 "India to introduce UPI payment service in Maldives: EAM Jaishankar | India News")
India and Maldives have signed an agreement to introduce the Unified Payments Interface in the archipelago nation. Photo: Shutterstock
India and Maldives have signed an agreement to introduce the Unified Payments Interface in the archipelago nation, which will have a “very positive” impact on its tourism sector, External Affairs Minister S Jaishankar has said.
The Memorandum of Understanding was signed on Friday during Jaishankar’s three-day official visit to the Maldives.
“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,” he said in a post on X.
Developed by the National Payments Corporation of India (NPCI), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones.
Addressing a press conference with his Maldivian counterpart Moosa Zameer after their “productive discussions”, Jaishankar said that India, through its UPI, has “revolutionised 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.
Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange.
Jaishankar’s visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation’s pro-China president, Mohamed Muizzu, assumed office last year.
“India’s partnership with the Maldives is based on our deep desire to work together for each other’s welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past,” Jaishankar said.
“It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities,” he said.
“Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers,” he added.
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.
Zameer said he conveyed President Muizzu’s proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. “This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries,” he said.
India’s relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date.
“On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights,” Zameer said.
“Today, we are mutually invested in each other’s development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts,” he said.
In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted.
India’s actions have been and will continue to be guided by its firm commitment to the philosophy of Sabka Saath, Sabke Vikas which is- Together, we prosper’, Jaishankar said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 10 2024 | 12:21 PM IST
