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Maldives Adopts Indias UPI System
Maldives to Introduce India’s UPI System
Maldives Aims to Adopt India’s UPI
Male: The Maldivian President Mohamed Muizzu has announced plans to introduce India’s Unified Payment Interface (UPI) in the Maldives. This strategic decision aims to transform the nation’s digital payments landscape by enhancing financial inclusion, streamlining transactions, and boosting the country’s digital infrastructure. According to a statement released by the President’s Office on Sunday, the implementation of UPI in the Maldives is expected to play a pivotal role in modernizing the financial system.
Cabinet Discussion Leads to Decision
The decision to introduce India’s UPI in the Maldives followed a detailed discussion during a cabinet meeting. The Minister of Economic Development and Trade submitted a comprehensive paper on the proposal, ensuring that the Cabinet had a thorough understanding of the potential benefits and challenges associated with the implementation of UPI. After reviewing the proposal, President Muizzu decided to proceed with the initiative, emphasizing the positive impact it could have on the Maldivian economy.
Formation of a Consortium for UPI Implementation
To effectively establish UPI in the Maldives, President Muizzu announced the creation of a consortium that will oversee the integration process. This consortium will include banks, telecom companies, state-owned enterprises, and fintech companies operating within the country. The President has appointed TradeNet Maldives Corporation Limited as the leading agency of this consortium, which will spearhead efforts to ensure a smooth and efficient transition to the UPI system.
Inter-Agency Coordination for Effective Implementation
In addition to forming a consortium, President Muizzu has directed the establishment of an inter-agency coordination team. This team will consist of representatives from the Ministry of Finance, Ministry of Homeland Security and Technology, and the Maldives Monetary Authority. The primary role of this coordination team will be to assist the Ministry of Economic Development and Trade in overseeing the introduction and effective functioning of UPI in the Maldives. This structured approach is aimed at ensuring seamless integration and long-term success of the digital payment system.
MoU Signed with India for UPI Integration
The decision to implement UPI in the Maldives builds upon a Memorandum of Understanding (MoU) signed between the Maldives and India earlier this year. During the visit of India’s External Affairs Minister S. Jaishankar in August, the two nations reached an agreement to expand the reach of India’s UPI into the Maldives. This collaboration marks a significant step towards strengthening the economic ties between the two countries and facilitating cross-border digital payments.
Global Presence of India’s UPI
India’s Unified Payment Interface (UPI), operated by the National Payments Corporation of India (NPCI), has already achieved a notable presence in various international markets. The system is currently operational in countries such as the UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius. The introduction of UPI in the Maldives aligns with India’s efforts to expand the reach of its digital payment system, enabling seamless financial transactions across borders.
President Dr. Mohamed Muizzu has decided to introduce India’s Unified Payment Interface in the Maldives. The president’s office announced that the decision was taken on the recommendation of the cabinet
Disclaimer: This article provides information based on official statements and reports regarding the introduction of UPI in the Maldives. The content aims to offer an overview of the potential benefits and strategic steps involved in the implementation process. Readers are encouraged to consult multiple sources for a comprehensive understanding of this development and its impact on the Maldivian economy.
