Maldives soon to Introduce India’s RuPay Service to Strengthen Economy

The Maldives is set to introduce India’s RuPay payment system, which aims to strengthen the Maldivian Rufiyaa.

Till now there is no specific launch date that has been announced, the initiative is seen as a step towards enhancing the country’s financial stability.

Recently, the Maldives confirmed that India and China will work together to facilitate an import payment system in their currencies. This policy change could potentially cut Maldives’ annual import costs of $1.5 million by almost half.

Maldives’ Minister of Economic Development and Trade, Mohamed Saeed, mentioned that both India and China have agreed to use their local currencies for bilateral trade. This strategy aims to reduce reliance on the US dollar and improve regional financial integration.

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RuPay, created by the National Payments Corporation of India (NPCI), is India’s leading card payment network. It is widely accepted across ATMs, point-of-sale (POS) devices, and online platforms in India. Currently, RuPay is also accepted in several countries, including Bhutan, Nepal, Mauritius, UAE, and Singapore.

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