The Maldives Monetary Authority (MMA) has postponed the commencement date for all local VISA card transactions in Maldivian Rufiyaa (MVR).
Following the implementation of VISA’s National Net Settlement Service (NNS), the central bank had previously issued a statement to all banks operating in the Maldives to exclusively utilize MVR in VISA card transactions processed locally beginning April 15.
However, MMA has postponed the system’s implementation until August 15 to provide card payment acquirers additional time to complete the appropriate procedures for the system’s installation in light of the new COVID-19 regulations.
The introduction of VISA NSS enables banks to settle all VISA card transactions with MVR. MMA had previously said that all payments to restaurants, guesthouses, and resorts should be paid in MVR.