MONEY
Despite strained relations, Maldives set to launch India’s RuPay service
- IBJ Bureau
- May 24, 2024
Notwithstanding the turbulence in their bilateral ties, Maldives will soon launch India’s RuPay service, which a senior minister has said “will bolster the Maldivian Rufiyaa”.
RuPay, a product of National Payments Corporation of India (NPCI), is the first of its global card payment network in India, with wide acceptance at ATMs, PoS devices and e-commerce websites across India.
Maldives Minister of Economic Development and Trade Mohamed Saeed while announcing how both India and China have agreed to use local currency in bilateral trade spoke about the upcoming launch of India’s RuPay.
The upcoming launch of India’s RuPay service is anticipated to further bolster the Maldivian rufiyaa (MVR), Mr Saeed told State-run PSM News on Wednesday. He also emphasised that addressing the dollar issue and reinforcing the MVR were a top priority for the current administration.
However, there has been no announcement of any date for the launch.
Last week, a news portal, CorporateMaldives.com, reported that Mr Saeed had conveyed that the card would be formally utilised for transactions denominated in rupees within the Maldivian territory.
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