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- India’s Unified Payment Interface (UPI) will be introduced in Maldives.
- President Dr. Mohamed Muizzu has decided to introduce India’s UPI in the Maldives.
- This step will bring benefits to the Maldivian economy.
- These benefits include increased financial inclusion, improved efficiency in financial transactions and enhanced digital infrastructure.
- With this, Indian tourists will be able to make transactions in Indian rupees on UPI-enabled apps.
- They will not be required to go through the hassle of converting currency.
- It has been decided by President Muizzu to form a consortium in order to implement UPI in the Maldives.
- He also recommended that the consortium include national banks, telecommunications firms, state-owned enterprises, and fintech firms.
- In August 2024, two nations have signed an MoU to implement the Unified Payments Interface in the Maldives.
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