'Further bolster...' : Maldives set to launch India's RuPay service
'Further bolster...' : Maldives set to launch India's RuPay service
NEW DELHI: Despite recent turbulent history, Maldives is set to introduce India's RuPay service, according to a senior Maldivian minister who said that the collaboration 'will bolster the Maldivian Rufiyaa.'
"The upcoming launch of India's RuPay service is anticipated to further bolster the Maldivian rufiyaa (MVR)," Saeed said in an interview with PSM News on Wednesday. He also stressed that "addressing the dollar issue and reinforcing the MVR is a top priority for the current administration."
Although no specific date has been announced for the launch, according to reports in Maldives, Saeed indicated the card would be "formally utilised for transactions denominated in rupees within Maldivian territory." The minister also mentioned ongoing discussions with India to explore ways to facilitate payments in rupees.
During the official visit of the former President of Maldives Ibrahim Mohamed Solih to India in August 2022, a joint statement welcomed the progress in operationalizing RuPay Cards in the Maldives and agreed to consider additional measures to enhance bilateral travel, tourism, and economic ties.
RuPay, developed by the national payments corporation of India (NPCI), is India's first global card payment network, widely accepted at ATMs, POS devices, and e-commerce platforms throughout the country.
Recently, various banks and payment companies from different countries have collaborated with NPCI International Payments Ltd (NIPL), the international division of NPCI, to accept UPI and RuPay in various forms.
The strained relations between India and the Maldives have been attributed to the new administration led by President Mohamed Muizzu, who is widely seen as a pro-China leader.
Since assuming office in November last year, Muizzu has maintained his election promise of evicting Indian military personnel from the Maldives, forcing the withdrawal of 88 Indian military personnel manning three aviation platforms gifted by India. Muizzu has previously accused India of meddling in the affairs of the Maldives and won the presidential elections in September last year with an "India Out" campaign.
Despite the current challenges, the Maldives remains a key maritime neighbour for India in the Indian Ocean Region and holds a special place in India's initiatives like 'SAGAR' and the 'Neighbourhood First Policy' of the Modi government. The Maldivian tourism minister's appeal highlights the importance of maintaining strong bilateral ties and the significance of Indian tourists for the Maldivian economy.
(With inputs from agencies)
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