The Maldives government has announced plans to introduce India's Unified Payment Interface (UPI) in the country, following a Cabinet decision made today.

President Dr. Muizzu's decision came after a discussion on a proposal presented by the Minister of Economic Development and Trade during the Cabinet meeting.

President Dr. Mohamed Muizzu has approved the creation of a consortium to oversee the implementation of UPI in the Maldives.

This consortium will bring together key stakeholders, including banks, telecom operators, government entities, and fintech companies.

TradeNet Maldives Corporation Limited has been appointed to lead this initiative.

To facilitate the smooth introduction of UPI, the President has also established an inter-agency coordination team.

This team, led by the Ministry of Economic Development and Trade, will include representatives from the Ministry of Finance, Ministry of Homeland Security and Technology, and the Maldives Monetary Authority.

This move follows the recent launch of India's RuPay service in the Maldives during President Muizzu’s state visit to India earlier in October.

During the same visit, speaking at India-Maldives Business Forum in New Delhi, the President underscored the significance of leveraging India's advanced digital payment technologies, particularly UPI, to strengthen the Maldives' own payment systems.

Developed by the National Payments Corporation of India (NPCI), UPI has transformed digital payments in India, offering a seamless and secure platform for instant money transfers and transactions

. The system allows users to link multiple bank accounts through a single mobile app, facilitating real-time payments with ease.