BML Records Over 70 Transactions Per Second when Daily MVR Card E-Commerce Limit Resets

The Bank of Maldives (BML) has revealed that it is processing more than 70 e-commerce transactions per second on highly popular international platforms, including Temu, Alibaba, Apple, and Amazon. 

This intense surge in traffic occurs immediately after the bank’s daily transaction limits reset each morning.

In an effort to preserve the national bank's foreign currency liquidity, BML has established daily transaction limits for international e-commerce purchases made using Maldivian Rufiyaa (MVR) cards. Under this policy, the daily limits allocated for international platforms reset every morning at 7:00 AM.

BML spokesperson Mohamed Saeed explained that after the bank disclosed the daily 7:00 AM reset time in response to customer inquiries, shopping habits adapted rapidly. Many users now prepare their items in online shopping carts ahead of time. Consequently, the moment the clock strikes 7:00 AM, a massive volume of transactions is processed simultaneously, exhausting the daily limit allocated for high-demand site categories within minutes.

Our cards are used to shop at more than 40,000 e-commerce sites worldwide, averaging over 20,000 transactions per day, Saeed said. 

The daily allocation for sites with the highest demand is exhausted shortly after the limit resets because over 70 transactions per second are being processed through the bank's system.

Saeed clarified that if a transaction fails because the daily platform limit has already been reached, customers are immediately notified via system messages. In such cases, they are advised to either use a USD-denominated card to complete their purchase or try again the following morning.

Despite the rapid exhaustion of limits on popular shopping websites, Saeed emphasised that the daily limits for other categories, such as travel bookings and essential subscriptions, are rarely depleted so quickly. Funds allocated for these categories routinely last through the end of the day, ensuring that limits remain available throughout the day for essential daily needs, according to the spokesperson.

BML assured the public that while these measures distribute up to USD 16 million per month across various online categories, Maldivians traveling abroad, students studying overseas, and Maldivians residing abroad will face no disruptions and can continue to utilise their standard card limits as normal.

The Strategy Behind the Daily Limits

The decision to implement daily limits stems from a high domestic demand for US dollars required to settle international e-commerce transactions. To sustainably manage its foreign currency liquidity, BML prioritised establishing clear, category-based daily usage limits under a robust and transparent policy designed to help customers plan their spending.

Under this current framework, BML has structured a total monthly allocation of up to USD 16 million for international e-commerce transactions using MVR cards, divided as follows:

• Most Used E-Commerce Platforms (150 sites including Temu, Alibaba, Apple, Amazon): USD 3 million monthly (approximately USD 100,000 daily)

• Social Media Platforms (Meta, TikTok, etc.): USD 1.5 million monthly (approximately USD 50,000 daily)

• Travel & Hotel Bookings: USD 6 million monthly (approximately USD 200,000 daily)

• Essential Subscriptions & Critical Services: USD 3 million monthly (approximately USD 100,000 daily)

• All Other Online Businesses: USD 1.8 million monthly (approximately USD 60,000 daily)

• Healthcare & Educational Services: A dedicated, unrestricted buffer is maintained to ensure these critical payments can be processed at any time.

To put these figures into perspective, BML disclosed that from January to August of this year, the bank spent an average of USD 38 million per month on combined e-commerce and card transactions. Across all sectors, the bank allocates a total of USD 81 million per month for its customers, reserving specific funds for medical and educational purposes to ensure uninterrupted support for critical needs.

BML reiterated that it will continuously monitor and review these allocation limits based on transaction patterns, evolving customer requirements, and the overall volume of foreign currency received by the bank.