The Maldives Monetary Authority (MMA) is leading a multi-phased initiative under the Maldives Payment System Development (MPSD) project to transform the payments landscape in the Maldives to enable simple, fast and secure payments. Under this initiative, MMA is currently in the process of implementing an Instant Payment System which would facilitate innovative, convenient, and affordable access to digital financial services. The system infrastructure is being planned such that all banks and other Payment Service Providers will be linked to the system to facilitate real-time, 24/7/365 payments with smart addressing capabilities.
The primary objective of the project is to ensure that users are able to make and receive payments instantly irrespective of the island they live on or where they bank. With the rapid modernization of the Maldivian economy, we are becoming increasingly interconnected both within and across networks.
While the greater degree of connectivity has the potential to allow payment solutions to also become more automated and integrated, appropriate infrastructure development is required to capitalize upon this transition and cater to the future developments in the economy.
The project involves mainly two areas; implementing an Instant Payment System and establishing adequate rules and regulatory framework which would be undertaken simultaneously.