President Dr. Mohamed Muizzu has decided to introduce India’s Unified Payment Interface in the Maldives. The president’s office announced that the decision was taken on the recommendation of the cabinet. The move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions and enhanced digital infrastructure.
Indian tourists will be able to make transactions in Indian rupees on UPI-enabled apps without going through the hassle of converting currency. In this regard, President Muizzu has decided to set up a consortium to introduce UPI in the Maldives. He also suggested that banks, telecom companies, state-owned companies, and fintech companies operating in the country should be included in the consortium.
During the visit of External Affairs Minister Dr. S. Jaishankar in August this year, an MoU was signed between the two countries to implement the Unified Payments Interface in the Maldives. The financial interface operated by National Payments Corporation of India has been operational in several international locations, including UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius. With the implementation of UPI, India continues its commitment towards sharing developmental experiences with partner nations.
