PayPal testing underway ahead of Maldives launch, says minister

Economic Minister Mohamed Saeed said on Tuesday that PayPal is expected to be launched in the Maldives, with testing phases currently in progress.

Speaking at a press conference at the President's Office, Saeed said the introduction of PayPal is a commitment outlined in President Mohamed Muizzu’s manifesto.

“Work is progressing. PayPal will be available soon,” the minister said, adding that a timeline for the launch would be announced after completion of the testing process.

He said it is difficult to provide a specific date at this stage as system testing is ongoing. According to Saeed, PayPal will assess whether the Maldives’ payment infrastructure meets its operational requirements.

“PayPal is an international payment gateway. The payment system in the Maldives must meet the necessary standards,” he said, noting that the company would conduct its own audit before launching the service.

The minister said access to PayPal would support small businesses, particularly those operating online, by enabling digital transactions for buying, selling and receiving payments.

Saeed previously stated in August 2024 that a proposal had been submitted to the company to introduce PayPal services in the Maldives.

Last June, the Maldives Monetary Authority said it had held discussions with PayPal’s regional office between 2020 and 2021 following public feedback indicating demand for the service. At the time, the service was not introduced due to business considerations by the company rather than legal restrictions.

In October last year, PayPal announced plans to enter the Maldivian market through a joint arrangement with Ooredoo Fintech.