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Maldives set to introduce Unified Payments Interface, to boost tourists from India
Maldives UPI Initiative: The island nation of Maldives is poised to introduce India’s Unified Payments Interface (UPI), which promises to enhance the country’s financial landscape through more efficient financial transactions. President Mohamed Muizzu is set to launch the UPI system following India's commitment to share its expertise in digital and financial services, including UPI and Unique Digital Identity.
A statement from the Maldivian President's office indicates that this initiative is expected to significantly benefit the national economy by improving financial inclusion, streamlining transactions, and bolstering the digital infrastructure of the island nation.
This decision was made after a comprehensive discussion within the Cabinet, prompted by a report from the Minister of Economic Development and Trade. Notably, the Maldives appears to be realigning itself with India following a period of strained relations. The Maldivian economy has faced mounting pressures over the past year, largely due to its heavy reliance on tourism.
Challenges in the Tourism Sector: The Maldivian economy is also grappling with challenges stemming from a steep decline in Indian tourists, who previously made up a substantial portion of visitors. With tourism being a primary revenue driver, any disruptions in this sector could further stress the already vulnerable economy.
Implications for Indian Travellers: India was once the leading source of tourists for the Maldives. However, since President Muizzu's office took over late last year and launched the ‘India Out’ campaign, relations between the two nations have soured. In the first half of 2024, Indian tourist arrivals dropped to sixth place, with only 63,450 visitors—a staggering 42.5 percent decline from the previous year.
For Indian travellers, the renewed relations could bode well for those planning visits, as the introduction of UPI will facilitate easier payments and transactions during their stay. As India's digital payment infrastructure continues to grow, managing finances while enjoying a vacation in the Maldives will become significantly more straightforward.
UPI Implementation Steps: President Muizzu's decision to implement UPI came after a Cabinet recommendation and follows India's agreement to assist in developing digital and financial services during Muizzu’s recent state visit to India. This collaboration includes the establishment of the Digital Public Infrastructure (DPI) through the launch of UPI and Unique Digital Identity.
To facilitate this introduction, President Muizzu plans to create a consortium involving banks, telecom companies, state-owned enterprises, and fintech firms in the Maldives. TradeNet Maldives Corporation Limited, recognized for its expertise, has been appointed to lead this consortium. Additionally, an interagency coordination team, including the Ministry of Finance, the Ministry of Homeland Security and Technology, and the Maldives Monetary Authority, will oversee UPI's implementation under the guidance of the Ministry of Economic Development and Trade.
During Muizzu's recent state visit to India, RuPay cards were also launched in the Maldives to ease payments for Indian tourists and Maldivians traveling to India, further strengthening digital and financial collaboration between the two nations.
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