Minister of Economic Development and Trade Mohamed Saeed has said that the proposal to introduce PayPal in the Maldives has been submitted last week.
Minister of Economic Development and Trade Mohamed Saeed has said that the proposal to introduce PayPal in the Maldives has been submitted last week.
Speaking in the 'Raajje Miadhu' programme on state media TVM last night, Minister Saeed said that the full proposal had been sent to PayPal three days ago.
"We are hoping that very soon we can reach an agreement of some kind. I won't say precisely when PayPal can be introduced in the Maldives. However, hopefully, we will be able to bring PayPal to Maldives," Saeed said.
On August 22, the Minister held a meeting with senior officials of PayPal, including the company's Global Marketing President, to seek resolutions to challenges faced in introducing PayPal in the Maldives.
Introducing PayPal in the Maldives is amongst the presidential pledges of President Dr Mohamed Muizzu. The government has held discussions in this regard with the government of USA and other stakeholders.
Saeed also highlighted last night that the USA plays a key role in the introduction of PayPal in the Maldives. He said that assistance had been received from US officials in bringing PayPal even during the recent visit to Washington.
During the meeting with PayPal officials, they had been made aware of further details of the market in Maldives, he added.
In order to facilitate use of PayPal in the country, Bank of Maldives (BML) has introduced foreign money transfer platforms and a digital wallet in March.
In addition to PayPal, President Muizzu's manifesto includes the introduction of Payoneer, Skrill, Stripe ad Neteller in the Maldives.
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