In a major move toward modernizing financial infrastructure, Maldives President Mohamed Muizzu has decided to introduce India’s Unified Payments Interface (UPI) system in the country. This decision, expected to boost financial inclusion and enhance transaction efficiency, follows a comprehensive discussion by the Maldivian Cabinet. The government will establish a consortium led by TradeNet Maldives Corporation Limited, involving banks, telecoms, and fintech companies. The initiative is part of an MoU signed between Maldives and India in August 2023 during External Affairs Minister S. Jaishankar’s visit.
UPI is already operational in several countries, including the UAE, Sri Lanka, and France. The integration in the Maldives will provide a seamless digital payment experience, benefiting both residents and tourists. An inter-agency team will oversee its implementation, ensuring smooth coordination between various stakeholders. This move is expected to strengthen economic ties with India and enhance the Maldives’ digital infrastructure, supporting trade and tourism growth.
