A consortium will be formed to introduce India’s Unified Payment Interface (UPI) in the Maldives. This initiative follows a recent decision by President Dr. Mohamed Muizzu, after discussions within the Cabinet on a proposal submitted by the Minister of Economic Development and Trade.

The consortium will be led by TradeNet Maldives Corporation Limited and will include banks, telecom companies, state-owned enterprises, and fintech firms. Its primary goal will be to oversee the introduction of UPI services in the country, which is expected to bring significant benefits such as increased financial inclusion, more efficient transactions, and improved digital infrastructure.

To ensure smooth coordination, an inter-agency team has also been established. This team, comprising the Ministry of Finance, the Ministry of Homeland Security and Technology, and the Maldives Monetary Authority, will assist the Ministry of Economic Development and Trade in implementing UPI.

The decision to introduce UPI comes after President Muizzu’s recent state visit to India, during which the RuPay card, a key component of UPI, was launched for use by Indians residing in or visiting the Maldives. The RuPay card is already accepted in 185 countries, including the UAE and Singapore.