Econ Ministry calls BML's RuPay acceptance, progressive

The Maldives national bank’s acceptance of RuPay was also highlighted by the Ministry of Economic Development, who on Monday said this service introduction is a positive leap towards strengthening trade relations.

The ministry, while emphasizing the importance of technological integration in banking and finance sectors, also noted the acceptance another foreign payment system will enhance payment options for Indian travelers to the Maldives.

Though slipped from its previous rank significantly throughout 2024, India is still among the top 10 source markets; currently ranked sixth.

The ministry further notes that as major trading partners, the two countries stand to gain significantly from this development “through streamlined financial transactions between the two nations” and making bilateral trade more efficient and accessible, especially for small and medium enterprises.

“This is a significant milestone, forming an integral part of President Dr. Muizzu’s broader efforts to introduce inclusive global payment solutions to the Maldives.”

The ministry also highlighted the recent memorandum of understanding (MoU) signed between the Maldives and the NCPI to upgrade the payment system in the Maldives.

Bank of Maldives (BML) announced it has begun accepting RuPay cards earlier on Monday.

RuPay, a product of the National Payments Corporation of India (NCPI), is India’s first global card payment network which is now used by more than 300 million users worldwide.