The Maldives Monetary Authority (MMA) has announced plans to introduce a national QR code system to facilitate currency transactions, with the service targeted for launch next year.

Speaking to MMTV, an MMA official said the national QR code will make payment transactions more convenient by allowing customers to complete purchases simply by scanning a code, adding that preparations and arrangements for the service have already begun.

The system will be operated through Favara, the national instant payment platform that enables transfers between banks. Once Favara is integrated with India’s Unified Payments Interface (UPI), bank-to-bank payments to India will be possible via QR codes.

At present, Maldivian customers typically pay by cash, card, or bank transfer. Bank transfers can be inconvenient, as customers must send transaction slips separately to vendors – a process that has also seen cases of fraud involving fake slips. Card payments carry a 2.5 per cent fee, which the MMA says will be eliminated for vendors using the new QR code system. 

QR code payment systems are already widely used in many countries, including India, China, and Singapore, where they have become a dominant form of cashless transaction due to their speed, convenience, and minimal infrastructure requirements.