In a significant move to bolster financial cooperation and enhance convenience for tourists and residents, the Indian government has officially launched the RuPay card in the Maldives. This initiative is part of ongoing efforts to strengthen ties between India and the Maldives, following recent discussions between Indian Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu aimed at revitalizing diplomatic relations.
The introduction of the RuPay card is designed to simplify transactions for both visitors and locals, promoting ease of business and supporting economic cooperation. This initiative aligns with India’s broader strategy to expand its regional economic footprint while simultaneously enhancing the financial infrastructure of the Maldives.
RuPay, developed by the National Payments Corporation of India (NPCI), is already accepted in 185 countries and territories. This rollout signifies India’s commitment to enhancing its presence in the Maldivian financial landscape and providing practical solutions for financial transactions.
In addition to the RuPay card, India is also promoting the Unified Payments Interface (UPI) on a global scale. In a recent statement, PM Modi announced plans to integrate UPI with Malaysia’s national payments network, PayNet. This initiative is part of a larger strategy to showcase India’s innovative digital payment solutions, which have already been adopted in countries such as Sri Lanka, Mauritius, Bhutan, Nepal, the UAE, and Canada.
Furthermore, NPCI has introduced the ‘UPI One World’ wallet for foreign tourists in collaboration with IDFC First Bank and Transcorp International Limited. This wallet aims to facilitate seamless transactions for international travelers visiting India.
To enhance the digital payments ecosystem, NPCI has launched several new features, including UPI Lite for low-value transactions, UPI Lite X for offline payments, and Hello! UPI, which allows users to make payments via voice commands. These innovations aim to encourage the adoption of digital payments across diverse demographics, making financial transactions more accessible and user-friendly.
As the Indian government continues to foster economic ties with the Maldives and beyond, the rollout of the RuPay card marks a crucial step in enhancing financial convenience and strengthening bilateral relations.
