Maldives to Launch National QR Code Payment System in 2026

The Maldives Monetary Authority (MMA) has announced plans to launch a national QR code payment system next year, aiming to simplify how payments are made across the country.

The new system will be linked with Favara, the Maldives’ real-time payment platform, allowing users to send and receive money instantly. Customers will no longer need to use bank cards, making transactions quicker, more secure, and easier for both buyers and sellers.

MMA also revealed that the system will connect with India’s Unified Payments Interface (UPI), enabling cross-border payments between the two countries using QR codes.
“All vendors will be able to use the QR code instead of card payments,” said an MMA spokesperson, highlighting that merchants can avoid the current 2.5% fee charged on card transactions.

The service will be available to local stalls, shops, and other businesses. A company is being set up in collaboration with local banks to manage the system. Meanwhile, changes to the Payment Systems Act are underway to support this shift.
MMA is also working on bringing in open banking and other digital banking services in the near future.

QR payments are already among the fastest-growing methods worldwide, with the market expected to grow by 17% annually through 2030.