Bank of Maldives (BML) has enabled One Time Passwords (OTPs) for all QR payments.
The bank said that this was done as part of its plan to further enhance security for payments through its Internet and Mobile Banking applications.
According to BML, once updated, the BML Mobile Banking app will allow customers to make Scan to Pay transactions of any amount using an OTP. The OTP can be generated using an Authenticator application, SMS, or by email.
BML had earlier placed an MVR 750 limit on QR Scan to Pay transactions while putting a daily limit as well. However, with the integration of OTP, the bank has removed the QR transactional limit.
In December 2022, the bank enabled authenticator apps to generate OTPs for all transactions processed via Internet and Mobile Banking. This was done to protect customers even if their email accounts have been compromised.