MMA to Launch Nationwide QR Code Payment System in 2026
The Maldives Monetary Authority (MMA) has announced plans to roll out a national QR code payment system, giving customers a faster and more convenient way to pay without the need for bank cards. The new system is set to launch next year and will be integrated into Favara, the country’s instant payment platform that already enables real-time transfers between local banks.
According to the central bank, the initiative will make payments more secure, accessible, and cost-effective for both consumers and businesses.
Connecting with India’s UPI for Cross-Border Payments
MMA confirmed the system will link with India’s Unified Payments Interface (UPI), allowing for seamless QR-based transactions between the two countries. This could open new opportunities for Maldivian businesses and make it easier for Indian visitors to make purchases without currency exchange hassles.
An MMA media official highlighted one of the program’s biggest benefits: all vendors will be able to accept QR code payments without the current 2.5 percent fee charged on card transactions. This change is expected to encourage wider adoption among small businesses and market stalls.
How It Will Work for Consumers and Businesses
Once launched, customers will be able to pay instantly by scanning a QR code displayed at a vendor’s stall or store. The service will be available across local markets, retail outlets, and other businesses nationwide. The system promises near-instant confirmation for transactions, making it a convenient option for both high-volume retailers and smaller traders.
To run the service, a dedicated company will be established in collaboration with Maldivian banks. Amendments to the Payment Systems Act are already in progress to accommodate the changes. MMA is also working on introducing open banking and other digital banking services to modernize the nation’s financial sector.
QR-based payments have become one of the fastest-growing digital payment methods worldwide. Industry estimates value the global sector at around USD 10 billion, with annual growth projected at 17 percent from 2023 to 2030. By embracing this technology, the Maldives aims to position itself in line with global payment trends while reducing transaction costs for local businesses.
As the launch date approaches, MMA is expected to release more details on how the system will be rolled out and how businesses can register. If successful, this initiative could mark a major step toward a more cashless and interconnected Maldivian economy.