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Digital Payments Surge and Remittances Decline in Maldives, Data Reveals
The Maldives Monetary Authority's Payments Bulletin 2019-2022 reports a sharp rise in digital transactions, including a 300% increase in account transfer volume and 150% growth in value over four years, alongside growth in e-money services licensed to new payment providers. Over the same 2019-2022 period, remittance transactions declined 35%, with most activity being outward transfers to Bangladesh, Nepal and the Philippines.
Sources1carried itMR1 of 19 news outlets we monitor
Figures10as written, with their sentences
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
How the reporting differs
one source so far
Maldives RepublicNews outlet
Digital Payments Surge and Remittances Decline in Maldives, Data Reveals
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Figures in these reports
as written, with the sentence they come from
150%growth in value of account transfersMaldives RepublicWith a striking 300% increase in the total volume of account transfers and a 150% growth in value, Maldivians seem to be embracing digital channels at an unprecedented rate.
Word for word from the report in Maldives Republic. Open the report
98%share of account transfers that were intra-bank transfersMaldives RepublicNearly 98% of these transactions were intra-bank transfers, indicating a robust internal network among Maldivian banks.
Word for word from the report in Maldives Republic. Open the report
95%share of intra-bank transfers conducted via internet banking or mobile applicationsMaldives RepublicRemarkably, 95% of these intra-bank transfers were conducted via internet banking or mobile applications.
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over 1 millioncash-in and cash-out transactions facilitated by PSPsMaldives Republicthese PSPs have facilitated over 1 million cash-in and cash-out transactions in 2022 alone.
Word for word from the report in Maldives Republic. Open the report
124%average year-on-year growth in volume of transactions excluding cash-in and cash-outMaldives Republicwith an average 124% year-on-year growth in the volume of transactions, excluding cash-in and cash-out.
Word for word from the report in Maldives Republic. Open the report
54%share of transactions that are post-paid bill paymentsMaldives RepublicWhile post-paid bill payments continue to dominate, constituting 54% of transactions, other types like airtime top-up (26%) and utility bill payments (11%) are also on the rise.
Word for word from the report in Maldives Republic. Open the report
26%share of transactions that are airtime top-upMaldives Republicother types like airtime top-up (26%) and utility bill payments (11%) are also on the rise.
Word for word from the report in Maldives Republic. Open the report
11%share of transactions that are utility bill paymentsMaldives Republicother types like airtime top-up (26%) and utility bill payments (11%) are also on the rise.
Word for word from the report in Maldives Republic. Open the report
35%decline in remittance transactionsMaldives Republicthe bulletin notes a 35% decline in remittance transactions over the four-year period from 2019 to 2022.
Word for word from the report in Maldives Republic. Open the report
74%share of remittance activity contributed by foreignersMaldives RepublicMost of the remittance activity was for outward transactions, with foreigners contributing to 74% of them.
Word for word from the report in Maldives Republic. Open the report
Other events named
no clear day, as worded
The MMA issued licenses to two new Payment Service Providers, boosting the Electronic Money Issuance Service.2022Maldives RepublicThe concept of the Electronic Money Issuance Service, introduced in 2016, has gained significant traction in 2022, largely thanks to the MMA issuing licenses to two new Payment Service Providers (PSPs).
Word for word from the report in Maldives Republic. Open the report
