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Male’: Bank of Maldives (BML) says more than 70 transactions are being processed within seconds on popular international e commerce platforms such as Temu, Alibaba, Apple and Amazon after the daily e commerce limit resets.

The bank recently introduced daily limits on international e commerce transactions made using its MVR cards as part of measures to manage foreign currency liquidity. The limits reset every day at 7am, allowing customers to make transactions again after the reset.

BML spokesperson Mohamed Saeed said customers have responded to the reset time by preparing their purchases in advance. He said the daily allocation for the most popular e commerce platforms is often used up within a short period after the limit becomes available.

Limits set by category

Saeed said BML cards are used for transactions on more than 40,000 e commerce websites worldwide, with more than 20,000 transactions now being processed on an average day. The bank has set a monthly cap of $16 million for international e commerce transactions, divided among different categories.

The highest allocation is $3 million per month, or around $100,000 per day, for 150 of the most commonly used e commerce platforms, including Temu, . Social media platforms have a monthly limit of $1.5 million, while travel and hotel bookings have a $6 million monthly limit. Essential subscriptions and services have a $3 million allocation, while other online purchases have a $1.8 million limit. Health and education related payments are not subject to a merchant category limit.

Reason for the restrictions

BML said the limits were introduced due to high demand for US dollars needed to settle international card transactions. The bank said the system is intended to manage foreign currency liquidity while giving customers clearer limits so they can plan their spending.

The bank said customers travelling abroad, studying overseas or living outside the Maldives can continue using their cards without restrictions within the allocated limits. BML added that it will continue reviewing the limits based on transaction trends, customer demand and the amount of foreign currency available to the bank.