The introduction of India's RuPay card service in the Maldives today is expected to enhance financial transactions between the two countries and support trade with India, the Ministry of Economic Development has announced.
The RuPay card service was launched under India’s Unified Payment Interface (UPI) during President Dr. Mohamed Muizzu's official visit to India, prior to a joint statement with Indian Prime Minister Narendra Modi.
In its statement, the Economic Ministry emphasized that the RuPay service represents a significant step toward modernizing the Maldives' financial system, particularly in business transactions, while further strengthening bilateral ties between the two nations.
As Indian tourists make up a substantial portion of Maldives’ tourism industry, the introduction of the RuPay card will also simplify financial transactions for these visitors, the Ministry noted.
“India is a key trading partner for the Maldives, and the RuPay card service will facilitate smoother financial transactions between the two countries. This will especially benefit small and medium enterprises, contributing to increased trade with India,” the statement said.
The Ministry also highlighted that the launch of RuPay aligns with President Dr. Mohamed Muizzu's commitment to introducing digital finance solutions and payment wallets in the Maldives.
While RuPay card services are now operational in the Maldives, they are currently only available for Indian nationals. Although many Maldivians travel to India for medical treatment, the service is not yet accessible to Maldivian citizens.
India's RuPay Card Officially Launched in Maldives, First Transaction Conducted
India's RuPay card was officially launched in the Maldives today, October 7, following discussions between Indian Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu, as reported by PTI. The two leaders witnessed the first-ever transaction using the RuPay card during a joint media event.
