The Maldives is set to introduce India’s RuPay payment system, a move expected to strengthen the Maldivian Rufiyaa. Although no specific launch date has been announced, this initiative is seen as a step towards enhancing the country’s financial stability.
Maldives’ Minister of Economic Development and Trade, Mohamed Saeed, mentioned that both India and China have agreed to use their local currencies for bilateral trade. This strategy aims to reduce reliance on the US dollar and improve regional financial integration.
In recent news, the Maldives confirmed that India and China will work together to facilitate import payments in their own currencies. This policy change could potentially cut Maldives’ annual import costs of $1.5 million by almost half.
Minister Saeed also shared that he met with Indian High Commissioner Munu Mahawar two weeks ago. During their meeting, Mahawar assured that India would support the Maldives in making import payments in Indian Rupees, marking a significant step in economic cooperation between the two countries.
RuPay, created by the National Payments Corporation of India (NPCI), is India’s leading card payment network. It is widely accepted across ATMs, point-of-sale (POS) devices, and online platforms in India. Currently, RuPay is also accepted in several countries, including Bhutan, Nepal, Mauritius, UAE, and Singapore.