Maldives Monetary Authority (MMA) has delayed the commencement date for settling all local VISA card transactions in Maldivian Rufiyaa (MVR).
MMA had previously issued a notice to all banks operating in the Maldives to only use MVR in VISA card transactions made locally starting from April 15, following the introduction of VISA’s National Net Settlement Service (NNS). However, MMA has delayed the implementation of the system to August 15 to provide more time for card payment acquirers to complete the necessary procedures for the implementation amid the new COVID-19 restrictions.
The implementation of VISA NSS allows banks to settle all transactions made with VISA cards with MVR. MMA had previously stated all payments made to restaurants, guesthouses and resorts should be made in MVR with the introduction of the new system.