BML says over 70 transactions a second hit popular e-commerce platforms

Bank of Maldives (BML) has said daily limits for some overseas e-commerce transactions are being exhausted within minutes because a large number of customers are attempting purchases at the same time after the limits reset at 7am.

The bank introduced new limits for overseas transactions using rufiyaa-denominated cards on Saturday. Since then, customers have complained that limits for popular online shopping platforms are exhausted almost immediately, with some saying transactions are unavailable even at 7:01am.

Responding to questions from Dhauru, BML spokesperson Mohamed Saeed said the category covering frequently used platforms such as Temu, Alibaba, Apple and Amazon records more than 70 transactions per second.

“After the bank disclosed the time at which the limits reset, following requests from customers, many customers now place the items they want in their carts in advance and wait for that time,” Saeed said.

“As a result, a large number of transactions are completed at the same time, and the daily allocation for this category is exhausted within a very short period.”

BML data shows that its cards are used across more than 40,000 e-commerce websites worldwide, with more than 20,000 overseas e-commerce transactions taking place on an average day.

Saeed said the limits assigned to the most heavily used platforms are being exhausted soon after the reset because of the volume of transactions.

BML said customers will receive a notification when a transaction cannot be processed because the daily limit for a platform category has been reached. Customers are then advised to use a US dollar-denominated card or try again the following day.

Saeed said other categories, including travel and essential subscriptions, generally continue to have remaining capacity by the end of the day.

He said this was intended to provide customers with access to cards throughout the day for essential everyday needs.

Saeed also said Maldivians travelling overseas, as well as students and Maldivians living abroad, would continue to be able to use their overseas card limits without difficulty.

BML has allocated USD 16 million a month for overseas e-commerce transactions using rufiyaa cards.

The bank said the allocations include USD 3 million a month for around 150 frequently used e-commerce platforms such as Temu, Alibaba, Apple and Amazon, equivalent to about USD 100,000 a day.

Social media platforms such as Meta and TikTok have been allocated USD 1.5 million a month, or about USD 50,000 a day.

Travel and hotel bookings have an allocation of USD 6 million a month, equivalent to around USD 200,000 a day, while essential subscriptions and services have been allocated USD 3 million a month, or about USD 100,000 a day.

Other online merchants have been allocated USD 1.8 million a month, or about USD 60,000 a day.

BML said health and education payments do not have a separate fixed limit, with a dedicated allocation maintained to ensure such payments can be made when required.

From January to the end of August this year, BML sold an average of USD 38 million a month to the public for card transactions, including e-commerce spending. Across all categories, the bank said it sold more than USD 81 million a month to customers.

Saeed said the allocations would continue to be reviewed based on transaction patterns, changes in customer demand and the amount of foreign currency available to the bank.

“BML will continue to manage its foreign currency resources responsibly while providing Maldivians with fair access to goods and services from international markets,” he said.