Top News

India's Foreign Minister, E. S. Jaishankar, is currently on a three-day official visit to the Maldives. During his visit, he has discussed the introduction of the Unified Payments Interface (UPI) in the Maldives. A significant development came as both nations signed an agreement to launch the UPI service in the Maldivian financial ecosystem. This initiative is expected to have a "very positive" impact on the tourism sector in the Maldives.

The Unified Payments Interface (UPI), developed by the National Payments Corporation of India (NPCI), is a real-time payment system designed to facilitate transactions between banks via mobile phones. Following his meeting with Maldivian counterpart, Musa Jameer, Jaishankar addressed a press conference, highlighting the revolutionary impact of UPI on digital transactions. Jaishankar emphasized that India has led a digital payment revolution through UPI, which has significantly transformed financial transactions in the country.

Jaishankar stressed that financial inclusion in India has reached new heights, with the country accounting for 40% of the world's real-time digital payments. The tourism sector plays a crucial role in the Maldivian economy, contributing approximately 30% to the Gross Domestic Product (GDP) and generating over 60% of the country's foreign exchange earnings. The introduction of UPI in the Maldives is poised to enhance the tourism sector by streamlining transactions and offering a more efficient payment solution for tourists and businesses alike.

The visit aims to restore and strengthen bilateral relations between India and the Maldives. This high-level visit marks India's first significant engagement following the appointment of China-friendly President Mohamed Muizzu last year.