New Delhi: Maldives President Mohamed Muizzu has announced to introduce India’s Unified Payment Interface (UPI) in the country. It is expected to give a boost to the Maldivian economy significantly by enhancing financial inclusion, improving transaction efficiency and digital infrastructure.
The UPI implementation will allow the Indian tourists in Maldives to transact in Indian rupees on UPI-enabled applications. This will go a long way in seamless currency conversion. A consortium to introduce UPI in Maldives will be set up. President Mohamed Muizzu has also asked banks, state-owned companies, telecom companies and fintech firms in the country to be a part of this consortium. TradeNet Maldives Corporation Limited, a top agency with demonstrated skills, was designated as the consortium’s leading agency. President Mohamed Muizzu also decided to form a team for interagency coordination involving the Ministry of Finance, Ministry of Homeland Security and Technology, and the Maldives Monetary Authority to supervise the launching of the UPI in the Maldives under the Ministry of Economic Development and Trade.
The decision to implement UPI comes following recommendation from the Cabinet. In a statement, the President’s office said that the Cabinet thoroughly reviewed a proposal from the Minister of Economic Development and Trade before reaching the decision to implement UPI.
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Earlier this month, India introduced RuPay cards in the Maldives to help Indian tourists in Maldives and Maldivian nationals in India to make payments, with an aim to enhance digital and financial collaboration between the two countries.
On February 13, 2023, during the G20 digital economy working group meeting in Lucknow, Union Minister Ashwini Vaishnaw had declared that India had entered into MoUs with 13 countries interested in adopting the UPI interface for digital payments. Till now, several countries including the UAE, Mauritius, Sri Lanka, Oman, Bhutan, France, Singapore, Malaysia, Nepal, and the UK have adopted the UPI. The sharing of this financial interface system with other countries mirrors India’s commitment to exchanging developmental experiences with partner nations.
