Bank of Maldives Plc (BML) on Thursday signed a Memorandum of Understanding with Maldives Immigration to provide a payment function in the newly announced Maldives Passport Card.
The MOU, which formally begins the partnership to develop this capability, was signed at a ceremony held at Maldives Immigration Thursday morning.
BML said it has undertaken to make provisions so that the passport card, in addition to being an internationally valid identity document, would also become a reloadable pre-paid card. According to the bank, cardholders would be able to use the card to make payments at POS terminals and online, and to withdraw cash at ATMs.
It also said the card can be used overseas, thus providing Maldivians with the convenience of being able to make payments easily while travelling.
Commenting on the agreement, Retail Banking Director at BML Mohamed Shareef said the card services at the bank already provide countless travellers with a reliable and efficient way of making transactions when overseas, adding that the bank was excited by the prospect of such an essential service being expanded to every Maldivian with a passport card.
BML was recently honoured by Capital Finance International with the award for the Most Innovative Banking Team in the Indian Ocean.