India is set to launch UPI services in the Maldives
NEW DELHI: The Maldives and India have inked an agreement to implement the Unified Payments Interface (UPI) in the island nation, according to a statement made by External Affairs Minister S. Jaishankar on Sunday.
This occurs while Jaishankar is in the Maldives for a three-day official visit.
Speaking to X, Jaishankar stated, “We witnessed the signing of a MoU between the National Payments Corporation of India and the Ministry of Economic Development and Trade of the Maldives on the introduction of a digital payment system in the Maldives.”
Before this, Jaishankar also addressed the media at a press conference after holding “productive discussions” with his colleague Moosa Zameer of the Maldives. He emphasized how the Unified Payments Interface (UPI) of India had “revolutionized digital transactions.”
“I am delighted to announce that with today’s signing of the MoU, we have taken the first step toward introducing this digital innovation in the Maldives,” he said.
“I wish all stakeholders the very best and look forward to seeing the first UPI transaction here soon. This development is expected to have a highly positive impact on tourism,” he added.
Meanwhile, Maldivian Foreign Minister Zameer commented, “India has always been one of our closest allies and a crucial development partner.”
He noted that this “enduring friendship,” built on mutual trust and respect, has continued to thrive over the years.
“High-level exchanges between our countries have strengthened our dialogue and cooperation in areas of mutual interest. We are committed to enhancing and advancing this mutually beneficial partnership,” he said.
In addition, he brought up President Muizzu’s suggestion to begin talks on a free trade agreement between India and the Maldives. “Such an agreement, along with other trade-related agreements, will facilitate trade liberalization and ease business risks in both countries,” Zameer stated.
When President Muizzu ordered the removal of Indian military personnel from three Maldivian aircraft platforms last year, ties between India and the Maldives took a blow. On May 10, as scheduled, civilians had taken the place of the Indian military troops.
