Maldives to Enhance PayPal Services and Expand E-Wallet Options

Minister of Economic Development and Trade, Mohamed Saeed, has announced that discussions with the American government are set to take place in July, with the goal of bolstering PayPal services in the Maldives and addressing various challenges faced by users.
PayPal, a widely used e-wallet application for online money transfers, is popular among Maldivians. However, users currently face significant limitations, as they can only make outbound transactions with no provision for inbound fund transfers.
Minister Saeed highlighted President Dr. Mohamed Muizzu’s commitment to expanding online financial transaction avenues, emphasizing ongoing efforts to introduce a range of e-wallet services nationwide. As part of these efforts, Minister Saeed is scheduled to visit the United States on July 10 to meet with potential digital wallet providers.
The discussions aim to address the issues and challenges faced by Maldivian e-wallet users. Minister Saeed confirmed that the talks would focus on establishing agreements with prominent digital wallet entities such as PayPal, Google Pay, and Apple Pay, to enhance the seamless facilitation of online financial transactions.
In addition to American e-wallets, the Maldivian government is also working to introduce digital wallets from other countries. Recently, the Bank of Maldives (BML) enabled dollar transactions from foreign platforms and e-wallet services, effective since March 31. This includes the reintroduction of WeChat Pay, a popular Chinese e-wallet, which had been halted during the COVID-19 pandemic to prevent the outflow of foreign currency from the nation.
Minister Saeed’s efforts reflect a broader initiative to improve the financial technology landscape in the Maldives, providing citizens with better access to global financial services and facilitating smoother online transactions. These steps are expected to significantly benefit Maldivians who rely on digital wallets for various financial activities, ensuring they have access to comprehensive and efficient services.