The President of Maldives, Mohamed Muizzu, decided to take the necessary steps to introduce the Unified Payment Interface (UPI) in the island nation, following the recommendation of the Cabinet on Sunday.
This move came following India agreeing to share its expertise in the implementation of digital and financial services and to work in the development of the Digital Public Infrastructure (DPI) through the launch of India's Unified Payments Interface (UPI), Unique Digital Identity, during Muizzu's State Visit earlier this month.
The decision by the Maldivian President is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure, as per a statement released by his office.
The statement further added that the decision was made after the Cabinet thoroughly discussed a report submitted by the Minister of Economic Development and Trade at a cabinet meeting.
President Muizzu also decided to set up a consortium to introduce UPI in the Maldives and further suggested that banks, telecom companies, state-owned companies and fintech companies operating in the country should be included in the consortium.
Muizzu further appointed TradeNet Maldives Corporation Limited, a leading agency with proven expertise, as the consortium's leading agency, the statement stated.
He also decided to constitute an interagency coordination team comprising the Ministry of Finance, the 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.
During his state visit to India earlier this month, India also launched the RuPay cards in the Maldives to enhance the ease of payments for Indian tourists visiting the island nation as well as for Maldivian nationals visiting India, in an attempt to foster digital and financial cooperation between the two countries.