Maldives President launches UPI payment system to strengthen economy
Summary: Maldives President Mohamed Muizzu has announced the introduction of India's Unified Payments Interface (UPI) to enhance the country's economy. A consortium has been formed, led by TradeNet Maldives Corporation, to implement this mobile payment system.
The decision follows a Cabinet recommendation and aims to improve financial inclusion and transaction efficiency. An inter-agency team will oversee the UPI's establishment, involving various government ministries and the Monetary Authority.
This development comes after recent economic challenges, including new foreign currency regulations and a decline in Indian tourist visits due to Muizzu's previous anti-India campaign. The tourism sector remains vital, contributing significantly to the Maldivian GDP.
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