offering seamless and secure transactions for users. Our strategies include enhancing mobile payment options, investing in innovative technologies, and running awareness campaigns to promote digital banking. By staying attuned to the evolving digital landscape, Mastercard is well-positioned to support and accelerate the Maldives’ journey towards a cashless economy.
Mastercard is dedicated to advancing technology solutions such as digital-first issuance and tokenization to enhance the security and user experience of mobile-based payments. Digital-first issuance allows consumers to access and use their new cards instantly via mobile devices, eliminating the wait for physical cards and providing immediate access to funds. Tokenization replaces sensitive card information with unique tokens during transactions, significantly reducing the risk of fraud and data breaches. These innovations not only secure transactions and boost consumer confidence but also streamline the payment process, offering a seamless and efficient user experience. By integrating these advanced technologies, Mastercard is committed to fostering a secure, convenient, and user-friendly digital payment environment in the Maldives.
How much of Mastercard’s innovation in the Maldives is tailored to the local market, and how much is influenced by global strategies?
Mastercard’s innovation in the Maldives is a blend of global strategies and local customization. While we leverage our global expertise and technological advancements, we also take into account the unique needs and preferences of the Maldivian market. Our solutions are tailored to address local challenges and opportunities, ensuring relevance and effectiveness. By combining global best practices with local insights, we deliver innovative payment solutions that drive digital transformation and financial inclusion in the Maldives. Maldives passport card initiative and the implementation of electronic payments at Maldives transit are two great examples of how Mastercard could leverage global expertise and technologies to build a fully customized solution for Maldives which caters to local consumer, business and government requirements.
