BML enables transactions on online foreign money transfer platforms, digital wallets
In addition to these cards, BML debit cards can also be used as the primary account for remittances.
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By
Aishath Fareeha Abdulla
Bank of Maldives (BML) on Sunday enabled transactions on previously blocked foreign merchants including selected money transfer platforms and digital wallets.
With this change, customers can use the Bank’s Visa USD Credit Card or Mastercard Prepaid USD Travel Card to seamlessly send and receive funds from these platforms, the country's main bank said in a statement.
Further, customers can also use BML issued Debit card with USD account as the card’s primary account to send money to these merchants, it added.
"We understand the importance of supporting freelancers and small merchants who rely on payments received from overseas for their livelihoods and well-being and we are delighted to enable this for our customers as another step towards enhancing our banking and payment experience," BML CEO Karl Stumke said.
The bank stopped depositing remittances from online digital wallets into dollar accounts in 2020.
It is a presidential pledge of President Mohammed Muizzu to introduce digital wallets and allow artists to market their talents abroad and earn money from it.
