In a major move aimed at strengthening the Maldivian economy, President Mohamed Muizzu’s cabinet has decided to launch India’s Unified Payments Interface (UPI) in the Maldives. President Muizzu instructed authorities to take the necessary steps to introduce UPI, believing that this initiative will enhance the nation’s financial infrastructure, increase revenue efficiency, and improve digital services.
A consortium involving banks, telecom companies, government institutions, and fintech firms will be established to facilitate the UPI rollout. TradeNet Maldives has been designated as the lead agency to oversee the implementation of UPI, as announced by President Muizzu.
This development follows the agreement signed between India’s National Payments Corporation of India (NPCI) and the Maldives Ministry of Economic Development during Indian Foreign Minister S. Jaishankar’s visit in August 2024. The agreement aims to enable Maldivians to make digital payments via UPI, much like in India.
Moreover, the Bank of Maldives (BML) has also announced that it will now accept India’s RuPay card for ATM and POS transactions, reflecting growing cooperation between the two nations. While President Muizzu had previously campaigned on an anti-India platform, this move highlights the necessity for Maldivian cooperation with India amidst evolving geopolitical circumstances.
 has also announced that it will now accept India’s RuPay card for ATM and POS transactions.){kind=link}