Maldives to Introduce India’s Unified Payment Interface (UPI) Under President Muizzu
Maldivian President Mohamed Muizzu has announced plans to implement India’s Unified Payment Interface (UPI) in the Maldives, a move expected to significantly benefit the nation’s economy. According to a statement from the President’s Office, the introduction of UPI aims to enhance financial inclusion, streamline financial transactions, and bolster the country’s digital infrastructure.
This decision follows an in-depth discussion by the Cabinet, which reviewed a proposal presented by the Minister of Economic Development and Trade. President Muizzu has directed the formation of a consortium to facilitate the rollout of UPI, emphasizing the importance of involving banks, telecom companies, state-owned enterprises, and fintech firms in the initiative.
To spearhead this consortium, TradeNet Maldives Corporation Limited has been appointed as the leading agency. Additionally, an inter-agency coordination team will be established, comprising representatives from the Ministry of Finance, the Ministry of Homeland Security and Technology, and the Maldives Monetary Authority. This team will work under the Ministry of Economic Development and Trade to oversee the implementation process.
The decision to adopt UPI aligns with a memorandum of understanding signed between Maldives and India in August during the visit of Indian External Affairs Minister S. Jaishankar. UPI, operated by the National Payments Corporation of India, is already functional in several countries, including the UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius.
The introduction of UPI in the Maldives is anticipated to modernize the country’s payment systems, providing a more efficient and accessible method for financial transactions, thereby contributing to the overall growth of the Maldivian economy.
