The Minister of Economic Development and Trade, Mohamed Saeed, has announced plans to hold discussions with the United States government to address the challenges of using PayPal in the Maldives.
PayPal is a popular e-wallet application that facilitates the online sending and receiving of money. While many individuals in the Maldives use PayPal, its current functionality is limited to sending money to foreign parties. Maldivians are unable to receive money through PayPal.
Minister Saeed revealed he will discuss the obstacles to introducing and utilising US e-wallet operators in the Maldives during his upcoming visit to the United States in July. The talks will cover the availability of essential e-wallet services such as PayPal, Google Pay, and Apple Pay. The Minister expressed optimism that US e-wallets will significantly enhance online financial transactions in the Maldives.
“So far, companies cite the small market size in the Maldives as the reason for not introducing e-wallets here. Our idea is potentially combining the Maldives with India or other countries and introducing services through a unified channel,” said Minister Saeed.
The Maldivian government is working to introduce e-wallets from the United States and other nations. In March, the Bank of Maldives (BML) enabled dollar transactions and digital wallet services on foreign platforms. Among the e-wallets made available was WeChat Pay, a widely used Chinese e-wallet that facilitates online money transactions. Previously, BML had blocked these services during the COVID-19 pandemic to prevent the outflow of foreign currency from the Maldives.
