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.
RuPay Card Launch and First Transaction
The launch took place during President Muizzu's official visit to India. Prime Minister Modi emphasized the importance of this milestone, stating, "A few days back, the RuPay card was launched in Maldives. In the time to come, India and Maldives will be connected through UPI."
#WATCH | Delhi: RuPay card payments introduced in Maldives. Prime Minister Narendra Modi and Maldives President Mohamed Muizzu witness the first such transaction. pic.twitter.com/zuYbuFAsVL
— ANI (@ANI) October 7, 2024
The first transaction was conducted at an "Authentic Maldives" store, and the RuPay card service is now operational across the Maldives. With the RuPay card now available at Bank of Maldives (BML) ATMs, point-of-sale (POS) machines, and other digital platforms, it marks a significant step in enhancing payment connectivity between the two countries.
RuPay and UPI Expansion
The RuPay card, which is already widely used in 185 countries, including Singapore and the UAE, is part of India’s Unified Payments Interface (UPI) ecosystem. UPI, developed by the National Payments Corporation of India (NPCI), is a real-time payment system enabling seamless inter-bank transactions through mobile phones.
Benefits for Citizens and Businesses
The introduction of RuPay cards in the Maldives will simplify financial transactions for Indian citizens residing in the island nation, while also benefiting the Maldivians living in India. The service is expected to enhance business dealings and make it easier for citizens of both countries to transact. Additionally, this development will offer greater convenience to tourists from both India and the Maldives.
MoU and Economic Impact
The launch of the RuPay card in the Maldives comes under the framework of a Memorandum of Understanding (MoU) signed during Indian External Affairs Minister Subrahmanyam Jaishankar’s visit to the Maldives in August. The MoU, established between the Ministry of Economic Affairs of the Maldives and the NPCI, aims to strengthen payment systems and increase financial cooperation between the two countries.
Jaishankar highlighted that this initiative would also benefit tourism. In a statement, the Maldivian Ministry of Economic Affairs noted that the UPI payment system would foster the development of the e-commerce sector and create more opportunities for participation in the global financial market.
