India’s RuPay service to be launched in the Maldives | Global News

The Maldives is set to launch India’s RuPay service, a move that is expected to strengthen the Maldivian Rufiyaa, despite the recent turbulence in their bilateral ties. Minister of Economic Development and Trade Mohamed Saeed announced the upcoming launch of RuPay, highlighting the importance of addressing the dollar issue and reinforcing the Maldivian currency.

While no official date has been announced for the launch, Saeed mentioned that the card will be used for transactions denominated in rupees within the Maldivian territory. Discussions are ongoing with India to explore avenues for facilitating payments in rupees, indicating a positive step towards enhancing financial cooperation between the two countries.

The joint statement issued during the official visit of the Maldivian President Ibrahim Mohamed Solih to India in August 2022 emphasized the operationalization of RuPay cards in the Maldives, aiming to boost bilateral travel, tourism, and economic inter-linkages. This move aligns with the efforts of NPCI International Payments Ltd to expand the acceptance of UPI and RuPay globally.

Despite recent strains in the relationship between the Maldives and India following President Mohamed Muizzu’s pro-China stance, the launch of RuPay signifies a potential area of collaboration that could benefit both countries economically. As both India and China have agreed to use local currency in bilateral trade, the introduction of RuPay in the Maldives could pave the way for further financial cooperation between the two nations.