New Delhi: The President of Maldives, Mohamed Muizzu, has decided to introduce India’s Unified Payment Interface in the country. The move is expected to benefit the Maldivian economy significantly by increasing financial inclusion, improving efficiency in financial transactions, and enhancing digital infrastructure.
Once implemented, Indian tourists in Maldives will be able to transact in Indian rupees on UPI-enabled applications. This will help them avoid the hassle of converting currency. For this purpose, President Muizzu has decided to set up a consortium to introduce UPI in Maldives. He has also advised banks, telecom companies, state-owned companies, and fintech companies functioning in the country to be a part of this consortium.
Till now, the UPI has been adopted by several countries including UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius. This sharing of the financial interface system with other countries aligns with India’s commitment to sharing developmental experiences with partner nations.
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