President Muizzu introduces UPI payment service to boost Maldivian economy

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Maldives President Mohamed Muizzu has taken "necessary steps" to introduce India's Unified Payments Interface (UPI) in the archipelago nation, slated to benefit the Maldivian economy substantially.

Muizzu on Sunday set up a consortium to introduce UPI in the country and appointed TradeNet Maldives Corporation Limited as its leading agency, according to a press release by the President's Office.

Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system for facilitating inter-bank transactions through mobile phones.

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Category: BusinessFinance

Markets: IndiaMaldives

Topics: Mohamed Muizzu UPI Muizzu Madives National Payments Corporation of India

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-21 @ 12:34:23 (4 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 419 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 28 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23148769

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