Maldives President Mohammed Muizzu on Sunday approved the launch of Unified Payments Interface (UPI) in the country following the recommendation of the Cabinet. This technology used for digital transactions in India has been appreciated all over the world and now Maldives is also preparing to adopt it. Maldives took this step after India agreed to work in the development of Digital Public Infrastructure (DPI). India will also share its experience in implementation of digital and financial services with Maldives.
The office of the President of Maldives issued a statement saying that his decision is expected to greatly benefit the economy of Maldives. This includes increased financial inclusion, improved efficiency in financial transactions and increased digital infrastructure. The statement further said that this decision has been taken after an in-depth discussion on the report presented by the Minister of Economic Development and Trade in the Cabinet meeting.
President Muizzu has also decided to set up a commission to launch UPI in Maldives. During his visit to India earlier this month, India also launched RuPay card in Maldives to ease payments for Indian tourists visiting the country as well as Maldivian citizens visiting India and between the two countries. Digital and financial cooperation can be promoted.
