The Economic Ministry has signed an MoU with the National Payments Corporation of India (NPCI) to introduce the Unified Payments Interface (UPI) in the Maldives.
The MoU was signed during the ongoing official visit of Indian External Affairs Minister Dr. S. Jaishankar.
"This is the first step in introducing the UPI system in Maldives. I hope this process will be completed and the service will be introduced in Maldives soon. This service will benefit the Maldives tourism industry," Jaishankar said.
The Economic Ministry said the MOU will help implement the "creator economy" mentioned in President Dr. Mohamed Muizzu's manifesto. The ministry added that it will help develop the e-commerce sector, facilitate participation in the financial market and further expand the financial market.
The ministry stated that the service is an important milestone in the efforts to energize the economy using digital technology.
Meanwhile, efforts are underway to begin using the RuPay card in the Maldives under an agreement signed between the Bank of Maldives (BML) and the National Payment Corporation of India (NPCI) in 2019.
Digital public infrastructure has revolutionized India, with the smallest businesses in the remotest villages carrying out transactions through UPI and arranging digital payments.
In 2023, over 100 billion transactions worth USD 24 billion were carried out due to the convenience and speed of UPI services.
UPI was last launched in February this year in Sri Lanka and Mauritius. NPCI's main product is the RuPay card.
