The strained relations between India and Maldives are being improved again, after all, Maldives needed to strengthen its relations with India again. Based on the cabinet’s recommendation, Maldives President Mohammad Muizzu has decided to launch India’s Unified Payment Interface (UPI).
UPI designed in India is a real-time payment system that provides instant money transfer between bank accounts through mobile phones. UPI makes payments easier and become popular all over India. countless people use it to make various payments, such as shopping at shops, bill payments, or sending money from one person to another.
Maldives will get better financial transactions with India’s UPI facility, as well as help in digital infrastructure. This step will not only strengthen the economic and business status of Maldives but will also provide new facilities to the citizens of Maldives in digital payments.
Prior to Mohammad Muizzu’s declaration of the plan to launch India’s UPI in the Maldives, the Bank of Maldives (BML), the nation’s central bank, issued a significant declaration about India. This month on October 7th, BML made an announcement stating that its POS terminals and ATMs will now also accept the RuPay card from India.
In August, the UPI agreement was signed when India’s Foreign Minister S Jaishankar visited the Maldives. An MOU was signed by the National Payments Corporation of India and the Ministry of Economic Development Trade of Maldives to launch a digital payment system. Similarly to India, Maldivians can make payments via UPI under this agreement.
Every year, millions of Indian tourists and expatriates travel to the Maldives, a popular vacation destination. The UPI program eliminates the need for currency for Indian visitors and expats. They’ll be able to use their phones to quickly and safely make payments. In addition, Maldivian local retailers will find it simple to get paid directly by Indian visitors, which will boost their business. Maldives’ adoption of UPI strengthens financial ties, boosts tourism, and enhances digital payment infrastructure significantly.
