Maldives set to introduce India’s RuPay service

Despite strained bilateral relations, the Maldives is set to introduce India's RuPay service, with a senior minister stating it will strengthen the Maldivian Rufiyaa.

RuPay, a product of the National Payments Corporation of India or NPCI, marks the country's first global card payment network, widely accepted in India across ATMs, POS devices, and e-commerce platforms.

Minister of Economic Development and Trade, Mohamed Saeed, announced the agreement for local currency usage in bilateral trade with both India and China, alongside the impending launch of RuPay in the Maldives.

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“The upcoming launch of India's RuPay service is anticipated to further bolster the Maldivian rufiyaa (MVR),” Saeed told state-run PSM News on Wednesday. He also emphasised that “addressing the dollar issue and reinforcing the MVR is a top priority for the current administration.

An India-Maldives joint statement during the official visit of the then President of Maldives Ibrahim Mohamed Solih to India in August 2022 said: “The two leaders welcomed the ongoing work to operationalize the usage of Rupay Cards in Maldives and agreed to consider further measures to boost bilateral travel and tourism and economic inter-linkages.”

Over the last few years, multiple banks and payment companies from across various countries have partnered with NPCI International Payments Ltd (NIPL), the international arm of NPCI, to accept UPI and RuPay in one form or the other.

RuPay services are already operational in Canada, Japan, Spain, Switzerland, the United Arab Emirates, the UK, and the USA.