India’s UPI payment system be introduced in the Maldives

A Memorandum of system (MoU) pertaining to the introduction of India’s Unified Payment Interface (UPI) payment service in the Maldives was signed on Friday night.

The MoU was signed between Economic Ministry and NCPI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI) during a ceremony held at the Foreign Ministry as part of India’s External Affairs Minister Dr. S. Jaishankar's ongoing official visit to the Maldives.

Speaking at the signing ceremony, Minister Jaishankar said digital transactions have been revolutionized in India via the UPI system.

In this regard, he said 40 percent of world’s real-time payments take place in India via UPI.

He described the execution of the agreement as the first step towards introducing the system in the Maldives which he said would benefit Maldives’ tourism and economy sectors.

The UPI payment system was introduced in the Maldives in 2016. The system was introduced in Sri Lanka this year.