President Dr Muizzu seeks India’s expertise in UPI to enhance digital payment ecosystem
During his keynote address at the India-Maldives Business Forum in New Delhi yesterday, President Dr. Mohamed Muizzu emphasized the importance of leveraging India's technological advancements, particularly the Unified Payment Interface (UPI), to enhance the Maldives' digital payment systems.
We look to India's expertise to help us create a robust and secure digital payment ecosystem, particularly through the Unified Payment Interface
He stated
highlighting the transformative potential of UPI in streamlining financial transactions.
UPI, developed by the National Payments Corporation of India (NPCI) has revolutionized digital payments in India by providing a seamless, instant, and secure platform for money transfers and transactions.
It allows users to link multiple bank accounts to a single mobile application, enabling real-time payments with just a few clicks.
In addition to discussing the integration of UPI, President Dr.Muizzu acknowledged the long-standing partnership between the Maldives and India.
Over the years, Maldives and India have cultivated an enduring partnership, establishing a solid foundation for the promising next phase of our relationship.
He remarked
He stressed the importance of private investment in advancing these goals,
The active participation of the private sector is essential for accelerating economic growth, fostering innovation, enhancing resilience, and promoting sustainable development.
President stated
President also announced the introduction of the RuPay card service in the Maldives, which will complement UPI and facilitate smoother financial transactions between the two nations.
He highlighted ongoing initiatives to diversify the Maldivian economy, including the establishment of the Maldives International Financial Centre.
In his vision for a sustainable future, President laid out plans to meet 33% of the Maldives' energy requirements through renewable sources by 2028, reinforcing the country's commitment to sustainable development alongside financial modernization.
President Dr. Muizzu is on an official trip to India from October 6-10, 2024, where he aims to strengthen ties between the Maldives and India across various sectors.
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