Maldives Issues 1.2 Million Bank Cards Over 23 Years: A Growing Trend in Digital Transactions

The Maldives Monetary Authority (MMA) has reported a significant milestone in the country's financial landscape: a total of 1.2 million bank cards have been issued since their inception. Impressively, 74 percent of these cards remain active, reflecting a growing trend in digital transactions.
According to the payment bulletin released by MMA, VISA cards account for 48 percent of the debit cards issued in the Maldives, while Mastercard and American Express (AMEX) cards constitute 24 percent and 22 percent respectively. When it comes to credit cards, VISA dominates with 64 percent, followed by AMEX at 28 percent. Mastercard, on the other hand, holds a whopping 99 percent share of the prepaid cards issued by banks in the country.
Debit cards were first introduced by a Maldivian bank in 2000, followed by the introduction of credit cards in 2004. Since then, there has been a notable surge in card transactions year after year.
In the past year, a total of 46 million transactions were conducted through cards, amounting to MVR 18 billion. Debit cards accounted for the majority, totaling MVR 17 billion, while credit cards contributed MVR 1 billion. This demonstrates a clear shift away from cash transactions, with approximately 85 percent of card transactions processed through Point of Sale (POS) machines.
The rise in financial transactions through cards and online methods indicates a steady move toward a digital economy, with remittances between accounts reaching MVR 563 billion in the previous year, reflecting a substantial 60 percent increase from 2019.