Bank of Maldives (BML) has partnered with digital payments start-up Pomelo Pay to introduce COVID-19 proof payment support to hospitality and tourism businesses in the Maldives.
The partnership is intended to assist companies recover in 2021 as restrictions loosen, while still offering a selection of new products that facilitate safe payments.
Pomelo Pay has provided a Payments-as-a-Service (PaaS) platform for BML since October 2019, allowing the bank to efficiently offer its business customers innovative payments solutions. As a result of this partnership, businesses who bank with BML have been able to access Pomelo Pay’s full suite of contactless payment and analytics tools. This includes acquiring international schemes and wallets, as well as domestic payment methods.
The partnership enables BML to tap into new revenue streams and generate cost-savings by using Pomelo Pay’s fast, secure, and scalable API. This allows for a seamless integration helping to convert manual work into fully automated processes and creating a global digital ecosystem with great customer experience for their end users.
New features in the expanded offering will allow BML business customers to increase revenues from international transactions with multi-currency payments; upgrade their compliance systems and processes with the new compliance module; draw actionable insights from enhanced data analytics; take pre-authorization payments by sending payment requests; bolster their virtual presence with an online shop feature; and process contactless payments with mobile phones using improved NFC technology.
Vincent Choi, CEO and Co-Founder of Pomelo Pay, said through the partnership with the Bank of Maldives, they are hoping to breathe fresh life into crucial industries like tourism.
Tim Sawyer, CEO and Managing Director of Bank of Maldives, said the partnership with Pomelo Pay has enabled BML to offer businesses with solutions for seamless payment integration to fuel their growth, and it has come at a critical time as the Maldives is well on its way to recovery.