New Delhi: India and the Maldives have just agreed to introduce UPI (Unified Payments Interface) across the Maldives. External Affairs Minister S. Jaishankar announced on Friday that this will make it easier for tourists to pay for things, boosting travel to the islands and helping the local economy.
During a recent meeting with Maldivian Minister Moosa Zameer, Indian External Affairs Minister S. Jaishankar finalised a key agreement. They signed a memorandum of understanding (MoU) to introduce the digital payment system which is facilitated by the National Payments Corporation of India (NPCI) and the Maldives’ economic development and trade ministry.
The MoU signed between the Ministry of Economic Development & the National Payments Corporation of India (NPCI) aims for a more inclusive & efficient financial ecosystem that benefits all Maldivians—a significant step in economic collaboration between Maldives & India pic.twitter.com/jJefjAnuiT
— Ministry of Foreign Affairs (@MoFAmv) August 10, 2024
On Friday, External Affairs Minister S. Jaishankar began a three-day visit to the Maldives, his first since President Mohamed Muizzu took office in November 2023. This trip is seen as part of efforts to strengthen ties between the two countries, especially after recent moves by Muizzu to reduce Maldives’ dependence on India and build closer relations with China.
During the visit, India and the Maldives also signed a second Memorandum of Understanding (MoU), adding 1,000 training slots for Maldivian civil servants at India’s National Centre for Good Governance.
With the recent partnership between NPCI International Payments Limited and Network International, UPI payments are now available in the UAE which brings the total number of UPI-enabled countries to seven. This expansion follows the successful introduction of UPI in Nepal, Mauritius, Bhutan, France, Singapore, and Sri Lanka.