UPI Payment coming to Maldives: During the official three-day visit of External Affairs Minister S Jaishankar to the Maldives from 9-11th August 2024, the Memorandum of Understanding (MoU) agreement was signed between India and Maldives to launch the Unified Payments Interface (UPI) in this island country. In this regard, Jaishankar shared a post on X social handle, “Witnessed signing of MoU between National Payments Corporation of India and Ministry of Economic Development and Trade of Maldives on the introduction of digital payment system in the Maldives.” He is also very hopeful that this agreement regarding the UPI payment service will lead to a significant contribution to the tourism sector of Maldives.
Held productive discussions today with Foreign Minister @MoosaZameer in Malé.
➡️ Agenda covered our engagement in development partnership, capacity building, bilateral and regional security, trade and digital cooperation.
➡️ Jointly inaugurated 6 High Impact Projects in areas… pic.twitter.com/lTA9KK3q3Y
— Dr. S. Jaishankar (@DrSJaishankar) August 9, 2024What is UPI payment and its contribution in India?
UPI is the abbreviation of United Payment Interface which was developed by the National Payments Corporation of India (NPCI). UPI payment refers to the instant real-time payment system which facilitates the transactions of the participating banks through a single mobile application. In this context, according to the NPCI guidance, 21 member banks initially were found to be uploading their UPI-enabled applications on the Google Play store from 25th August 2016 onwards.
After the productive discussions with Moosa Zameer, the Minister of Foreign Affairs of the Maldives, Jaishankar, said in a press conference that digital transactions in India had been revolutionised by the launch of the UPI payment service. According to this press statement, financial inclusion in India has reached a new level with the help of UPI payment, as around 40 per cent of the real-time digital payments of the world are actually taking place in India. He also included the statement in the press that, “We see this revolution every day in our lives. I am pleased to note that the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives.”
He also did not forget to wish the very best to all the stakeholders involved from both sides to make the initiative most successful and to see the first UPI transaction in the Maldives through UPI payment. Jaishankar also added about the role of the UPI payment system in creating a very positive impact on the tourism activities of Maldives. Though the government of Maldives has been placing emphasis on economic diversification, tourism is still considered the primary source of economic activity of Maldives, which leads to the contributions of around 30 per cent of its GDP and more than 60 per cent of the total earnings of foreign currency.
Objectives of Jaishankar’s visit to Maldives
Concluded a productive visit to Maldives!
Living up to the message of our ties: ‘Imagined by Maldives, Delivered by India’.
🇮🇳 🇲🇻
Some highlights: pic.twitter.com/RmdM3WLSoj
— Dr. S. Jaishankar (@DrSJaishankar) August 12, 2024Jaishankar has marked this three-day official visit to Maldives as the first visit of his to the country since the undertaking of the responsibility of the Government of the President of Maldives by Dr. Mohammed Muizzu in November 2023. The purpose of this visit was to enable a productive discussion on the various aspects of the bilateral ties between India and Maldives including Defense and Maritime Corporation, economic and trade ties, Development Partnership, capacity building, and people-to-people linkages.
The partnership of India with the Maldives aims to enable an effective collaboration to emphasise each other’s interests and welfare, as said by Jaishankar in the press conference. He also said on X about the inauguration of six High Impact Projects with joint collaboration in a variety of areas, including mental health, street lighting, children’s speech therapy and special education. India and Maldives are not only close neighbours but also close partners who are committed to ensuring mutual development and progress of each other. Lastly, Jaishankar concluded the productive visit to Maldives through the message, “‘Imagined by Maldives, Delivered by India”.
FAQ
Through which agreement UPI services are going to be introduced in Maldives by India?
The Memorandum of Understanding (MoU) agreement has been signed between India and Maldives to launch the Unified Payments Interface (UPI) in Maldives. National Payments Corporation of India and Ministry of Economic Development and Trade of Maldives are the two parties involved in this agreement.
Who is the External Affairs Minister of India?
S Jaishankar
On which dates did Jaishankar currently visit Maldives?
9-11th August, 2024
What is UPI?
UPI is the abbreviation of United Payment Interface, which was developed by the National Payments Corporation of India (NPCI). UPI payment refers to the instant real-time payment system which facilitates the transactions of the participating banks through a single mobile application.
How will the launch of UPI help the Maldives?
Jaishankar has mentioned that the UPI payment system will create a very positive impact on tourism activities of Maldives which leads to the contributions of around 30 per cent of its GDP and more than 60 per cent of the total earnings of foreign currency.
What was the purpose of Jaishankar’s visit to Maldives?
The purpose of the visit was to enable a productive discussion on the various aspects of the bilateral ties between India and Maldives including Defense and Maritime Corporation, economic and trade ties, Development Partnership, capacity building, and people-to-people linkages.
