Minister of Homeland Security and Technology Ali Ihsan has said that the Swipe digital wallet will play an important role in the government’s plans to transform the Maldivian economy.
The minister made the remarks while speaking at the launch of the Bank of Maldives (BML) International Wallet ‘Swipe’ in Addu City.
Speaking at the ceremony, Minister Ali Ihsan said it was a matter of pride that the application was developed by a citizen of Addu. He described the wallet as a system that could become one of the most powerful payment platforms in the world.
The minister also noted that Addu is the first atoll in the Maldives where ‘Swipe’ has been introduced. He said the digital wallet would contribute significantly to the economic transformation of Addu in line with the policies of the current administration.
According to the minister, the digital wallet is particularly important for citizens and businesses as it supports the development of a contactless and cashless payment system.
He said one of the key components of the president’s economic transformation plans is the introduction and expansion of contactless and cashless payment systems across the country. The minister added that building a “Digital Maldives” requires the active participation of all citizens in the economy, and financial technologies such as Swipe are important tools for achieving inclusive economic participation.
Minister Ali Ihsan also highlighted the importance of security in digital transactions, noting that reliable systems will help build public confidence when making payments through such platforms.
He said the ability to send money instantly from anywhere is essential for the development of a Digital Maldives.
The minister further stated that the digital wallet would benefit existing small and medium enterprises as well as individuals seeking to enter the business sector. He encouraged the public, particularly residents of Addu, to actively adopt and use the system.
Swipe is a fully locally-developed product created by local developers. The digital wallet has been designed to comply with international standards for financial transactions.
The Swipe wallet allows users to make transactions both within the Maldives and internationally. In addition to linking with Bank of Maldives accounts, users can also deposit funds using credit, debit and prepaid cards.