Maldives to introduce India's payment interface
An MoU was signed with the Indian UPI service provider in August as part of the Maldives' efforts to develop its digital payment system.
President Mohamed Muizzu, on the recommendation of the cabinet, has decided to take the necessary steps to introduce India's Unified Payment Interface (UPI) in the Maldives.
A Memorandum of Understand (MoU) was signed with the Indian UPI service provider in August as part of the Maldives' efforts to develop its digital payment system. The MoU was signed during Indian external affairs minister Dr S Jaishankar's visit to Maldives.
President Muizzu made the decision after the cabinet thoroughly discussed a paper submitted by economic minister Mohamed Saeed at a cabinet meeting on Sunday, ensuring a comprehensive understanding of the matter.
President Muizzu has decided to set up a consortium to introduce UPI in the Maldives:
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He also suggested that banks, telecom companies, state-owned companies and fintech companies operating in the country should be included in the consortium.
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He also appointed TradeNet Maldives Corporation Limited, a leading agency with proven expertise, as the consortium's leading agency.
The president also decided to constitute an inter-agency coordination team comprising the Ministry of Finance, Ministry of Homeland Security and Technology and the Maldives Monetary Authority to lead the Ministry of Economic Development and Trade to oversee the establishment of the UPI in the Maldives.
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