UPI introduced in Maldives to boost economy

Agreement was signed during Jaishankar’s visit in August

PTI

Male, Updated At : 10:23 AM Oct 22, 2024 IST

Maldives President Mohamed Muizzu has taken “necessary steps” to introduce India’s Unified Payments Interface (UPI) in the archipelago nation, slated to benefit the Maldivian economy substantially.

Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system for facilitating inter-bank transactions through mobile phones.

Muizzu on Sunday set up a consortium to introduce UPI in the country and appointed TradeNet Maldives Corporation Limited as its leading agency, according to a press release by the President’s Office.

The president also suggested the participation of the country’s banks, telecom companies, state-owned companies and fintech companies in the consortium.

“Move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in transactions and enhanced digital infrastructure,” the press release added.

Muizzu also constituted an inter-agency coordination team comprising the Ministry of Finance, the Ministry of Homeland Security and Technology and the country’s Monetary Authority to lead the Ministry of Economic Development and Trade in overseeing the establishment of the UPI. The agreement to introduce UPI in Maldives was signed during External Affairs Minister S Jaishankar’s three-day official visit to the country in August.