By In a landmark move to enhance financial connectivity between the Maldives and India, the Unified Payments Interface (UPI) payment system has been officially launched in the Maldives, making it easier for both nations to transact seamlessly. President His Excellency Dr. Mohamed Muizzu, currently on an official visit to India, and Indian Prime Minister His Excellency Narendra Modi jointly announced the introduction of the UPI-powered Rupee Card in the Maldives.
Following high-level talks between the two leaders, the first live Rupee Card transaction was broadcast from an Authentic Maldives store, symbolizing the strengthening of digital ties between the two nations. The UPI system, already used in over 185 countries, including Singapore and the UAE, will now benefit Indian citizens residing in the Maldives as well as Maldivian businesses, especially in the tourism and e-commerce sectors.
President Muizzu highlighted the significance of this development, noting that the Rupee Card will not only simplify financial transactions for the large Indian expatriate community in the Maldives but also boost tourism and trade. “The introduction of the Rupee Card is a testament to the strong and growing partnership between the Maldives and India, offering greater convenience and fostering economic growth,” President Muizzu stated.
Strengthening Bilateral Economic Ties
The Rupee Card service was introduced as part of a Memorandum of Understanding (MoU) signed between the Maldivian Ministry of Economic Affairs and the National Payments Corporation of India (NPCI). This initiative follows several other economic collaborations, including the expansion of Hanimaadhoo International Airport and the handover of 700 housing units in Hulhumalé, built with Indian assistance.
The Economic Ministry of the Maldives emphasized that this new payment system will facilitate the growth of small and medium enterprises (SMEs) by expanding trade opportunities between the two nations. Indian tourists, a vital part of the Maldivian economy, will also benefit from the ease of payments, contributing to the already thriving tourism industry.
This latest step underscores President Muizzu’s continued focus on enhancing bilateral relations with India, strengthening the financial and digital infrastructure of the Maldives. By embracing the UPI payment system, the Maldives is poised to expand its participation in the global digital economy, while furthering the economic partnership that has long benefited both countries.