Maldives UPI: Maldives President Mohammed Muizzu has decided to implement India’s Unified Payment Interface (UPI) on Sunday (October 20) to boost the economy. This decision has been taken after the recommendation of the cabinet. With its help, efforts will be made to advance the digital structure to improve the economic situation. The President’s Office said in a statement that the Cabinet thoroughly reviewed a proposal by the Minister of Economic Development and Trade before reaching this decision.
To facilitate and smoothly roll out UPI across the country, the Muizu government will set up a consortium, which will include banks, telecom companies and fintech companies operating in the country. For this, Tradenet Maldives Corporation Limited has been appointed as the lead agency for the consortium.
Agreement on the visit of Foreign Minister S. Jaishankar
Indian Foreign Minister S Jaishankar visited Maldives in the month of August. Then they had signed an agreement related to Unified Payment Interface, under which it was decided that in the coming time, people of Maldives will also be able to transact money through UPI like India.
Promote digital public infrastructure
India is also promoting the digital public infrastructure developed in the country, which includes digital offerings of UPI, Aadhaar, Modular Open Source Identity Platform (MOSIP) and DigiLocker across the world. According to the Ministry of External Affairs (MED), India’s initiative for Digital Public Infrastructure (DPI) aims to advance digital transformation in other countries of the world and enhance collaboration of ecosystem-centres like India Stack in digital initiatives. Announcement related to this by Prime Minister during Muizu’s visit to India Narendra Modi This happened less than a month after meeting.
Consent for other digital things including UPI
During Muizu’s official visit, both sides agreed to cooperate in the area of Digital Public Infrastructure (DPI) through the launch of digital initiatives including UPI on access to digital and financial services. Earlier this month, the President of Maldives had praised the decision of the Indian government to provide assistance of 400 million US dollars and 30 billion rupees in the form of a bilateral currency exchange agreement.
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