PayPal makes sending and receiving money extremely easy by allowing users to set up an account linked to their bank account, credit card, or debit card which takes away the stress of involving the banking system to make transactions.
Toms Guide
One of the biggest issues in the current banking system is the difficulty when it comes to transferring money between counties. This not only poses a difficulty for students living abroad, but without additional support like PayPal, Maldivians who work for foreign companies face their own struggles when it comes to receiving their income while living in the Maldives.
PayPal makes sending and receiving money extremely easy by allowing users to set up an account linked to their bank account, credit card, or debit card which takes away the stress of involving the banking system to make transactions. PayPal is one of the first choices for people when it comes to making such transactions. Not only is the established and globally recognised platform secured through the internet, the digital payment system is accepted worldwide, allowing individuals and businesses to make transactions without the need for physical cash or bank transfers.
In addition to transferring money between people, the platform also offers various services, including online purchases and invoicing for businesses. PayPal also provides buyer protection, which ensures that users can receive refunds if something goes wrong with a purchase.
Even with all these benefits, PayPal is a service that is not available in the Maldives, although the country attracts thousands of travelers a year. With the introduction of PayPal, spending habits among travelers could largely change as the secure as well-used service would allow for easy transactions within the country.
With citizens requesting for PayPal to be introduced over the years, it had also become one of the promises by President Dr. Mohamed Muizzu to establish this service in the Maldives. As the Government announced that it has submitted a proposal to PayPal to bring the payment system to Maldives, there is hope that Maldivian PayPal users can receive money via the service instead of only being able to send money via PayPal.
Although there is no timeline as to when the service will be introduced in the Maldives, there is no doubt that PayPal could offer numerous advantages to the country, from boosting e-commerce and tourism to supporting freelancers and enhancing financial inclusion. It could be a key step in further integrating the Maldives into the global digital economy.
