President decides to introduce India's Unified Payment Interface (UPI) in the Maldives

President Dr. Mohamed Muizzu has approved the introduction of India’s Unified Payment Interface (UPI) in the Maldives, aiming to strengthen financial inclusion, boost transaction efficiency, and enhance the digital landscape.

This decision follows a review by the Cabinet, based on a proposal from the Ministry of Economic Development and Trade. A consortium will be formed, involving banks, telecom companies, state entities, and fintech firms, with TradeNet Maldives Corporation Limited as the lead agency.

An inter-agency coordination team, including the Ministry of Finance, Ministry of Homeland Security and Technology, and the Maldives Monetary Authority, will guide the UPI's implementation, led by the Ministry of Economic Development and Trade.