Bank of Maldives (BML) has announced it will be issuing Mastercard Business debit cards to businesses instead of Vaaru Card.
The bank previously issued Vaaru Card to businesses for their tax-related transactions.
BML confirmed it will fully discontinue issuance of Vaaru Card to businesses from May 5, 2023.
The shift has been described as a welcome change, that would enhance businesses in their transactions. The bank added that Vaaru Card were issued exclusively for tax-related transactions whereas the Mastercard Business debit cards have a wider ranger of uses.
The new Mastercard Business debit cards are applicable anywhere in the world. Businesses can also use the card to withdraw MVR 25,000 or USD 1,600 daily.