India Empowers Maldives with Unified Payments Interface

India and Maldives have signed an agreement introducing the Unified Payments Interface (UPI) to enhance digital transactions in the Maldives. This initiative aims to boost financial inclusion and positively impact the tourism sector. The signing took place during External Affairs Minister S Jaishankar's visit to strengthen bilateral relations.

India and Maldives have inked a pivotal agreement to introduce the Unified Payments Interface (UPI) in the island nation, aimed at significantly bolstering its tourism sector, according to India's External Affairs Minister, S Jaishankar.

The Memorandum of Understanding (MoU), signed on Friday during Jaishankar's three-day official visit, marks a significant milestone in digital payment systems. Jaishankar highlighted that the UPI, developed by the National Payments Corporation of India (NPCI), has revolutionized digital transactions in India, facilitating inter-bank transfers via mobile phones.

Addressing a joint press conference with Maldivian Foreign Minister Moosa Zameer, Jaishankar emphasized that the digital payments initiative is expected to have a far-reaching positive impact on the Maldivian tourism industry. This visit also aimed at resetting bilateral ties since the pro-China President Mohamed Muizzu took office last year.

(With inputs from agencies.)