The Maldives Monetary Authority (MMA) is set to introduce a national QR code system next year to streamline financial transactions.
According to the central bank, the new system will make payments faster and easier, and will be similar to the QR code developed by the National Payments Corporation of India. Preparations for the launch are already underway, with the service to be operated through the “Favara” platform, which enables interbank money transfers.
The MMA said that once Favara is integrated with India’s Unified Payments Interface (UPI), customers will be able to send money to India using QR codes. The service will also enable QR-based bank-to-bank payments in the Maldives.
Merchants will be able to use QR codes instead of payment cards, removing the current 2.5 percent fee charged on card transactions. To support the rollout, Parliament has proposed amending laws to allow the creation of a payments company jointly owned by all banks in the country.
According to the central bank, the new system will make payments faster and easier, and will be similar to the QR code developed by the National Payments Corporation of India. Preparations for the launch are already underway, with the service to be operated through the “Favara” platform, which enables interbank money transfers.
The MMA said that once Favara is integrated with India’s Unified Payments Interface (UPI), customers will be able to send money to India using QR codes. The service will also enable QR-based bank-to-bank payments in the Maldives.
Merchants will be able to use QR codes instead of payment cards, removing the current 2.5 percent fee charged on card transactions. To support the rollout, Parliament has proposed amending laws to allow the creation of a payments company jointly owned by all banks in the country.
