BML becomes first bank to meet MMA’s new digital payment standard

The Bank of Maldives (BML), the national bank, announced today that it has enabled QR code functionality for money transfers through its mobile application.

In a press release issued tonight, BML stated that the "PayMV QR" service has now been launched to facilitate easy and fast transfers.

BML's statement explained that this new feature allows customers, using the bank's mobile banking app, to send and receive funds easily and securely by scanning the recipient’s QR code.

With the launch of this service, using the account number is no longer mandatory for transferring funds. BML noted that this update will be available to phones very soon.

BML has announced that it is the first bank to meet the requirements of the Maldives Monetary Authority (MMA)'s Maldives Payment System Development (MPSD) Project by introducing a new service. This achievement underscores BML's dedication to enhancing payment technology in the Maldives and improving customer convenience.

CEO Mohamed Shareef noted that the MMA has mandated all payment service providers to align their offerings with the updated payment standards.

"As the leading financial institution providing payment services in the Maldives, we are delighted that the bank is the first to take this step in implementing this project," he stated. "Starting today, customers can send money by scanning a QR code and receive money by generating a QR code. This new feature will further enhance the banking experience for our customers."

BML concluded that, through modern online banking services, the bank aims to support individuals, businesses, and communities across the Maldives.