Neighboring India’s Unified Payment Interface (UPI) is to be introduced in the Maldives.

This was announced by the President’s Office on Sunday.

President Dr. Mohamed Muizzu reached the decision following recommendations from his Cabinet of Ministers.

According to the government, this will pave the path for significant benefits to the island nation’s economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure.

The decision stemmed from discussions on a paper submitted by the Minister of Economic Development and Trade at Sunday’s Cabinet meeting.

The government is to set up a consortium to introduce UPI in the Maldives.

Further, the president has suggested to include banks, telecom companies, state-owned companies and fintech companies operating across the Maldives, in the consortium.

The president has appointed TradeNet Maldives Corporation Limited, a leading agency with proven expertise, as the consortium's leading agency.

It has also been decided to constitute an inter-agency coordination team comprising the Ministry of Finance, Ministry of Homeland Security and Technology and Maldives Monetary Authority (MMA) to lead the Ministry of Economic Development and Trade to oversee the establishment of UPI in the Maldives.