Maldivian President Mohamed Muizzu has announced plans to implement India’s Unified Payment Interface (UPI) in the Maldives. This initiative aims to enhance the Maldivian economy through greater financial inclusion, more efficient transactions, and better digital infrastructure, according to a statement from the President’s Office on Sunday.
Following a detailed discussion by the Cabinet on a proposal from the Minister of Economic Development and Trade, President Muizzu decided to form a consortium to facilitate the introduction of UPI in the country. He recommended that various stakeholders, including banks, telecom companies, state-owned enterprises, and fintech firms, participate in this consortium, with TradeNet Maldives Corporation Limited appointed as its lead agency.
Additionally, an inter-agency coordination team will be established, including members from the Ministry of Finance, Ministry of Homeland Security and Technology, and The Maldives Monetary Authority, to assist the Ministry of Economic Development and Trade in overseeing the UPI implementation.
In August, Maldives and India signed a Memorandum of Understanding (MoU) for the UPI system during the visit of Indian External Affairs Minister S. Jaishankar. The UPI, managed by the National Payments Corporation of India, is already in use in numerous countries, such as the UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius.