AMN
Maldives is set to introduce India’s RuPay service. The move is being seen to bolster the Maldivian Rufiyaa. Meanwhile, there has not been any announcement of timeline for the launch.
Local news reports quote Maldives’ Minister of Economic Development and Trade Mohamed Saeed who highlighted how both India and China have agreed to conduct bilateral trade using local currencies. This initiative aims to reduce dependency on the US dollar and strengthen regional financial integration.
Recently, the Maldives confirmed that India and China would cooperate to facilitate import payments in their respective currencies. This policy shift is projected to cut Male’s annual import bill of 1.5 million US Dollars by nearly 50%.
Minister Saeed noted that he met with Indian High Commissioner Munu Mahawar two weeks ago. Mr. Mahawar assured New Delhi’s support in facilitating the settlement of import payments in Indian Rupees, marking a significant step in economic collaboration between the two nations.
RuPay, developed by the National Payments Corporation of India (NPCI), is India’s premier card payment network. It enjoys widespread acceptance across ATMs, point-of-sale (POS) devices, and e-commerce platforms in India.
Currently, RuPay is accepted in various countries including Bhutan, Nepal, Mauritius, UAE and Singapore.