UPI in Maldives: India to introduce digital payment service in Maldives to boost local tourism, says Jaishankar

India and Maldives have signed an agreement to introduce the Unified Payments Interface (UPI) in the island nation, External Affairs Minister S Jaishankar said, adding that this will make it easier for tourists to pay for things, boosting travel to the islands and helping the local economy. 

The Memorandum of Understanding (MoU) in this regard was signed on August 9 during Jaishankar’s three-day official visit to the Maldives. 

Addressing a press conference with his Maldivian counterpart Moosa Zameer after their “productive discussions”, Jaishankar said that India, through its UPI, has “revolutionised digital transactions”. 

Stressing that it has taken financial inclusion in India to new levels, he said “Today 40 percent of the world’s real-time digital payments take place in our country. We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives,” he said. 

The External Affairs Minister began a three-day visit to the Maldives on August 9. This is his first visit to the nation since President Mohamed Muizzu, who is popular for his pro-China stance, assumed office in November 2023.  

The trip is being seen as part of efforts to strengthen ties between the two countries, especially after recent moves by Muizzu to reduce Maldives’ dependence on India and move closer towards China. 

Jaishankar met also Maldivian President Mohamed Muizzu on August 10 and emphasised New Delhi’s commitment to deepen India-Maldives ties for the benefit of the people in the two countries and the region. 

The external affairs minister also virtually inaugurated water & sanitation projects in 28 islands of Maldives today.

Ahead of Jaishankar’s visit, the Ministry of External Affairs (MEA) said, “Maldives is India’s key maritime neighbour and an important partner in India’s ‘Neighbourhood First’ policy and our Vision ‘SAGAR’, that is, Security and Growth for All in the Region.”  

According to a statement from Maldives’ Ministry of Foreign Affairs, the two ministers will inaugurate the completed projects under the High Impact Community Development Projects (HICDP) and Line of Credit facility of EXIM Bank of India and witness the exchange of Memorandum of Understanding on areas for capacity building, commerce and trade.