Terms and Conditions

Terms and Conditions

Swipe Service Terms and Conditions

These Swipe – Multi Currency Digital Wallet (Swipe) Terms and Conditions govern and constitute the provision and use of the Swipe® services offered by the Bank of Maldives Plc. By using Swipe services, you agree to these Terms and Conditions.

  1. Definitions and Interpretation
    For the purpose of these Terms and Conditions:
    “Access Authority” refers to personal customer access and person(s) authorized by a customer through merchant portal to access and view transactions in a merchant wallet.
    “Access Codes” means the login OTP received on your Swipe registered mobile number through SMS or WhatsApp message from verified handle of Bank of Maldives.
    “Accounts” refers to personal and business accounts opened for a user by Bank of Maldives.
    “Amount Received” refers to the total amount of transfer Beneficiary will receive in destination currency.
    “Amount Sent” refers to total amount of transfer sent to recipient.
    “Bank" “BML” “the Bank” or “Bank of Maldives” means Bank of Maldives Plc, duly registered in the Republic of Maldives as a licensed banking institution under registration number C-22/1982, having its Head Office at 11, Boduthakurufaanu Magu, Malé 20094, Republic of Maldives and its subsidiaries.
    “Banking Business Day" refers to any day on which banks in the Republic of Maldives are required by the MMA to open for business.
    “Beneficiary” means the person or entity designated to receive a transfer of funds from the sender; the individual or entity who will actually receive the transferred amount in the destination currency.
    “Card” refers to any debit, credit or prepaid cards.
    “Channel” refers to methods of delivery for One Time Password / Verification. Options currently in operation for One Time Password / Verification delivery are SMS, Email, WhatsApp and Security Token.
    “Customer(s)” means individuals or entities who have registered for and maintain an account or service with the Bank, including personal banking customers, business customers and merchants.
    “EFT” means Electronic Funds Transfer pursuant to the EFT Guidelines.
    “EFT Guidelines” mean the Guidelines on Consumer Protection on Electronic Funds Transfers issued by the Maldives Monetary Authority pursuant to Section 4 and Section 36 of the Maldives Monetary Authority Act (Law No. 6/81), as may be amended from time to time.
    “Hide balance” refers to a setting available through Swipe whereby user can hide balances.
    “Hide transaction” refers to a setting available through Swipe whereby user can hide transactions.
    “Merchant Onboarding” refers to the process by which a registered business user creates a Merchant Wallet within Swipe by submitting business information through the Merchant Portal, including compliance with KYC requirements.
    “Merchant Wallet” refers to a digital wallet created within the Swipe application by a registered Merchant for the purpose of receiving payments from customers.
    “Nominee” refers to any individual authorized by you to access your Swipe wallet profile, whether with full or limited (including view-only) access, as permitted by the access rights granted by you and accepted by the Bank.
    “One-Time Password (OTP)” means a numeric security code received via Mobile, Email, Security Token, WhatsApp or Authenticator app used to conduct third party transfer and payments in BML Internet Banking and BML Mobile Banking. OTP security code can be used as a 2FA method while authorizing login sessions to browsers or devices.
    “Payment(s)” means the transfer of value or monies from a Swipe user Wallet to:

  2. another Wallet held by a third-party using Swipe application.

  3. a wallet held by a third party on PSP (Payment Service Provider) that is authorized to process cross-platform transactions.
    “PayMV QR” refers to Static and Dynamic QR generated by Swipe application for use of personal and merchant users to receive payments. It is a unified national QR standard for merchant payments across all banks & wallets
    PSP (Payment Service Provider) – a company or entity that is authorized to facilitate, process, and execute electronic payment transactions on behalf of users, including transfers between wallets, banks, or other financial platforms.
    “Schedule of Charges” refers to the official document published on the Bank’s website that details all applicable fees, charges, and costs associated with the services provided by the Bank.
    “Secure PIN” means a numeric security code set by the Swipe user required to access Swipe Application.
    “Subsidiaries” refers to companies or entities that are controlled, directly or indirectly, by the Bank, in which the Bank owns more than 50% of the voting shares or has the power to govern the financial and operating policies.
    “Swipe” is a multi-currency digital wallet service provided by Bank of Maldives, specifically designed to enable registered users to carry out seamless, instant and secure payments and utilize all available functions within Swipe application, subject to the access rights and permissions assigned to the user.
    “Terms and Conditions” refers to these Swipe Terms and Conditions as may be amended by the Bank of Maldives from time to time at the Banks discretion.
    “Top Up” is a function available on Swipe to add funds to the Wallet accounts.
    “Transaction Fee” refers to all Fees and Charges applicable to transactions processed from Swipe Application.
    “Transaction Request” refers to any instruction submitted by you through the Swipe application to initiate, authorize, or complete a financial or non-financial operation, including but not limited to fund transfers, payments, wallet top-ups, withdrawals, currency swaps, or payment requests, after you have entered and confirmed the required transaction details.
    “Two-factor authentication (2FA)” a security process that requires users to enter OTP in addition to username and Password.
    “User” or “user” means each Wallet holder to whom separate profile is created in Swipe.
    “Value Limit(s) refers to the Daily limit(s) and Monthly limit(s) set to for Transfers and Payments processed through Customers’ Swipe Wallet.
    “Wallet” or “Swipe Wallet” refers to Swipe Multi-Currency Digital Wallet created within the Swipe application by registered user.
    “Wallet Onboarding” refers to the process by which a new user registered for the Swipe service.
    “We”, “us” or “our” means the Bank of Maldives Plc.
    “You” and “your” means an Account Holder that subscribes to BML Internet Banking and BML Mobile Banking, and includes a Nominee where applicable.

Important Note: Swipe enables VALUE TRANSACTIONS, including payments and fund transfers, to be conducted from your Wallet by accessing the Wallet using a Secure PIN or device biometrics. Certain payments and transfers may allow funds to be transferred to third parties. Additional features and functionalities may be introduced over time, and such updates will be communicated through the Bank’s official channels.

If there is anything in this document that you would like to clarify or know more about, simply contact us on (+960) 333 0200.

Following your onboarding process of Swipe, we will set up your access to these services. By setting up your personal wallet in Swipe, we are making an offer to you to provide you with the use of Swipe under the Terms and Conditions as stated in this document (which may be amended by us from time to time upon notice to you in accordance with the EFT Guideline). Please read this document carefully. Your access to and use of Swipe will be taken as your acceptance that you have read and agree to be bound by the content as stated in this Terms and Conditions.
2. Changes to Swipe Functionality

The Bank may, at its discretion, introduce, modify, suspend, or remove any features or functions of the Swipe application from time to time. Your access to and use of Swipe, including any new or modified features, shall be subject to these Terms and Conditions and any additional terms applicable to such features, whether such features are introduced or modified before or after you
have accepted these Terms and Conditions.

You acknowledge and agree that any Nominee authorized by you may access new or modified features made available under your Wallet profile. The Bank will rely on instructions and actions performed by a Nominee through Swipe Wallet as authorized by you and is not required to obtain additional consent from you for a Nominee’s used of new or modified features.

These Terms and Conditions will be made available for viewing through the Swipe application and on the Bank’s official website. The Bank may amend or vary these Terms and Conditions from time to time, and any such amendments will be published on the Bank’s website. It is your responsibility to review and comply with the updated Terms and Conditions as published.

Your continued access and use of Swipe after any amendment to the Terms and Conditions has been published shall constitute your acceptance of such changes.

  1. Features and Benefits of Swipe
    Swipe is designed to be a secure, convenient and user-friendly application provided by the Bank that enables you to access and manage your multi-currency digital wallets 24 (twenty-four) hours a day, 7 (seven) days a week, subject to scheduled and unscheduled interruptions due to maintenance, system capacity, outages, or events outside the Bank’s reasonable control. By using Swipe, you can perform real-time transactions utilizing the funds available in your the Swipe Wallet. The service supports multiple currencies, allowing seamless management of local and international transactions. Swipe incorporates advanced security measures to safeguard customer data and funds, ensuring a safe and reliable experience. All transactions processed through Swipe are subject to availability of funds in the Wallet and compliance with applicable laws, regulations, and Bank of Maldives policies and terms and conditions.

By using Swipe, you will be able to:
a. Create a personal wallet in MVR and USD currency.
b. Select your own unique alphanumeric username and use the username to generate your personal Virtual Payment Address (VPA).
c. Top up your MVR and USD wallet by using your personal accounts. This function will only work for BML Internet Banking customers after logging in from Internet Banking and consenting to connect to the Swipe application.
d. Link and unlink the accounts based on your personal preferences.
e. Top up your wallet accounts by using your debit, credit and prepaid cards.
f. For convenience in future top ups, you can save the card by 3DS verification and consent.
g. Save and Remove cards based on your personal preferences.
h. Generate the PayMV QR for your Swipe wallet and share with other Swipe users for easier transactions.
i. Send funds in your Wallets to other Swipe users by scanning Wallet QR code, Swipe username and contacts’ option.
j. ‘Receive’ or ‘Request a Payment’ option allows customers to input the amount and shared payment link, dynamic QR codes and with contacts.
k. ‘Withdraw’ option allows customers to transfer funds in Wallet to the connected BML accounts or another Wallet.
l. ‘Swap’ option allows customers to convert funds into different currencies. Currently it is one-way currency swap from USD to MVR only.
m. View and Hide balances in your Wallet accounts.
n. View transaction slips and categorize the transactions into different categories of your choice. The system will automatically select a category for the transaction. Customize the category according to your personal preferences.
o. Hide and unhide transactions according to your personal preferences.
p. Share your transaction slips for references for others or save on your device.
q. View all Wallet transactions from single location. Select a specific Wallet to view transactions processed by use of that currency Wallet.
r. Get mobiles notifications for transactions and payment requests.
s. View your Wallet limits, fees and charges.
t. Set your own preferred photo in your Wallet profile.
u. Set a secure pin and enable biometrics device to avoid easier access to the Swipe application and safeguard your funds.
v. Check the active devices and login sessions and terminate all other sessions as necessary.
w. Registered business customers can create additional merchant Wallets to conveniently collect payments from customers using Swipe application.
x. View and manage access to your personal Wallet profile and any merchant Wallets for which you have been granted access, including view-only access shared by a parent user of a merchant Wallet, and switch between Wallet profiles within the Swipe application.
y. Report a Problem – raise issues or report errors related to your Wallet, transactions, or the Swipe application to Bank of Maldives for resolution.
z. Enjoy seamless onboarding process for personal customers and merchants.

  1. Getting started using Swipe
    Swipe is a mobile application which is available for download from Apple App Store and Google App Stores. The multi-currency digital wallet is available to users through IOS and Android versions. New users are required to complete the wallet onboarding process to gain access to the application functions and create a user profile.

  2. Swipe, Wallet Onboarding and Merchant Onboarding
    5.1 Wallet Onboarding
    Wallet Onboarding refers to the process of registering as a Swipe user and creating your digital wallet user profile. The steps for Wallet Onboarding include:
    a. Existing BML Customers

Existing BML customers are verified during the onboarding via their BML internet banking login credentials, no additional documents are required for verification

  1. Provide your registered mobile number and complete OTP verification via SMS or WhatsApp.

  2. Confirm whether you are a Maldivian or foreigner.

  3. Confirm whether you are an existing BML customer.

  4. Review and agree to the declaration, granting the Bank authority to verify the information provided and to access/validate existing Customer information records; complete mandatory declarations (including, where applicable, PEP, CFS, FATCA, and any future requirements).

  5. Proceed to create your Virtual Payment Address (VPA) by providing a unique alphanumeric username.

b. Non-BML Customers

Non-BML customers are onboarded upon submission of their identity documentation, verification and submission of personal information required.

  1. Provide your mobile number and complete OTP verification via SMS or WhatsApp.

  2. Confirm whether you are a Maldivian or foreigner.

  3. Confirm whether you are an existing BML customer.

  4. If “No”, the App will take you to the page where you are required to provide your personal details for basic Customer information (Full Name, Email Address, Date of Birth, Gender, Place of Birth).

  5. On the next page, provide Employment details and Financial Details.

  6. Review and agree to the declaration granting the Bank authority to verify the information provided and complete mandatory declarations (e.g., PEP, CFS, FATCA, and any future requirements).

  7. Complete Face Verification with Liveness Detection and upload personal identification documents for validation.

  8. Proceed to create your Virtual Payment Address (VPA) by providing a unique alphanumeric username.

  9. Your profile is submitted to the Bank for screening and activation.
    5.2 Virtual Payment Address (VPA)
    5.2.1 Definition and Use
    A Virtual Payment Address (“VPA”) is a unique alphanumeric identifier selected by the User and linked to the User’s Swipe Wallet, to enable the sending and receiving of payments without disclosing underlying Wallet, account, or card details.
    5.2.2 Ownership and Responsibility
    Each VPA is unique within Swipe and is assigned to a single User. The User is solely responsible for the selection, use, and sharing of the VPA, as well as for all transactions initiated or received using the it. The Bank shall not be liable for payments made to an incorrect or unintended VPA due to User error.
    5.2.3 Bank Rights
    The Bank may, at its discretion, restrict, suspend, require modification of, or deactivate a VPA for security, regulatory, compliance, operational, or risk management reasons, including cases where the VPA is misleading, unlawful, offensive, or impersonates another individual or entity.
    5.2.4 Merchant VPAs
    VPAs issued for Merchant Wallets are for payment collection purposes only and may be subject to additional controls and requirements determined by the Bank. Merchants are responsible for ensuring that access to and use of Merchant VPAs are limited to authorized users.
    5.2.5 Availability and Regulatory Compliance
    The Bank does not guarantee the availability of any specific VPA and shall not be liable for any loss arising from its unavailability or withdrawal. All transactions conducted using a VPA are subject to applicable laws, regulations, and AML/CFT monitoring and controls.

5.3 Wallet Limits
Wallet transaction limits are assigned to users based on the level of customer verification completed. The applicable limits determine the maximum daily and monthly transaction amounts permitted for each user and can be viewed under the Wallet Limits section within the user profile.

Users who have completed basic customer information, including facial verification and submission of identity documentation, but have not verified Internet Banking credentials, will be assigned basic transaction limits.

Existing Bank of Maldives customers who have successfully verified their Internet Banking credentials will be assigned a higher wallet limit tier with increased transaction limits. Internet Banking credential verification is available only to existing Bank of Maldives customers who have completed full customer information requirements and passed applicable enhanced due diligence checks.

For additional transaction limit benefits, users with verified Internet Banking credentials may complete the facial verification process, subject to the Bank’s verification requirements.

5.4 Features and Benefits of Top-up
There are two options for you to choose from when adding funds to Wallets.
5.4.1 Top-Up using BML Accounts
Users with BML Internet Banking credentials can top up their Wallet using their personal accounts and may link or unlink their accounts based on personal preferences.
5.4.2 Top-Up using Cards
Alternatively, the Swipe application allows users to add funds to the Wallets using debit, credit, and prepaid cards. Non-BML customers can top-up cards issued by Global Card networks. For convenience, cards can be saved or removed within the Wallet for quicker future top ups.
Top-up transactions done using cards issued in currencies other than USD will be credited to the swipe wallet after conversion into the swipe wallet currency at exchange rates determined by respective card networks which may differ from Bank’s published rates for that currency. A foreign exchange markup will be levied on such transactions and will be added to the exchange rate. Users will be able to view the exchange rate and the exact amount that will be charged to the card at the time of top-up. By proceeding with top-up, it is deemed that you have agreed, understood and accepted the exchange rate and markup levied on such transactions.
Note 1: All Top-Up transactions are subject to the limits assigned to the customer access tier.
5.5 Features and Benefits of Withdraw
You are permitted to withdraw the funds from your Swipe Wallet to your linked accounts and cards within the limits assigned to your access tier. For funds topped up via a card, withdrawals are only permitted if the request is made within 30 (thirty) days of the top-up date and the withdrawal amount does not exceed the original amount topped up. All withdrawals must be made to the accounts or cards owned by the Swipe User. Fees for withdrawal transaction will be visible at the time of processing and recorded in the transaction history for future reference.
5.6 Features and Benefits of Send Money (Transfer)
Send function allows you to transfer funds in your Wallet to other Swipe users, including merchants. Transfers can be made in as listed below:
5.6.1 Person to Person (P2P)
In this form of transfer, you can transfer funds from your wallet to another Swipe user by scanning the Static QR code that represents the beneficiary VPA or by manually inputting the VPA of the other user or by selecting a saved contact. The Static QR code displayed in the Wallet for VPA representation will follow PayMV QR standards. Each swipe user can generate the Static QR assigned to the specific VPA.
5.6.2 Person to Merchant (P2M)
In this form of transfer, you can make payments to merchants by scanning the Static QR code presented by the merchant, which is assigned to their specific Merchant Wallet or by manually inputting the VPA of the merchant or by selecting a saved contact.
5.7 Features and Benefits of Receive Money (Request a Payment)
Some jurisdictions may restrict the use of foreign wallets. In such cases, the Send function may not be available. Any funds topped up to your Wallet will be used only within the Maldives.
The Receive Money or Request a Payment feature allows users to generate payment links by adding an amount to the request. These payment links provide a more convenient form of payment requests which can be shared by SMS, social media, and mailing channels. Users may also send payment requests to saved contacts or generate a Dynamic QR code to share with the sender. The Dynamic QR code displayed in the wallet represents the payment request and contains details such as the amount, notes, VPA, and other necessary information. This form of QR will also follow PayMV QR standards.
5.8 Merchant Onboarding and Merchant Wallet Use
Swipe may be made available to eligible businesses for the purpose of maintaining a merchant wallet and receiving payments, subject to the Bank’s approval and completion of the merchant onboarding process prescribed by the Bank from time to time.
To initiate merchant onboarding, the mobile number used must be registered to an active Swipe personal wallet. Merchant onboarding cannot proceed unless this requirement is met.
Merchant onboarding may be completed through one or more onboarding methods made available by the Bank, including connecting through Internet Banking for existing merchants or manual onboarding for new businesses. The availability, requirements, and steps of each onboarding method shall be determined by the Bank from time to time.
Where manual onboarding applies, the onboarding request shall be subject to approvals from the authorized individual(s) of the business in accordance with the business structure and quorum declared in official records issued by the relevant authorities. Approval requests must be completed within the validity period specified by the Bank, failing which the onboarding request may be cancelled.
For sole proprietorships, merchant onboarding may be completed only by the owner of the business. No third party may complete onboarding on behalf of the owner unless expressly permitted by the Bank.
During onboarding, the Merchant shall provide and/or confirm information including, without limitation, business identification details, ownership or control information, primary business activity, expected transaction volumes, and selection of a virtual payment address (VPA). The Merchant is solely responsible for ensuring that all information provided is accurate, complete, and kept up to date.
Upon successful completion of merchant onboarding, a merchant wallet shall be created and made accessible through Swipe.
The Merchant shall designate at least one authorized user with administrative rights to manage access to the merchant wallet. The manner in which such administrative rights are designated may be determined by the Bank and may change from time to time.
Authorized users may be granted roles and permissions in accordance with functionalities made available by the Bank. Only users granted the relevant permissions may perform restricted actions, including but not limited to managing users, initiating withdrawals, issuing refunds, or performing other sensitive functions.

  1. Significant Risks Associated with Swipe
    6.1 Liability for Swipe usage
    6.1.1 You must exercise reasonable care and implement appropriate security measures to safeguard access to your Swipe Wallet, including (without limitation) your device, Secure PIN, device biometrics, and any other authentication factors or credentials (“Secure Credentials”). You acknowledge that any person who obtains access to your Swipe Wallet may initiate transactions and other instructions on your behalf.
    6.1.2 Any transaction authenticated with correct Secure PIN, device biometrics, one-time password (OTP) or other two-factor authentication (2FA) codes and successfully processed by Swipe shall be deemed an authorized transaction, and you are liable for all amounts, fees, and consequences arising therefrom, whether or not you carried out the transaction personally.
    6.1.3 You must not share, disclose, or otherwise permit any unauthorized third party, including family members, friends, employees, agents, or institutions to access your Swipe Wallet or Secure Credentials. Any access granted or tolerated by you constitutes authorization and shall not be treated as an unauthorized transaction for the purpose of these Terms.
    6.1.4 If you suspect fraud, or the loss, theft, compromise, or unauthorized use of your device or Secure Credentials, you must immediately notify the Bank through the designated channels specified in clause 17.5. Your liability will continue until the Bank receives your notice and has had a reasonable opportunity to act upon it.
    6.1.5 Where losses arise from your negligence, carelessness, or failure to comply with these Terms (including failure to keep Secure Credentials confidential, failure to maintain device security, or failure to promptly notify the Bank), you shall bear the full loss to the extent permitted by law.
    6.1.6 You are responsible for risks arising from the use of public/unencrypted networks, third-party keyboards or password managers, and any unauthorized modifications to devices (including rooting/jailbreaking). Transactions effected under such conditions remain your responsibility.
    6.1.7 The Bank shall not be liable for loss resulting from force majeure events, telecommunications failures, third-party service outages, or events beyond the Bank’s reasonable control.
    6.1.8 You acknowledge that, subject to the sections below dealing with when you will not be liable, you will be liable for any misuse of Swipe including transactions on your wallets, linked accounts, saved cards or any failure by you observe these Terms and Conditions.
    6.1.9 The Bank will not be responsible for any loss, adverse consequences, or unauthorized access resulting from the misuse or disclosure of OTPs. The use of One Time Passwords / Verification is not subject to any limits. However, the user may incur increased risk of liability for unauthorised transactions. An unauthorised person with access to One Time Password / Verification channel and the Access Codes may be able to make withdrawals from the User’s wallet(s).
    6.1.10 If you believe an error has occurred in a transaction processed through Swipe, or if you encounter any other issue regarding your account, please contact us immediately. In such instances, we will provide guidance on our formal dispute resolution procedure as detailed in Clause 17.5.

6.2 When you will be liable for operations conducted through Swipe:
Notwithstanding the circumstances cited as “When you are not liable" under Clause 6.3, you will be liable for any transaction or operation conducted through Swipe:

a. Whenever access to Swipe correctly quotes you or your Nominee(s) Access Codes.
b. If you or your Nominee(s) disclose your Secure PIN or Access Code to another person, whether intentionally or through negligence.
User must ensure that payment details are entered correctly. You are solely responsible for providing accurate payment information, including but not limited to the amount and payee details. Once a Transaction Request has been completed, you or the Bank will not be able to change any details entered by you to complete the transaction. Prior to completing the transaction, all details entered by you will be displayed for you to confirm. It is your responsibility to confirm the details and proceed with the transaction.

In the event user has provided us with any incorrect details in respect of a transaction and users’ transaction is processed and it has been misdirected or sent to a wrong beneficiary, the Bank will not be responsible for such transactions.

6.3 When you are not liable:
You will not be liable for unauthorized operations on wallet(s) for which the correct Access Codes are used if:
a. the unauthorized use took place after we have inactivated the wallet profile;
b. the portion of the losses incurred exceeds the balance of your wallet(s);
c. for any transactions the Bank has executed other than in accordance with your Instructions.
In the situations described in this Clause 6.3, we will credit the relevant amount to your Account, and our liability to you shall be limited to that amount. Except in exceptional circumstances, no adjustment will be made for any currency fluctuations which may occur between the time you pay the transaction amount and the time of credit.

6.4 When we are not liable:
Subject to Clause 6.5 (Non-excludable Warranties and Conditions) and our obligation, where applicable to credit funds to your wallet in circumstances where you are not liable, we will not be liable for:

a. Any party’s reliance on the information obtained through use of Swipe;
b. Any failure or delay of Swipe to provide information or perform operations requested including a failure to process a request received before a cut-off time on the same or next Banking Business Day or failure or delays caused by third parties;
c. Indirect or special loss or damage caused, including negligence;
d. Consequential loss or damage because of using BML Internet Banking and BML Mobile Banking;
e. In the event a transaction processed via Swipe fails, the failed transactions will be automatically or manually reversed to / from your wallets without notice to you. Details of the failed transactions can be viewed and confirmed in your statement. The Bank shall not be liable for such failed transactions. Any liability for loss or damages to you or any third party resulting from non-payment or delay in payment of a payout amount to a Payee or failure to perform a transaction from the app if you are in breach of your obligations;
f. Any delays or consequences arising due to any delays in completing a transaction through Swipe;
g. Any inaccuracies, delays, or discrepancies in the data presented through Swipe where such information is provided by any Subsidiary Company, including but not limited to facility balances, payment statuses, or transaction histories relating to products or services of the Subsidiary Company.

6.5 Non-excludable Warranties and Conditions
Nothing in these Terms and Conditions shall exclude, restrict or modify the application of any provisions of any applicable law, the exercise of a right conferred by such a provision, or our liability for a breach of a condition or warranty implied by such a provision, where such exclusion, restriction, or modification would contravene applicable legislation or is otherwise illegal.

6.6 Use of non-BML third party aggregation services
You must not provide access to your Swipe Wallet, or disclose any credentials (including Secure PIN, biometrics, OTPs, usernames, or passwords) to any third-party aggregation service that is not operated by Bank of Maldives. Doing so constitutes a breach of Clause 6.1.3.

We are not responsible for issues arising from your use of a non-BML aggregation service, including delays in accessing information, the accuracy of the information collected, or errors in the display of information through your aggregation service. We will not be liable to you or any third party for any operation carried out through a non-BML aggregation service. Bank reserves the right to terminate the Wallet without further notice for usage of such services

6.7 Spyware
You must ensure that any device used to access the Swipe Wallet is free from spyware, malware, keyloggers or any other software or configuration that may compromise security or intercept credentials or transaction data. The Bank shall not be liable for any loss, cost, or damage you may suffer arising from access to or operation of your Swipe Wallet on a compromised device.

  1. General
    7.1 Your Use to be in Accordance with these Terms and Conditions
    Your use of Swipe is to be in accordance with these Terms and Conditions, and use of Swipe denotes your acceptance of these Terms and Conditions.

If you add Bank of Maldives Accounts, Debit Card, Credit Card, Prepaid Card, or any other product or service electronically to your user profile in Swipe, the Bank will consider such activities as legally valid and originating from you; the Terms and Conditions governing the use of such account, card, product, or service will be valid and binding upon you. These terms and conditions are available on the Bank’s website

7.2 Access Authority
Swipe provides you with access authority to view your personal wallet profile and any additional merchant wallets for which you have been granted access by merchant onboarding process or when a parent user of a merchant wallet shared a view only access to you. You can switch profiles in the Swipe application to view these wallets one at a time.

7.2.1 Access type
Access levels within Swipe are assigned based on the customer type and determine the functions, permissions, and transaction limits available to the user.
Personal Customers
Personal customers are granted access that allows them to view their Wallet account(s) and carry out transactions. Transaction limits applicable to personal customers are determined based on the level of customer verification completed.
Business Customers
a. Business Customers are assigned access levels that define the functions and transaction limits available in relation to merchant Wallets, as follows:
i. Parent Access – Allows users to view merchant Wallet details and withdraw funds from the merchant Wallet(s).
ii. View Only Access – Allows users to view merchant Wallet details only. No transactions or fund movements can be performed under this access.
b. Business customers who have merchant Wallets created under their Swipe user profile have the authority to grant or revoke view-only access to such merchant Wallets.
c. All merchant-related rights, responsibilities, and transactions shall be governed by and interpreted in accordance with the Card Acceptance Terms and Conditions.

7.3 Products and Services Accessed Online
Terms and conditions applicable to the products and services you access online continue to apply.

  1. Access
    To access Swipe, the following criteria must be met:
    a. Submit a valid mobile OTP to log into the profile;
    b. Enter the Secure PIN set for the wallet profile;
    c. Use the biometrics set for the device;

8.1 Our Reliance and Authority
We are authorized by you to allow operations on your wallets for which the correct Access Codes have been provided.

Unless stated otherwise, references to time means local time in Malé, Republic of Maldives. This may include the time recorded on transaction records.

  1. Security
    9.1 What You Need to Do
    You acknowledge and accept that we cannot verify, by way of signature comparison or any other means, whether the person accessing Swipe, quoting correct verification of OTP, Secure PIN and Device Biometrics is an authorized user. Any individual using these access controls will be able to perform all operations permitted under your Wallet profile, and you authorize the Bank to allow such access.

You may change the Secure PIN set for the wallet profile periodically.

You must ensure that all access controls are kept strictly confidential and not disclosed to anyone. If you have authorized a Nominee to use Swipe profile, you must ensure that the Nominee(s) does not disclose his/her Access Codes to anyone.

You must ensure that all steps are taken for the protection of access codes by yourself as well as by all Nominees authorized to access your wallet(s), as specified in Clause 9.1 and 9.2.

9.2 Protecting Access Codes and Security Tokens
If you make a record of your Access Codes, you must keep it separate and well away from your mobile device unless the Access Codes are reasonably disguised. However, to minimize the risk of unauthorized transactions occurring on your wallet(s), it is best to keep your Access Codes, even if disguised, separate and well apart from your mobile device.

To protect your Access Codes you must:
a. Try to memorize them.
b. Not write your Access Codes on your mobile device, even if disguised.
c. Not keep a record of your Access Codes with or near your mobile device.
d. Not tell anyone your Access Codes, including family members, friends and our staff.
e. Not select a number that can easily be associated with you when changing your Access Codes, such as your date of birth, telephone number, driver's license number and so forth.
f. Make sure that nobody watches you or hears you when you are entering or using your Access Codes at electronic equipment.
g. For security reasons, you should endeavor to change your Access Codes at frequent interval(s).
h. Take reasonable care at all times to protect Access Codes.

If you make a record of your Access Codes, you must either take reasonable steps to prevent unauthorized access to the record or ensure the record is reasonably disguised. We do not consider that you have made a reasonable attempt to disguise Access Codes if you only:
a. Record it in reverse order.
b. Record it as a series of numbers with any of them marked to indicate the Access Codes.
c. Record the Access Codes as a telephone number with the Access Codes in its correct sequence within the telephone number.
d. Record the Access Codes as a telephone number where no other telephone numbers are recorded.
e. Disguise the Access Codes as a date or as an amount.

There may be other forms of disguise which may be similarly unsuitable because of the ease of another person working out your Access Codes.

9.3 What you must do if you suspect a breach of security of the Access Code or Security Tokens
If you suspect that the security of the Access Codes or Security Tokens has been breached, you must change your Access Code(s) immediately.
9.4 Privacy
The Bank is committed to protecting confidentiality of Wallet Holder information.

If you have permitted a third person to view your Merchant Wallet(s) as a Nominee, you are consenting to your merchant and financial details to be disclosed to that person when using Swipe. This may include merchant information, balance and transaction history.

For additional information on how the Bank is committed to protecting the privacy and security of personal information you provide to us, please visit “Privacy” on our website www.bankofmaldives.com.mv
9.5 Suspension
If we consider a security issue has arisen for which further inquiries are required, we may suspend your or Nominee(s) access to Swipe without notifying you. The Bank may temporarily restrict withdrawals or transfers during a suspension.

9.6 Swipe Security Advice
At Bank of Maldives, we are committed to protecting the privacy and security of our Wallet Holders. When you use Swipe, you can be confident that we employ the highest level of security to protect your Wallet(s) and personal information.

If you notice any unauthorized transaction or suspect that your login credentials have been compromised, you can immediately Secure PIN and report to us by contacting BML Contact Center.

But there are also simple things you should do to protect yourself from Internet-based threats, such as ‘Viruses’ and ‘Keyloggers’. Please familiarize yourself with the following simple security tips, and always abide by them when using Swipe:

a. Never click on a link in an email to go to your Swipe login page. Genuine emails from Bank of Maldives do not contain any links to Swipe login pages. Be aware that fake emails can look quite genuine, appearing as though they are from Bank of Maldives and often including Bank of Maldives logos.
b. Never provide your personal or security details, including your Access Codes and OTP in response to any third-party call or email, even if the phone call or email looks like it has come from Bank of Maldives.
c. Avoid using Swipe on shared mobile devices as you may not be able to verify the existence of proper security measures.
For further information on security advice and alerts, please visit our Security site, which can be found by clicking on the ‘Security’ button on the Bank of Maldives homepage.

  1. Fees and Charges
    10.1 Transaction Fees
    Normal transaction fees apply to the wallets which you access using Swipe.

These fees and any exceptions to any fees charged are stated in the Bank’s Schedule of Charges which is available from our website www.bankofmaldives.com.mv and Branches.

10.2 Accounts for Payment of Fees and Charges
You may be asked to nominate an account or card held by you with us to deduct fees, charges and any taxes and government charges applicable to Swipe. If you do not nominate an Account, we are authorised by you to debit any of your Accounts and Cards held at the Bank.
10.3 Transactions treated as withdrawals and charges
a. Certain Swipe transactions, including wallet withdrawals, transfers to linked accounts or cards, merchant settlements, and other transaction types determined by the Bank, may be treated as withdrawals for the purpose of applying fees, limits, and processing rules.

b. Transactions classified as withdrawals may be subject to applicable transaction fees, service charges, foreign exchange margins, or other costs as set out in the Bank’s Schedule of Charges.

c. Application or processing charges may be applied at the time a transaction is initiated or processed. These charges remain payable even if the transaction is later reversed, cancelled, declined, or refunded, to the extent that costs have been incurred by the Bank or third-party service providers, unless otherwise prohibited by law.

  1. Termination Suspension and Reactivation of Swipe
    11.1 Termination or Suspension
    a. You or your Nominee(s) may terminate the use of Swipe at any by providing written notice to the Bank.

b. The Bank may suspend or terminate access to Swipe for you or your Nominee(s), in whole or in part, with or without prior notice. Such action may be taken where the Bank reasonably deems it necessary, including but not limited to:

i. Suspected or actual fraud or unauthorized access;
ii. Security breaches risk management concerns;
iii. Regulatory or compliance requirements; or
iv. Prolonged inactivity of the Wallet.

c. The Bank reserves the right to modify, restrict, suspend, or discontinue Swipe, or any part of the Swipe services, at any time without prior notice.
d. Upon termination, the Bank will make any remaining available balance in the Wallet available for transfer to a nominated account held in your name. This process will be completed within a reasonable period, subject to:
i. Completion of any required verification;
ii. Compliance with applicable laws and regulatory requirements (including AML/CFT); and
iii. The settlement of all pending transactions, reversals, chargebacks, fees, and claims.

11.2 Reactivation
a. Where access to Swipe has been suspended or terminated for security, compliance, regulatory, or risk management reasons, such suspension or termination shall remain in effect until the matter has been resolved to the Bank’s satisfaction.
b. Reactivation of Swipe, including any Wallet or associated features, shall be subject to the Bank’s approval and the completion of any verification, security, or compliance requirements determined by the Bank. The User must submit a formal request to the Bank for reactivation, and the Bank shall have no obligation to restore access unless and until all such requirements are fully satisfied.
12. Value Limits and Cut Off Times
12.1 Imposition and Variation
We may impose a value limit, and vary such limits, on the maximum amount you may transfer or use from your wallets using Swipe. We may do so either on a per transaction basis or on an aggregate basis, and either in respect of one funding source or on all funding sources.

12.2 When we may do this
Value limits maybe applied anytime at the Banks discretion.

12.3 Impact of change to Value Limits
This may also affect your ability to make a Payment using Swipe and may affect value limits you have authorized where your nominated value limit exceeds the limit imposed by us.

12.4 Cut Off Times
Different cut-off times apply to different services.

12.5 Variation of Cut Off Times
Cut Off times may be changed at the Banks discretion.
NOTE: We will advise you of long term or permanent variations to Value Limits and Cut Off Times through our website. However, temporary changes may be brought without notice.
13. Payments
13.1 General
You must ensure that details entered for Payment requests through Swipe are correct. You are responsible for providing correct Payment details including, but not limited to, amount and payee information. We have no liability to you, or your Nominee(s) for any Payment made in accordance with details provided by you.

13.2 Refunds, Cancellations, and Reversals
a. A purchase transaction and any subsequent credit arising from the cancellation, return, or refund of goods or services (including, without limitation, air tickets, rail tickets, or other travel-related services) shall be treated as two separate and independent transactions.
b. Any refund amount shall be credited to your Wallet net of any cancellation, service, or processing charges imposed by the merchant or relevant service provider. Such credits will only be applied after the Bank has received the cleared funds from the merchant.
c. The Bank shall not be responsible for delays in receiving refunds from merchants and does not guarantee the timeframe within which a merchant will process or remit a refund.
d. If a refund credit is not reflected in your Wallet within 30 (thirty) calendar days from the date the merchant confirms the refund, you must promptly notify the Bank in writing. You are required to provide supporting documentation with this notice, including the formal refund confirmation issued by the merchant.
e. Failure to notify the Bank within a reasonable time or to provide the required documentation may result in delays or inability to investigate or recover the refund.

  1. Permitted Use, Cross-Border Transactions, and Regulatory Compliance

14.1. Swipe Wallet is issued and licensed primarily for the facilitation of payments for goods and services within the Republic of Maldives and is governed by applicable laws, regulations, directives, and guidelines issued by the Maldives Monetary Authority (“MMA”) and any other competent regulatory authority.

14.2. Notwithstanding the foregoing, Maldivian nationals and foreign users may use Swipe Wallet to conduct transactions with merchants located outside the Republic of Maldives solely where such merchants (i) directly accept Swipe Wallet, or (ii) participate in a payment network that has integrated, recognized, or enabled Swipe Wallet as a supported payment instrument.

14.3. Use of Swipe Wallet for cross-border or offshore transactions may be subject to foreign exchange controls, reporting requirements, transaction limits, and other restrictions imposed under the laws and regulations of the Republic of Maldives and/or the relevant foreign jurisdiction(s). Users acknowledge and agree that they bear sole responsibility for ensuring that any such transactions comply with all applicable foreign exchange laws and regulations, including requirements relating to currency conversion, outward remittances, and cross-border fund flows.

14.4. All transactions conducted using Swipe Wallet are subject to applicable anti-money laundering and counter-terrorism financing (“AML/CFT”) laws, regulations, and supervisory requirements, including customer due diligence, transaction monitoring, sanctions screening, and regulatory reporting obligations. The Bank reserves the right, at its sole discretion, to monitor, restrict, suspend, delay, or decline any transaction, or to suspend or terminate access to Swipe Wallet, where such action is necessary or appropriate to comply with AML/CFT laws, foreign exchange regulations, sanctions regimes, or directives issued by competent authorities.

14.5. By using Swipe Wallet for any transaction outside the Republic of Maldives, users expressly acknowledge and agree that they assume full responsibility for compliance with all applicable local and foreign laws, regulations, and regulatory requirements. Swipe Wallet, its issuer, and its affiliates shall not be liable for any loss, delay, restriction, suspension, or enforcement action arising directly or indirectly from a user’s failure to comply with such requirements.

  1. Inactive and Dormant Wallets
    15.1. Inactive Wallets

A Swipe Wallet shall be considered Inactive if there has been no financial or non-financial activity initiated by the user (or any authorized Nominee) for a continuous period of 24 (twenty-four) months. For the purposes of this clause, “activity” includes, without limitation, logging into the Swipe application, viewing balances, making or receiving payments, top-ups, withdrawals, currency swaps, or any other interaction with the Wallet.

15.2. Consequences of Inactive Status

Once a Wallet is classified as Inactive:
a. All Swipe features and functionalities shall be fully disabled, including but not limited to payments, transfers, withdrawals, top-ups, swaps, and access to Wallet balances.
b. The Wallet Holder shall be required to complete re-verification and reactivation procedures, including identity verification and any other checks required by the Bank, before the Wallet can be reactivated and access restored.
c. Bank may levy a monthly fee for inactive wallets in line with account maintenance fee charged for inactive accounts published on Bank’s schedule of charges.

The Bank may notify the Wallet Holder of the Inactive status through available communication channels. Failure to receive such notification shall not prevent the Bank from applying Inactive status.

15.3. Dormant Wallets

An Inactive Wallet shall be reclassified as Dormant if there has been no financial or non-financial activity initiated by the Wallet Holder (or any authorized Nominee) for a continuous period of 60 (sixty) months. For the purposes of this clause, “activity” includes, without limitation, logging into the Swipe application, viewing balances, making or receiving payments, top-ups, withdrawals, currency swaps, or any other interaction with the Wallet.

15.4. Consequences of Dormant Status

Once a Wallet is classified as Dormant:
a. The Wallet shall remain permanently disabled and shall not be eligible for reactivation;
b. The Bank may deal with any remaining balances in a Dormant Wallet in accordance with its internal policies and applicable legal or regulatory requirements.

15.5. Notification

The Bank may, but is not obliged to, notify the Wallet Holder prior to or after classifying a Wallet as Dormant. Failure to receive such notification shall not affect the validity of the Dormant classification or the actions taken by the Bank.

15.6. Regulatory Compliance

The treatment of Inactive and Dormant Wallets, including the handling of non-refundable balances, shall always be subject to applicable laws, regulations, and directives issued by the Maldives Monetary Authority or any other competent authority.

15.7. Bank Discretion

Re-verification requirements, timelines, and procedures for Inactive Wallets shall be determined by the Bank in accordance with its prevailing policies. The Bank reserves the right to amend inactivity and dormancy periods required by law or regulatory instruction.

  1. Regulatory Compliance and Applicability of Other Bank Terms
    16.1 Applicability of Other Bank Terms
    Your use of Swipe is subject to these Swipe Service Terms and Conditions as well as all applicable Bank of Maldives Plc. terms, policies, and procedures relating to Bank accounts, cards, digital banking services, merchant services, fees and charges, privacy, and data protection, as amended from time to time. Where you access or use any Bank of Maldives product or service through Swipe, the terms governing that product or service shall continue to apply and, in the event of any inconsistency, the specific product terms shall prevail. Applicable BML terms and conditions are available on Bank of Maldives website.
    16.2 Regulatory, AML/CFT, and Transaction Monitoring
    All Swipe transactions, Wallet activity, onboarding processes, and customer relationships are subject to applicable laws and regulations of the Republic of Maldives, including but not limited to Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) laws, regulations, rules, and directives issued by the Maldives Monetary Authority and other competent authorities.

You acknowledge and agree that:
a. Transactions conducted through Swipe may be monitored, screened, delayed, restricted, declined, or reported as required by applicable AML/CFT laws and regulatory obligations.
b. The Bank may request additional information or documentation at any time to comply with legal, regulatory, or risk management requirements.
c. The Bank may suspend, restrict, or terminate access to Swipe or any Wallet without prior notification where required for compliance purposes.
16.3 Tax Residency, FATCA, CRS, and Declarations
You represent and warrant that all information provided by you in relation to your tax residency, citizenship, residency status, and declarations (including FATCA, CRS, PEP, and any similar requirements) is true, complete, and accurate.

You agree to:
a. Promptly notify the Bank of any change in your tax residency, citizenship, or residency status.
b. Provide additional documentation or declarations as may be required by the Bank from time to time to comply with tax reporting obligations and international information exchange requirements.

Unless informed by the users otherwise, by default all Maldivians and foreigners who are BML customers shall be considered as residents in Maldives and foreigners who are non-BML customers shall be considered as users not residing in Maldives.

The Bank may rely on the information provided by you and shall not be responsible for any consequences arising from incorrect, incomplete, or outdated information.
16.4 Foreigners, Non-BML Customers, and Non-Residents
Swipe may be made available to foreigners, non-resident customers, and non-BML customers, subject to the Bank’s eligibility criteria, jurisdictional restrictions, regulatory requirements, and internal policies.

You acknowledge that:
a. Certain Swipe features, Wallet functions, currencies, transaction types, limits, or services may be restricted or unavailable to foreign, non-resident, or non-BML customers.
b. The availability and use of Swipe outside the Republic of Maldives may be subject to local laws, regulatory restrictions, and cross-border limitations.
c. Funds topped up or held in Swipe may be restricted to use within the Republic of Maldives where required by law or policy.

The Bank reserves the right to modify, restrict, suspend, or discontinue Swipe services for any customer category where required by law, regulation, or risk considerations.

  1. Miscellaneous
    17.1 Data Collection
    You agree that to the extent permitted by the applicable law, BML may collect, store, record, use, disclose, and transfer personal data and Wallet related information about you, your device, and your transactions for the purposes of providing and securing the Wallet, processing transactions, fraud prevention, customer support and service improvement.
    17.2 Intellectual Property
    This Wallet, all related software, content, documentation, trademarks, logos, and other materials related to the Wallet (together, “Materials”) are owned by BML or its licensors and are protected by applicable intellectual property laws. BML grants you a limited, non-exclusive, non-transferable, revocable right to use the Materials solely to access and use the Wallet in accordance with these Terms and Conditions. You may not copy, modify, distribute, publish, reverse engineer, or create derivative works from any Materials, or remove proprietary notices.
    17.3 Assignment
    BML may assign, transfer, novate, subcontract, or otherwise deal with any of its rights of obligations under these Terms and Conditions to any subsidiaries or affiliates of the Bank or any successor operator or service provider of the Wallet. Where reasonably practicable, the Bank will give users notice of any assignment that may result in a third party providing the Wallet. Your continued use of the Wallet after the assignment takes effect will be deemed acceptance.
    You may not assign or transfer any of your rights or obligations under these Terms and Conditions without BML’s prior written consent.
    17.4 Waivers
    Any waiver by the Bank is effective only if in writing and expressly stated to be a waiver. A waiver applies only to the specific instance for which it is given and does not waive any other or subsequent breach. The Bank’s failure or delay to exercise any right or remedy does not waive that right or remedy, and any rights and remedies are cumulative and in addition to those available under applicable law.
    17.5 Disputes, Evidence, and Liability
    a. All transactions conducted through a Swipe Wallet are initiated and authorized solely by the Wallet Holder via Secure PIN, device biometrics, OTP, or other approved authentication methods. The transaction records generated by the Swipe system, including electronic receipts, payment confirmations, merchant records, and system logs, shall constitute conclusive evidence of the transaction and the extent of liability incurred by the Wallet Holder. The Bank is not responsible for ensuring that goods or services purchased through Swipe are received or meet the Wallet Holder’s satisfaction.

b. A Wallet Holder wishing to dispute a transaction or charge must notify the Bank in writing within sixty (60) calendar days of the transaction date. Disputes raised after this period may not be accepted or investigated by the Bank, subject to applicable laws or regulatory requirements.

c. Upon receipt of a dispute within the prescribed timeframe, the Bank shall make bona fide and reasonable efforts to investigate and resolve the matter. If the Bank investigation determines that the transaction was processed correctly in accordance with the Wallet Holder’s instructions and system controls, the Wallet Holder shall remain fully liable for the transaction amount, including all applicable fees or charges.

d. This Agreement and any disputes arising out of or in connection with the use of Swipe shall be governed by and construed in accordance with the laws of the Republic of Maldives. All such disputes shall be subject to the exclusive jurisdiction of the courts of the Republic of Maldives.

e. Where a transaction is disputed due to suspected fraud, unauthorized activity, or security concerns, the Bank reserves the right to temporarily suspend or restrict access to the affected Wallet or related services while investigations are conducted. Any subsequent restoration of access shall remain subject to these Terms and Conditions.

  1. EFT Guidelines
    The Guidelines on Consumer Protection on Electronic Funds Transfer (EFT Guidelines) issued by the Maldives Monetary Authority governs electronic funds transfer transactions to or from your Account, which are initiated by you through electronic equipment using an access method, for example, by using your Credit Card, Debit Card or Prepaid Card at ATMs and through POS terminals. It also includes the BML Internet Banking, BML Mobile Banking and Swipe access methods.

Where there is any inconsistency between these Terms and Conditions and the EFT Guidelines, the EFT Guidelines prevail to the extent required by applicable law.
18.1 Our service approach
If you experience any problems or disputes with the services we provide, we encourage you to inform us. Your feedback gives us the opportunity to improve our service. If we make a mistake or our service does not meet your expectations, please be assured that we will do everything possible to resolve the issue promptly. Problem resolution is a priority for us, and we are committed to taking action when things go wrong.

18.2 If you have a complaint
If you think there has been a mistake in a transaction made through Swipe or have another issue, please contact us and we will advise you of our dispute resolution procedure.

It is your responsibility to, firstly, notify us of the situation. To do this, contact us 24 (twenty-four) hours a day, 7 (seven) days a week, by:
Phone: (+960) 333 0200
SMS: (+960) 799 0200 / (+960) 999 0200
E-mail: customerservice@bml.com.mv
Mail: Available within the BML Internet Banking service and BML Mobile Banking service.

We aim to resolve the matter when you first contact us. If we cannot resolve your issue immediately, we will commit to taking the following steps:
Step 1 – Let you know who is handling your complaint.
Step 2 – Keep you informed of what is happening.
Step 3 – Aim to resolve your complaint within 5 (five) working days.

If you feel that your complaint has not been properly handled or resolved, please refer to our Complaint Policy available on our website (www.bankofmaldives.com.mv) to escalate the issue accordingly.

Terms & Conditions

Privacy Policy

© 2026 Swipe by Bank of Maldives

Features

FAQs

Merchant

About