In a bid to attract more Indian tourists and enhance the ease of financial transactions, the Maldives has launched a new initiative allowing cashless payments through India’s Unified Payment Interface (UPI). President Mohammad Muizzu has directed the necessary steps to introduce UPI in the country, aiming to streamline money transfers for Indian travelers.
The decision was made during a cabinet meeting, with the Maldives government highlighting the potential economic benefits of this initiative. By integrating UPI into its financial system, the Maldives hopes to boost tourism, improve transaction efficiency, and further develop its digital infrastructure.
A consortium, including banks, telecom companies, fintech firms, and government institutions, will be formed to facilitate the implementation of UPI in the Maldives. TradeNet Maldives Corporation Limited has been appointed to spearhead the initiative, while the Ministry of Economic Development and Commerce will oversee its establishment.
Additionally, the President’s office announced the creation of an inter-agency coordination team, comprising representatives from the Ministry of Finance, Homeland Security, Ministry of Technology, and the Maldives Monetary Authority. This team will guide the rollout and ensure smooth coordination between the different stakeholders involved.
This initiative follows a memorandum of understanding signed in August between India and the Maldives during Indian External Affairs Minister S. Jaishankar’s visit, further strengthening bilateral relations. With this scheme, Indian tourists can look forward to a seamless, cashless vacation experience in the Maldives.
