Male: Maldives President Mohamed Muizzo on Sunday decided to launch UPI in his country following a Cabinet recommendation. The move comes after India shared its expertise in the implementation of digital and financial services. Maldives President Muizzo visited India earlier this month.

According to a statement issued by the President's Office, the decision of the Maldives President is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved financial transaction efficiency, and enhanced digital infrastructure.

Maldives economy expected to reap significant benefits

The statement further said that the decision was taken after an in-depth discussion by the Cabinet on a report presented by the Minister of Economic Development and Trade in the Cabinet meeting.

President Muizzu also decided to set up a consortium to launch UPI in the Maldives and further suggested that banks, telecommunications companies, state-owned companies and fintech companies operating in the country should be included in the consortium.

President Muizzu also decided to form an inter-agency coordination team comprising the Ministry of Finance, the Ministry of Homeland Security and Technology, and the Maldives Monetary Authority, with the Ministry of Economic Development and Trade leading the way to oversee the establishment of UPI in the Maldives.

RuPay card already launched

During his state visit to India earlier this month, India also launched the RuPay card to enhance ease of payments for Indian tourists visiting the island nation as well as Maldivian citizens visiting India, in an effort to boost digital and financial cooperation in the Maldives.

UAE, Sri Lanka, France, Malaysia and Mauritius are the first countries to launch UPI

A Memorandum of Understanding was signed between the two countries to implement the Unified Payment Interface in Maldives during the visit of External Affairs Minister Dr. S. Jaishankar in August this year. The financial interface operated by the National Payments Corporation of India has become operational in several international locations including the UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK and Mauritius. With the implementation of UPI, India continues its commitment to share development experiences with partner countries.