The Maldives is poised to implement India’s RuPay payment system, a significant move expected to bolster the Maldivian Rufiyaa. While the exact launch date remains undisclosed, this initiative is viewed as a critical step toward enhancing the nation’s financial stability.
Maldives’ Minister of Economic Development and Trade, Mohamed Saeed, noted that India and China have agreed to use their local currencies for bilateral trade. This approach aims to decrease dependence on the US dollar and promote regional financial integration.
Recent reports confirm that the Maldives has affirmed collaboration between India and China to enable import payments in their own currencies. This policy change could potentially reduce the Maldives’ annual import costs, currently at $1.5 million, by nearly half.
Minister Saeed also mentioned a meeting with Indian High Commissioner Munu Mahawar two weeks ago. In their conversation, Mahawar reassured that India would assist the Maldives in conducting import payments using Indian Rupees, signifying a noteworthy achievement in economic collaboration between the nations.
RuPay, developed by the National Payments Corporation of India (NPCI), is India’s leading card payment network. It enjoys broad acceptance at ATMs, point-of-sale (POS) terminals, and online platforms throughout India. Additionally, RuPay is recognized in several countries, including Bhutan, Nepal, Mauritius, UAE, and Singapore.
