Question
Maldives President Mohamed Muizzu has introduced
India’s Unified Payments Interface (UPI) to boost the country’s economy. Which organization will manage the introduction of UPI in the Maldives?Solution
Maldives President Mohamed Muizzu has announced a major step to help the country’s economy by introducing India’s Unified Payments Interface (UPI). UPI, developed by the National Payments Corporation of India (NPCI), allows quick and easy money transfers between banks using mobile phones. To manage the introduction of UPI, President Muizzu has set up a group led by TradeNet Maldives Corporation Limited. This group, or consortium*, will bring together Maldivian banks, telecom companies, state-owned enterprises, and financial technology (fintech) firms to help roll out UPI nationwide.
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