Male: Now, Indians traveling to the Maldives have something exciting to look forward to—payments just got a whole lot easier. President Mohamed Muizzu has announced plans to introduce India’s Unified Payment Interface (UPI) in the island nation, following a Cabinet recommendation on Sunday. This development comes after India agreed to share its expertise in digital and financial services, including the implementation of UPI and Unique Digital Identity, during Muizzu’s recent state visit to India.
The Maldivian President’s decision is expected to bring substantial benefits to the country’s economy, including increased financial inclusion, enhanced efficiency in financial transactions, and improved digital infrastructure, according to a statement released by his office.
The statement further noted that the Cabinet made the decision after discussing a report submitted by the Minister of Economic Development and Trade. President Muizzu has also decided to set up a consortium to facilitate the introduction of UPI in the Maldives. This consortium will include banks, telecom companies, state-owned enterprises, and fintech companies operating in the country.
TradeNet Maldives Corporation Limited, a leading agency known for its expertise, has been appointed to lead the consortium, the statement added. Additionally, an interagency coordination team, comprising the Ministry of Finance, the Ministry of Homeland Security and Technology, and the Maldives Monetary Authority, will be established to oversee the Ministry of Economic Development and Trade in implementing UPI in the Maldives.
During Muizzu’s state visit to India earlier this month, India also launched RuPay cards in the Maldives to make payments easier for Indian tourists visiting the island nation, as well as for Maldivians traveling to India, further enhancing digital and financial cooperation between the two countries.
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