Unified Payments Interface (UPI) is a real-time payment system that enables inter-bank transactions through mobile phones.
Indian External Affairs Minister Subrahmanyam Jaishankar announced launching India's instant payment system, Unified Payments Interface (UPI), in the Maldives today.
Speaking at a press statement held at the Ministry of Foreign Affairs to mark the start of his three-day official visit to Maldives, Jaishankar said an MoU has been signed today as a first step to introduce UPI services in Maldives.
UPI payments were introduced in India in 2016. Developed by the National Payments Corporation of India (NPCI), UPI is a real-time payment system that enables inter-bank transactions through mobile phones.
"We hope to see the first UPI transactions in Maldives very soon," Jaishankar said.
"I believe this will be a significant benefit to tourism."
The introduction of UPI will make payments easier for people traveling from Maldives to India and from India to Maldives. Instead of carrying cash, individuals will be able to make payments online through a special app.
India introduced the service in Sri Lanka last year.
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