India's Foreign Minister S. Jaishankar is on a three-day visit to the Maldives. During his visit, he announced the launch of UPI services in the Maldives as well.
Foreign Minister S. Jaishankar stated that India and the Maldives have signed an agreement to introduce the Unified Payments Interface (UPI) in the Maldives. He mentioned that this agreement would have a "very positive" impact on the tourism sector in the Maldives.
The Memorandum of Understanding (MoU) was signed on Friday during Jaishankar's three-day official visit to the Maldives.
Foreign Minister S. Jaishankar announced on the social media platform 'X' that a Memorandum of Understanding (MoU) has been signed between the National Payments Corporation of India (NPCI) and the Ministry of Economic Development and Trade of the Maldives for the launch of a digital payment system in the Maldives.
UPI, developed by NPCI, is an instant real-time payment system that facilitates transactions between banks through mobile phones.
Addressing a press conference after a meeting with his Maldivian counterpart, Mohamed Muizzu, Jaishankar stated that India has "revolutionized digital transactions" through its UPI system.
Jaishankar emphasized that financial inclusion in India has reached new heights, noting that 40 per cent of the world's real-time digital payments occur in India.
Tourism is the primary source of economic activity in the Maldives, contributing about 30 per cent to the country's Gross Domestic Product (GDP) and generating over 60 per cent of foreign exchange.
The aim of Jaishankar's visit is to restore bilateral relations with the Maldives. This is the first high-level visit from India since President Mohamed Muizzu, who is supportive of China, assumed office last year.
