Despite recent tensions in their bilateral relations, the Maldives is set to launch India’s RuPay service soon. Economic Development and Trade Minister Mohamed Saeed announced that the introduction of RuPay, India’s first global card payment network developed by the National Payments Corporation of India (NPCI), will help strengthen the Maldivian rufiyaa (MVR). Saeed emphasized the importance of addressing the dollar issue and reinforcing the local currency, although no specific launch date for RuPay was given.
Saeed also mentioned ongoing discussions with India to facilitate rupee-denominated transactions in the Maldives. The initiative aims to enhance bilateral trade and economic ties. This follows a joint statement from a 2022 visit by former Maldives President Ibrahim Mohamed Solih to India, where both nations expressed their commitment to operationalize RuPay and boost travel, tourism, and economic connections.
However, relations between the Maldives and India have deteriorated since the pro-China President Mohamed Muizzu took office in November. The recent repatriation of over 80 Indian military personnel from the Maldives has further strained ties. Despite these challenges, the launch of RuPay in the Maldives is expected to proceed, aligning with the broader trend of international banks and payment companies partnering with NPCI to accept UPI and RuPay.
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