Bank of Maldives (BML) and National Payment Corporation of India (NPCI) signed a Memorandum of Understanding on Wednesday, to introduce the acceptance of RuPay cards in Maldives.
The signing ceremony was held at the President’s Office together with the Embassy of India.
RuPay is a first-of-its-kind debit and credit card payment network of India. As per the agreement, BML will accept RuPay cards on the bank's ATMs, POS machine and other digital channels.
“It is our pleasure to work together with National Payment Corporation of India to facilitate the introduction of RuPay cards in Maldives. This is a great initiative by the Indian government to move towards a more tech savvy and cashless economy. The acceptance of RuPay cards in Maldives will provide an added convenience to facilitate payments for Indians travelling to Maldives”, said Tim Sawyer, BML's CEO and Managing Director.
BML revealed that the issuance of RuPay co-branded prepaid cards by the bank, and the acceptance of the co-branded cards across ATMs, POS machines and digital channels in India will also take place in due time.
With one billion transactions through online and offline merchants in 2019 alone, RuPay has partnered with over 600 local and international banks to widen the acceptance of the card at ATMs, POS machines and e-commerce websites across India.