Maldives President Mohammed Muizzu has taken “necessary steps” to introduce India’s Unified Payment Interface (UPI) in his country, which is expected to bring significant benefits to the Maldives economy.
UPI, developed by the National Payments Corporation of India (NPCI), is an instant real-time payment system to facilitate inter-bank transactions through mobile phones.
According to a press release issued by the President’s Office, Muizzu on Sunday formed a consortium 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 “decided to take the necessary steps” on the recommendation of the Cabinet.
It said, “This move is expected to bring significant benefits to the Maldives economy, including increased financial inclusion, improved efficiency in financial transactions and growth of digital infrastructure.”
