In spite of the fact that Maldives Monetary Authority issued license to eight banks to operate in Maldives and two mobile operators for providing mobile payment service in Maldives, digital payment industry in Maldives continue with challenges due to banks and service providers operate in an independent environment. This research is a study on implementing a domestic payment scheme in Maldives which will act as a national payment network interconnected by banks and all the payment service providers in Maldives. The first phase of the research involves studying and analyzing domestic payment solutions implemented and operating on countries from various regions around the globe. Second phase involves understanding the people and their interaction towards different digital payment methods including existing and new trends. Finally proposing an enhanced and tailored framework for Maldives digital payment ecosystem.
Table of Contents
CHAPTER 1 - INTRODUCTION
1.1 Background to the study
1.2 Problem Statement
1.3 Objectives of the study
1.4 Significances of the study
1.5 Scope of the study
CHAPTER 2 - REVIEW OF LITERATURE
2.1 Introduction
2.2 Previous Studies or Related Solutions
2.2.1 Overview of BLIK
2.2.2 Overview of Swish
2.2.3 Overview of China UnionPay (CUP)
2.2.4 Overview of Rupay
2.3 Conceptual Framework
CHAPTER 3 - RESEARCH METHODOLOGY
3.1 Research Design
3.2 Framework for Data Analysis
3.3 Data Analysis and Results
CHAPTER 4 - PROPOSED FRAMEWORK
4.1 Physical Card solution
4.2 Card solution for ecommerce environment
4.3 Mobile payment solution
4.3.1 Mobile payment solution for ecommerce, retail and ATM
4.3.2 Mobile P2P transfers
CHAPTER 5 - SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of the research
5.2 Conclusion
5.3 Limitations of Study
5.4 Recommendations
5.5 Further Research Suggestions
Objectives & Research Scope
This research aims to analyze the current fragmented payment landscape in the Maldives and propose a unified, national domestic payment scheme that interconnects financial institutions, banks, and service providers to provide an efficient, fair, and secure payment ecosystem for both the public and businesses.
- Analyzing global best practices for domestic payment solutions in diverse markets.
- Evaluating user behavior, trust, and technological readiness regarding digital payment methods.
- Proposing an integrated framework for interbank transaction settlements.
- Designing a scalable system for both physical card and mobile-based payment transactions.
Excerpt from the Book
2.2.1 Overview of BLIK
BLIK is a service launched in early 2015 in Poland which enables customers to use smartphone to make payments in stores and online, withdraw cash from ATMs and send P2P payments between customers of all participating banks (Piotr, 2016). It is a different concept when compare to mobile wallet (think Google Wallet or Apple Pay) because it does not involve credit or debit card but links directly to the customer’s bank accounts (current/saving). The card is excluded from the scheme to prevent monopolization of known operators. BLIK was implemented by a company which was formed by Poland’s six largest banks.
Paying with BLIK does not matter if you want to pay online on a website, in a shop on the street, or withdraw money from an ATM. In the customers banking app there will be a BLIK icon through which a 6 digit code valid for 2 minutes can be generated. During this time the code can used in POS, on checkout screen on the web or on ATM screen. After submitting the code the mobile app will ask for confirmation, if the transaction amount is higher than 50 PLN user need to enter a PIN. For P2P payments only the phone number of the recipient is required and the money transfer will be ready to go. BLIK is that simple.
Summary of Chapters
CHAPTER 1 - INTRODUCTION: This chapter highlights the challenges of the current payment ecosystem in the Maldives and outlines the need for a national domestic payment scheme to facilitate real-time interbank transactions.
CHAPTER 2 - REVIEW OF LITERATURE: This chapter examines various global domestic payment schemes such as BLIK, Swish, China UnionPay, and RuPay to provide a conceptual basis for a tailored solution in the Maldives.
CHAPTER 3 - RESEARCH METHODOLOGY: This chapter describes the interpretive research design and the survey-based data collection process used to understand user behavior and attitudes toward digital payments in the Maldives.
CHAPTER 4 - PROPOSED FRAMEWORK: This chapter introduces a dual-track framework for a domestic payment network, offering both physical card-based and mobile application-based solutions to cater to all user segments.
CHAPTER 5 - SUMMARY, CONCLUSION AND RECOMMENDATIONS: This chapter provides a final overview of the study, presents conclusions based on the research findings, and offers recommendations for authorities and future researchers.
Keywords
Digital Payment, Domestic Payment, Mobile Payment, Maldives Monetary Authority, Interoperability, Financial Infrastructure, Payment Ecosystem, Electronic Payments, Transaction Processing, National Payment Network, Card Payments, Peer-to-Peer Transfers, Financial Inclusion, Digital Transformation, Payment Security
Frequently Asked Questions
What is the core purpose of this study?
The study aims to address the inefficiencies and lack of interoperability in the Maldivian payment industry by proposing a unified domestic payment scheme that links all banks and service providers.
What are the central themes discussed in the work?
The work focuses on digital payment infrastructure, the evolution of payment systems, user adoption barriers, and the need for fair competition in a regulated environment.
What is the primary objective of the research?
The primary objective is to identify user convenience and bank settlement benefits and to propose a framework that provides equal opportunities for payers, acceptors, and processors.
What research methodology was employed?
The author utilized an Interpretive Grounded Theory (IGT) research design, incorporating a structured survey of 40 participants to capture quantitative data on payment behaviors and risks.
What does the main body cover?
The main body covers the literature review of global payment models, the methodology for data analysis, and detailed architectural proposals for physical card and mobile payment solutions in the Maldives.
Which keywords best characterize the research?
The work is characterized by terms such as Digital Payment, Domestic Payment Network, Interoperability, and Financial Infrastructure.
Why are physical cards still a focus in the proposed solution?
The author notes that approximately 90% of current digital payment transactions in the Maldives are processed via physical credit or debit cards, necessitating a solution that supports this existing habit.
How does the proposed mobile payment solution handle security?
The proposed mobile solution utilizes one-time passcodes (OTP) and secure app-based authentication (PIN or fingerprint) to ensure authorized, real-time transactions.
What role does the government play in the proposed framework?
The author argues that the government, through the Maldives Monetary Authority, must play a key role in mandating standards, establishing the legal framework, and driving public awareness for digital adoption.
- Citar trabajo
- Moosa Saifulla (Autor), 2017, A study on implementing a domestic payment scheme in Maldives, Múnich, GRIN Verlag, https://www.grin.com/document/434930
