President Muizzu introduces UPI payment service to boost Maldivian economy
National Payments Corporation of India (NPCI), UPI is an instant real-time payment system for facilitating inter-bank transactions through mobile phones.
Muizzu on Sunday set up a consortium to introduce UPI in the country and appointed TradeNet Maldives Corporation Limited as its leading agency, according to a press release by the President's Office.
The president also suggested the participation of the country's banks, telecom companies, state-owned companies and fintech companies in the consortium.
He «decided to take the necessary steps» on the recommendation of the Cabinet, the press release said.
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«This move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure,» it said.
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