NEW DELHI: External affairs minister S Jaishankar on Sunday announced that India and Maldives have signed an agreement to introduce Unified Payments Interface (UPI) in the archipelago nation.
This comes as Jaishankar is in three-day official visit to the Maldives.
Taking to X Jaishankar said, “Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives.”
Earlier, Jaishankar also held a media briefing following “productive discussions” with Maldivian counterpart Moosa Zameer and highlighted how India’s Unified Payments Interface (UPI) has “revolutionized digital transactions.”
“We see this revolution, every day in our lives.I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives,” he said.
“I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism,” he added.
Meanwhile, Maldivian Foreign Minister Zameer said, “India has always been one of our closest friends and a vital development partner.”
He said the “enduring friendship” was built on a foundation of mutual trust and respect and has continued to flourish over the years.
“High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership,” he said.
He also mentioned President Muizzu’s proposal to start negotiations on a Free Trade Agreement between the Maldives and India. “Such an agreement, along with other trade-related agreements, will facilitate trade liberalization and ease business risks in both countries,” Zameer said.
India-Maldives relations faced a setback last year when President Muizzu demanded the withdrawal of Indian military personnel from three aviation platforms in the Maldives. By May 10, the agreed date, Indian military personnel had been replaced by civilians.
This comes as Jaishankar is in three-day official visit to the Maldives.
Taking to X Jaishankar said, “Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives.”
Earlier, Jaishankar also held a media briefing following “productive discussions” with Maldivian counterpart Moosa Zameer and highlighted how India’s Unified Payments Interface (UPI) has “revolutionized digital transactions.”
“We see this revolution, every day in our lives.I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives,” he said.
“I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism,” he added.
Meanwhile, Maldivian Foreign Minister Zameer said, “India has always been one of our closest friends and a vital development partner.”
He said the “enduring friendship” was built on a foundation of mutual trust and respect and has continued to flourish over the years.
“High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership,” he said.
He also mentioned President Muizzu’s proposal to start negotiations on a Free Trade Agreement between the Maldives and India. “Such an agreement, along with other trade-related agreements, will facilitate trade liberalization and ease business risks in both countries,” Zameer said.
India-Maldives relations faced a setback last year when President Muizzu demanded the withdrawal of Indian military personnel from three aviation platforms in the Maldives. By May 10, the agreed date, Indian military personnel had been replaced by civilians.