Following the cabinet's recommendation yesterday, the President of Maldives, Mohamed Muizzu, has now decided to take the necessary steps to implement Unified Payment Interface (UPI) in the island nation.
This decision comes after India has agreed to share its know-how in the roll out of digital and financial services, besides contributing to the development of Digital Public Infrastructure (DPI) through the launch of UPI and the Unique Digital Identity during Muizzu's State Visit to India earlier this month.
The office has indicated that the move would reap significant benefits to the Maldivian economy, including greater financial inclusion, enhanced efficiency in financial transactions, and improvement in digital infrastructure.
The statement added that the decision was made after the Cabinet had seriously taken into consideration a report presented by the Minister of Economic Development and Trade in a cabinet meeting.
President Muizzu also resolved that a consortium should be formed for launching the UPI in Maldives and advised that banks, telecom operators, state-owned enterprises, along with fintech companies operating within the country should be made as a part of the consortium, according to the statement.
Muizzu has appointed TradeNet Maldives Corporation Limited, which is one of the leading agencies with established expertise, as the lead agency of the consortium, said the statement.
He also agreed to have an interagency coordination team that would comprise the Ministry of Finance, the Ministry of Homeland Security and Technology, and the Maldives Monetary Authority. This team would report to the Ministry of Economic Development and Trade and oversee the implementation of UPI in the country.
During his recent state visit to India last month, he launched RuPay cards, which are to facilitate payment transactions of Indian tourists going there and Maldivian nationals going to India. Among these, this is one measure to enhance digital and financial cooperation between the two countries.
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