Male. Maldives President Mohammed Muizzu has taken “necessary steps” to introduce India’s Unified Payments Interface (UPI) in the country, which is expected to significantly benefit the Maldivian economy.
UPI, developed by the National Payments Corporation of India (NPCI), is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Muizzu formed a consortium to launch UPI in the country. Tradenet Maldives Corporation Limited has been appointed as its lead agency.
The President also suggested the participation of the country’s banks, telecom companies, public sector companies and financial technology companies in the consortium. He “decided to take necessary steps” on the recommendation of the Cabinet.
“This move is expected to deliver significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions and enhancement of digital infrastructure,” it said. The agreement to launch UPI in the Maldives was signed in August. Foreign Minister S. The signing was done during Jaishankar’s three-day official visit.