TBM Staff - Mumbai India and Maldives have signed an agreement to introduce the Unified Payments Interface (UPI) in the archipelago nation, which will have a “very positive” impact on its tourism sector, External Affairs Minister S Jaishankar has said.
The MoU was signed during Jaishankar’s three-day official visit to the Maldives.
“Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives,” he said in a post on X.
Developed by the National Payments Corporation of India (NPCI), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones.
Addressing a press conference with his Maldivian counterpart Moosa Zameer after their “productive discussions”, Jaishankar said that India, through its UPI, has “revolutionised digital transactions”.
Stressing that it has taken financial inclusion in India to new levels, he said “Today 40 per cent of the world’s real-time digital payments take place in our country.” “We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives,” he said.
“I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism,” he added.
Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange.
Jaishankar’s visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation’s pro-China president, Mohamed Muizzu, assumed office last year.
“India’s partnership with the Maldives is based on our deep desire to work together for each other’s welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past,” Jaishankar said.
“It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities,” he said.
