President Muizzu introduces UPI payment service to boost economy

Maldives President Mohamed Muizzu has taken “necessary steps” to introduce India’s Unified Payments Interface (UPI) in the archipelago nation, slated to benefit the Maldivian economy substantially.

Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system for facilitating inter-bank transactions through mobile phones.

Muizzu on Sunday set up a consortium to introduce UPI in the country and appointed TradeNet Maldives Corporation Limited as its leading agency, according to a press release by the President’s Office.