A consortium is to be established for the introduction of India's Unified Payment Interface (UPI) in the Maldives.
A consortium is to be established for the introduction of India's Unified Payment Interface (UPI) in the Maldives.
The President's Office said that following the discussion within the Cabinet on a paper submitted by the Minister of Economic Development and Trade, President Dr Mohamed Muizzu decided to commence efforts to introduce UPI in the Maldives.
As such, he decided to set up a consortium for the purpose. The consortium is to include banks, telecom companies, state-owned companies and fintech companies.
President Muizzu further appointed TradeNet Maldives Corporation Limited to lead the consortium.
An inter-agency coordination team was also formed, which consists of Ministry of Finance, Ministry of Homeland Security and Technology and Maldives Monetary Authority who will lead the Ministry of Economic Development and Trade to oversee the establishment of UPI.
Introduction of UPI services is believed to be a path to bringing in significant benefits to the economy such as increased financial inclusion, more efficient financial transactions, and improved digital infrastructure.
During President Muizzu's recent State visit to India, the country's RuPay card, under UPI, was introduced in the Maldives to be used by Indians residing in or visiting the country.
RuPay card services are also available in 185 countries, including the UAE and Singapore.
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