The citizens of Maldives will now be able to use India’s UPI system

(UPI stands for Unified Payments Interface, a mobile-based app used to facilitate instant money transfers between different banking institutions)

Maldivian President Mohamed Muizzu

Male (Maldives) – Citizens of the Maldives will now be able to use India’s ‘Unified Payments Interface’ (UPI) for digital transactions. This development follows an agreement signed between the 2 countries 2 months ago. On October 20^th, Maldivian President Mohamed Muizzu approved the necessary steps to implement UPI after receiving recommendations from senior ministers. According to a statement from Muizzu’s office, this move is expected to significantly benefit the Maldivian economy by increasing financial inclusion and improving the nation’s digital infrastructure.

1. Following the decision to implement ‘UPI’, President Muizzu has decided to establish a dedicated organization for overseeing UPI’s rollout in the Maldives. He emphasized that banks, telecom companies, Government-owned entities, and financial technology firms operating in the country should be part of this new organization to ensure smooth implementation.

2. Earlier in October, India introduced the ‘RuPay Card’ in the Maldives, aimed at enhancing payment convenience for Indian tourists visiting the Maldives, as well as Maldivian citizens traveling to India. This initiative further strengthens the financial ties between the 2 nations.