Maldives President Muizzu started UPI service and took necessary steps; Know benefit
UPI: Maldives President Mohammad Muizzu has taken "necessary steps" to introduce India's Unified Payment Interface (UPI) in his country, which is expected to greatly benefit the Maldives economy.
The Maldives' economy is expected to receive an immense benefit from the "necessary steps" that President Muhammad Muizzu has taken to implement India's Unified Payment Interface (UPI) in his country.
The National Payments Corporation of India (NPCI) created the instantaneous, real-time payment system known as UPI to make interbank transactions easier for mobile devices.
According to a press release from the President's Office, on Sunday Muizzu formed a consortium to launch UPI in the country. Tradenet Maldives Corporation Limited is its lead agency.
Membership of the consortium was also extended to all banks, telecom companies, and public sector companies in the country by the President, in addition to the financial technology companies. The statement said that he "devised to take necessary steps on the recommendation of the Cabinet".
"This move is expected to bring significant dividends to the economy of Maldives in terms of financial inclusion, efficiency in financial transactions, and digital infrastructure," it said. An agreement to launch UPI in the Maldives was signed during the three-day official visit of External Affairs Minister S. Jaishankar in August.
