• Maldives plans to roll out India’s Unified Payments Interface (UPI) following a Cabinet recommendation and President Muizzu’s directive.
  • An interagency team, including the Ministry of Finance and the Maldives Monetary Authority, has been established to oversee the UPI implementation.

The Maldives is set to roll out India’s Unified Payments Interface (UPI) following a directive from President Mohamed Muizzu. The decision comes after a Cabinet recommendation on Sunday, aimed at boosting the nation’s digital economy.

This development follows India’s agreement to extend its expertise in digital and financial services during Muizzu’s State Visit earlier this month, where the two countries also discussed collaboration on Digital Public Infrastructure (DPI).

President Muizzu’s administration expects the UPI integration to significantly benefit the Maldivian economy by enhancing financial inclusion, improving transaction efficiency, and advancing the nation's digital infrastructure.

According to a statement from the President’s office:

“The decision was made after the Cabinet thoroughly discussed a report submitted by the Minister of Economic Development and Trade.”

As part of this initiative, President Muizzu proposed the formation of a consortium to facilitate the introduction of UPI in the Maldives. He emphasized that the consortium should include key stakeholders such as banks, telecom companies, state-owned enterprises, and fintech firms. Furthermore, Muizzu has appointed TradeNet Maldives Corporation Limited—a prominent agency with proven expertise—as the leading body for this consortium.

Additionally, an interagency coordination team has been set up, comprising members from the Ministry of Finance, the Ministry of Homeland Security and Technology, and the Maldives Monetary Authority, to assist the Ministry of Economic Development and Trade in overseeing the UPI rollout.

In a move to strengthen bilateral ties, India also launched RuPay cards in the Maldives during Muizzu’s visit. This is aimed at simplifying payments for Indian tourists in the Maldives and Maldivian nationals visiting India, thereby deepening financial cooperation between the two countries.

Edited by Harshajit Sarmah