Maldives to Ride on Indian Digital Revolution Wave as UPI to Be Rolled Out
India and the Maldives signed a memorandum of understanding for the rollout of the Unified Payments Interface in the island nation, which would bring about total change for the betterment of Maldivian tourism industry, declared S Jaishankar, India's External Affairs Minister.
“Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives,” he said in a post on X.
The memorandum of understanding was signed during Jaishankar’s three-day official visit to the Maldives. UPI, developed by the National Payments Corporation of India, is a real-time payment system designed to facilitate inter-bank transactions via mobile devices.
Jaishankar touted how India has really moved in terms of digital transactions through the UPI platform at a news conference alongside Maldivian Foreign Minister Moosa Zameer, after what he called “productive discussions”.
Stressing that it has taken financial inclusion in India to new levels, he said “Today 40 per cent of the world’s real-time digital payments take place in our country.” “We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives,” he said.
Tourism is the lifeblood of the Maldivian economy, accounting for nearly 30 per cent of its GDP and generating more than 60 per cent of its foreign exchange earnings.
Jaishankar’s visit is seen as an effort to consolidate bilateral ties with the Maldives. Especially after Mohamed Muizzu, a pro-China President, took over last year.
