Maldives Steps Up: UPI Integration to Boost Economy

Maldives President Mohamed Muizzu is planning to introduce India's Unified Payments Interface (UPI) in the country. This move is expected to benefit the Maldivian economy by improving financial inclusion, transaction efficiency, and digital infrastructure. The initiative involves collaboration among banks, telecoms, and fintech firms.

In a strategic move to bolster the nation's financial landscape, Maldives President Mohamed Muizzu has initiated steps to integrate India's Unified Payments Interface (UPI) into the Maldivian economy. The move, developed by India's National Payments Corporation, aims to revolutionize real-time inter-bank transactions via mobile.

A consortium led by TradeNet Maldives Corporation Limited has been tasked with overseeing the introduction of UPI. The consortium includes collaboration from local banks, telecom companies, and fintech firms, following a recommendation by the Cabinet and announced through a statement from the President's Office.

The UPI initiative, agreed upon during Indian External Affairs Minister S Jaishankar's visit in August, comes amid evolving economic regulations in the Maldives and aims to increase financial inclusion and enhance digital infrastructure. Tourism remains a central economic driver, contributing significantly to GDP and foreign exchange.

(With inputs from agencies.)