India’s Unified Payments Interface to Launch in the Maldives
India’s External Affairs Minister, Subrahmanyam Jaishankar, has announced plans to launch India’s instant payment system, the Unified Payments Interface (UPI), in the Maldives.
This development marks a significant step in enhancing financial connectivity between the two countries. In a press statement held at the Ministry of Foreign Affairs to mark the beginning of his three-day official visit to the Maldives, Jaishankar confirmed the signing of a Memorandum of Understanding (MoU) as the first step towards introducing UPI services in the Maldives.
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Launched in India in 2016, UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI). It enables inter-bank transactions via mobile phones, providing a convenient and efficient means of digital payment. “We hope to see the first UPI transactions in the Maldives very soon,” Jaishankar stated, expressing optimism about the benefits this system will bring, particularly to the tourism sector.
The introduction of UPI will simplify payments for travellers moving between the Maldives and India. Instead of relying on cash, individuals will now have the option to make payments digitally through a specialised app. This follows the successful introduction of UPI in Sri Lanka last year.
Maldivian Foreign Minister Moosa Zameer reiterated the Maldives’ commitment to strengthening its cooperation and friendship with India. In a post on social media platform X, Minister Zameer welcomed Minister Jaishankar, who arrived in the Maldives on Friday evening for an official visit. He noted that the visit would include discussions on all areas of Maldives-India bilateral cooperation, with a shared commitment to deepening the partnership.
Minister Zameer greeted Minister Jaishankar upon his arrival at Velana International Airport and later hosted him at the Foreign Ministry. According to a statement by the Maldivian Foreign Ministry, Minister Jaishankar’s visit, which runs from 9th to 11th August, is being undertaken at the invitation of his Maldivian counterpart.
During the visit, Jaishankar is scheduled to pay a courtesy call on President Dr Mohamed Muizzu. He will also hold official talks with Minister Zameer to review existing bilateral cooperation. Both ministers are expected to inaugurate completed projects under the High Impact Community Development Projects (HICDP) and the Line of Credit facility from the Export-Import Bank of India. Additionally, they will witness the exchange of Memoranda of Understanding related to capacity building, commerce, and trade.
