Muizzu introduces UPI payment service to boost Maldivian economy

 

 

 

MALDIVES President Mohamed Muizzu has taken “necessary steps” to introduce India’s Unified Payments Interface (UPI) in the archipelago nation, slated to benefit the Maldivian economy substantially. Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system for facilitating inter-bank transactions through mobile phones. Muizzu on Sunday set up a consortium to introduce UPI in the country and appointed TradeNet Maldives Corporation Limited as its leading agency, according to a press release by the President’s Office. The President also suggested the participation of the country’s banks, telecom companies, State-owned companies and fintech companies in the consortium.

 

He “decided to take the necessary steps” on the recommendation of the Cabinet, the press release said. “This move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure,” it said. Muizzu also constituted an inter-agency coordination team comprising the Ministry of Finance, the Ministry of Homeland Security and Technology and the country’s Monetary Authority to lead the Ministry of Economic Development and Trade in overseeing the establishment of the UPI in the Maldives. The agreement to introduce UPI in Maldives was signed during External Affairs Minister S Jaishankar’s three-day official visit to the country in August.