India and the Maldives have signed an agreement to introduce the Unified Payments Interface (UPI) in the island nation, which is expected to significantly boost its tourism sector, according to External Affairs Minister S Jaishankar. The Memorandum of Understanding was signed on Friday during Jaishankar’s three-day official visit to the Maldives.
Privilidged to call on President Dr Mohamed Muizzu. Conveyed greetings of PM @NarendraModi.
Committed to deepen 🇮🇳 -🇲🇻 ties for the benefit of our people and the region.@MMuizzu pic.twitter.com/rSBbTSfmmB
— Dr. S. Jaishankar (@DrSJaishankar) August 10, 2024
In a post on X, Jaishankar shared, “Witnessed the signing of the MoU between the National Payments Corporation of India (NPCI) and the Ministry of Economic Development and Trade of the Maldives for the introduction of a digital payment system in the Maldives.”
A useful meeting with Economic Development and Trade Minister @em_saeed, Minister of Finance @mshafeeqmv and Ahmed Munawar, Governor of the Maldives Monetary Authority.
Exchanged views on enhancing our economic and trade partnership as well as development cooperation. pic.twitter.com/6p4joXU8sj
— Dr. S. Jaishankar (@DrSJaishankar) August 10, 2024
UPI, developed by NPCI, is a real-time payment system that facilitates inter-bank transactions via mobile phones.
During a press conference with Maldivian counterpart Moosa Zameer following their “productive discussions,” Jaishankar highlighted how India’s UPI has “revolutionized digital transactions,” noting that it has elevated financial inclusion in India to new heights. “Today, 40 percent of the world’s real-time digital payments occur in our country,” he added.
Jaishankar expressed his satisfaction with the MoU, stating, “With the signing today, we’ve taken the first step in bringing this digital innovation to the Maldives. I look forward to seeing the first UPI transaction here soon, which will undoubtedly have a positive impact on tourism.”
Tourism is the Maldives’ primary economic driver, accounting for nearly 30 percent of GDP and generating over 60 percent of its foreign exchange.
Jaishankar’s visit, the first high-level trip from India since pro-China President Mohamed Muizzu took office last year, aims to reset bilateral relations with the Maldives.
“India’s partnership with the Maldives is rooted in our strong desire to work together for mutual welfare and interests. This partnership has consistently allowed us to respond swiftly and effectively to challenges, as we’ve seen in the past,” Jaishankar remarked.
He also emphasized that the partnership has delivered tangible benefits to the people of both nations, aligned with their aspirations and priorities. In another post on X, Jaishankar mentioned, “Jointly inaugurated six High Impact Projects in areas such as street lighting, mental health, children’s speech therapy, and special education.”
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