Maldivian President decides to introduce India’s UPI in Maldives

President Dr. Mohamed Muizzu has decided to introduce India’s Unified Payment Interface (UPI) in the Maldives, based on a cabinet recommendation. This initiative is expected to boost the Maldivian economy by promoting financial inclusion, improving transaction efficiency, and strengthening digital infrastructure. Indian tourists will be able to use UPI apps to make payments in Indian rupees without converting currency.

A consortium, including banks, telecoms, state-owned companies, and fintech firms, will be set up to implement UPI in the Maldives. The move follows a Memorandum of Understanding (MoU) signed in August 2024 between India and the Maldives, as part of India’s efforts to share developmental tools with partner nations. UPI is already in use in several countries, including the UAE, Sri Lanka, and Singapore.

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