International Desk
Maldives President Mohammed Muizzu has taken “necessary steps” to introduce India's Unified Payments Interface (UPI) in the archipelagic country, which is expected to significantly benefit the Maldivian economy.
Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate inter-bank transactions through mobile phones.
The President also suggested the participation of the country's banks, telecom companies, public sector companies and financial technology companies in the consortium. The press release said they “decided to take necessary steps” on the recommendation of the Cabinet.
According to a press release issued by the President's Office, Muizzu formed a consortium on Sunday to launch UPI in the country. Tradenet Maldives Corporation Limited has been appointed as its lead agency.
“This move is expected to deliver significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions and enhancement of digital infrastructure,” it said on the agreement to launch UPI in Maldives. In August, Foreign Minister S. The signing was done during Jaishankar's three-day official visit.
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