Maldives Embraces UPI to Boost Digital Economy

The Maldives plans to implement India's Unified Payment Interface (UPI) to enhance its digital economy. President Mohamed Muizzu's decision follows a cabinet recommendation and aims to improve financial inclusion and efficiency. The initiative involves creating a consortium of banks and fintech companies, coordinated by TradeNet Maldives Corporation.

The President of the Maldives, Mohamed Muizzu, has announced plans to introduce the Unified Payment Interface (UPI) in the country, following a cabinet recommendation. This move follows India's offer to assist with the development of digital public infrastructure, including UPI, as part of a recent diplomatic visit.

The Maldivian government expects the adoption of UPI to significantly advance the country's digital economy by improving financial inclusion, speeding up financial transactions, and enhancing overall digital infrastructure. These objectives were highlighted in an official statement after the cabinet analyzed a report from the Minister of Economic Development and Trade.

To implement UPI effectively, President Muizzu proposes establishing a consortium that includes banks, telecom operators, state entities, and fintech companies, with TradeNet Maldives Corporation taking the lead. An interagency team will coordinate with the Ministry of Finance and other relevant departments to ensure successful deployment. The expansion of services follows the recent introduction of RuPay cards in the Maldives, aimed at streamlining payments for tourists and fostering bilateral financial cooperation with India.

(With inputs from agencies.)