Good news for Maldives residents, tourists and NRIs that they will now get India's UPI service in Maldives as well. Maldives President Mohammad Muizzu has decided to take necessary steps to start India's UPI service in Maldives. Starting Maldives UPI service is likely to give new strength to Maldives' economy. According to a statement issued by the President's Office, UPI service will improve financial transactions and promote digital infrastructure. This decision was discussed in the cabinet meeting on a letter presented by the Minister of Economic Development and Trade. President Muizzu directed to form a consortium to implement UPI, which will include banks, telecom companies, government entities and fintech companies. Tradenet Maldives Corporation Limited has been appointed as the lead agency of this consortium. Apart from this, it has also been decided to form an inter-agency coordinating team to oversee the implementation of UPI, which will include the Ministry of Finance, Ministry of Home Security and Technology and Maldives Monetary Authority. In August this year, a Memorandum of Understanding was signed to implement UPI during the visit of India's Foreign Minister S. Jaishankar. UPI is already being used successfully in many countries, and Maldives is now going to be included in this list. The number of Indians living in Maldives is around 29,000. Out of these, about 22,000 Indians live in the capital Male. There is also an expert community of Indians in Maldives, which includes doctors, teachers, accountants, managers, engineers, nurses, technicians and workers. About 400 doctors provide their services in the country, out of which about 125 are Indians. UPI is a digital payment system developed in India. It has been created by the National Payments Corporation of India (NPCI). The main objective of UPI is to enable quick and simple financial transactions through mobile phones.
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