MMA develops national QR code standard to expand digital payments
The move aims to support the expansion of digital financial services in the Maldives.
The Maldives Monetary Authority (MMA) is working to establish a national QR code standard to enable digital transactions through the Favara system and other online platforms.
The initiative was outlined in a letter sent by the MMA to Parliament Speaker Abdul Raheem Abdulla, in response to a query from MDP MP Mohamed Ibrahim. The MP had requested clarification on why online payment systems have not been utilised for business transactions between the Maldives and other countries.
According to the MMA, the national QR code standard will enable customers to make transactions through any licensed payment service provider using a unified system. The move aims to support the expansion of digital financial services in the Maldives.
The MMA also informed Parliament that a fintech regulatory sandbox and innovation hub have been established to promote financial technology in the country. In addition, plans are underway to form a new entity, Payment Maldives, to manage and further develop retail payment services such as Favara. The company will operate independently of the MMA, allowing the central bank to focus on its regulatory responsibilities.
The MMA reiterated its support for service providers offering new digital financial services. It also confirmed that formal discussions have begun with the Ministry of Economic Development and Trade to connect the Favara system with India’s Unified Payments Interface (UPI).
