Maldives UPI Service: Digital Transactions Possible Now

India's digital money transfer service, Unified Payments Interface (UPI), has expanded its reach to the Maldives with the support of the Indian central government. 

UPI, which has gained widespread popularity in India, is now extended to Maldives. In addition to the Maldives, UPI is already operational in countries such as Singapore, Malaysia, the United Arab Emirates, Nepal, and Bhutan, offering users the convenience of digital transactions across borders.

In recent years, daily online transactions have become an integral part of the lives of people in India. Whether it's buying a cup of tea at a local shop or shopping at a large mall, there is a significant increase in the use of digital payment methods. Online shopping has become more convenient with the UPI transaction, which makes it easier during refunds.

The Indian government is actively working towards expanding the reach of UPI to enable transactions in foreign countries, aiming to provide more opportunities for digital transactions beyond the borders of India.

In this case, a Memorandum of Understanding was signed between India and Maldives regarding UPI last August. Subsequently, UPI has been introduced in the country. This will be helpful for the tourists in many ways. 

This decision is expected to have a substantial positive benefits on the Maldivian economy. It is expected to lead to greater financial inclusion, improved efficiency in financial transactions, and the development of enhanced digital infrastructure. This statement was released by the President's Office on Sunday.

The move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure, the President’s Office said in a statement on Sunday.