UPI payment service will improve the economy of Maldives, Muizzu took this special step

Male: Maldives President Mohammed Muizzu has taken steps to introduce India's Unified Payments Interface (UPI) in the archipelagic country. Due to which the economy of Maldives is expected to get a lot of benefits.

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.

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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.

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 that he has decided to take necessary steps on the recommendation of the Cabinet.

It said the move is expected to deliver significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions and enhanced digital infrastructure.

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In August, Foreign Minister S. on the agreement to launch UPI in Maldives. The signing was done during Jaishankar's three-day official visit. (agency)