Maldives with new initiative for Indians; Enjoy a cash-free vacation from now on

MALDIVES: Maldives has launched a new scheme to attract more Indian tourists by facilitating money transactions. President Mohammad Muizzu directed to take necessary steps to introduce India's Unified Payment Interface (UPI) service in Maldives.

The decision regarding this was taken in the cabinet meeting. The President's office said in a statement yesterday that the project is expected to bring significant benefits to the economy of the Maldives. In addition to ensuring better efficiency in financial transactions, the digital infrastructure will also be developed, the statement said.

The President has decided to form a consortium to introduce UPI in Maldives. This will include banks, telecom companies, government institutions, fintech companies etc. TradeNet Maldives Corporation Limited has been appointed to lead the consortium.

The establishment of UPI is overseen by the Ministry of Economic Development and Commerce. The statement issued by the office also said that the President also decided to form an inter-agency coordination team comprising the Ministry of Finance, Homeland Security, Ministry of Technology and the Maldives Monetary Authority to guide them. Last August, during the visit of Indian External Affairs Minister S Jaishankar to Maldives, a memorandum of understanding was signed regarding the establishment of UPI.