Parliament today has passed the bill to establish a modern and secure national payment system for all financial transactions within the country.
The bill was proposed to ease the payment process for all financial transactions for individuals and businesses alike. Moreover, the system will enable the transfer of money from Maldives to abroad with more convenience.
Maldives Monetary Authority (MMA) signed an agreement with Tieto Latvia to establish an instant payment system last year. MMA has previously stated that the payment system will be implemented by October this year.
The payment system will assist small and medium enterprises to operate within the payment industry and provide cost-effective and innovative solutions to businesses. Moreover, it will also enable individuals to transfer and receive money instantly.