Maldives advances towards introduction of digital payments with UPI

India’s UPI (Universal Payments Interface) system is coming to the Maldives, with the president over the weekend approving a Cabinet recommendation to advance the plan.

President Mohamed Muizzu has taken the first steps towards establishing a consortium to introduce the National Payment Corporation of India’s (NPCI’s) UPI in the Maldives. Banks, telecom operators, publicly-owned businesses and fintechs could be included in the consortium, according to ANI.

The two countries signed an agreement to introduce UPI in the Maldives, which is a popular destination for Indian holidaymakers, back in August. Muizzu then secured an agreement from India to help the Maldives develop digital public infrastructure (DPI) in the form of UPI and a digital identity system during a state visit earlier in October.

NPCI is also considering integrating biometric authentication into the UPI to enhance its security.

An interagency team consisting of the Ministry of Finance, Ministry of Homeland Security and Technology and the Maldives Monetary Authority will oversee the UPI’s implementation by the Ministry of Economic Development and Trade. The TradeNet Maldives Corporation Limited has been appointed.

The NPCI’s RuPay payment network was also launched in the Maldives earlier this month to bring the financial ecosystems of the countries closer together and make things easier for tourists.

Tourism contributes 30 percent of the Maldives GDP and 60 percent of its foreign currency, according to The Hindu.

Article Topics

biometric authentication  |  biometric payments  |  biometrics  |  digital identity  |  digital public infrastructure  |  India  |  Maldives  |  Unified Payments Interface - UPI