Maldives may soon introduce India’s RuPay service, a senior minister of the country said recently.
Minister of Economic Development and Trade Mohamed Saeed was quoted as saying by PSM News that the upcoming launch of India’s RuPay service is anticipated to further bolster the MVR (Maldivian Rufiyaa).
However, the exact date of launch has not been announced so far.
RuPay is a product of the National Payments Corporation of India (NPCI).
NPCI was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India.
NPCI has created a robust payment and settlement infrastructure in the country.
It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), Aadhaar Enabled Payment System (AePS), National Electronic Toll Collection (NETC) and Bharat BillPay.
India-Maldives diplomatic row
Diplomatic tensions reached a flashpoint in recent times between the two countries over remarks made by some Maldives ministers against Indian PM Narendra Modi’s visit to Lakshadweep, to promote the Indian Union Territory having the potential to compete with tourism major Maldives.
Pro-China Maldives President Mohamed Muizzu’s People’s National Congress (PNC) took control of the Parliament by winning the election clinching over 60 of the total 93 seats, highlighting the Island Nation’s further tilt towards India’s hostile rival China.
The Maldives, which comprises some 1,192 tiny coral islands scattered across 800 kilometres (500 miles) on the equator, is considered as one of the top beach destinations in the world.
Apart from its scenic beauty, the country is known for its luxury hotels and water villas.
The pro-China Maldivian President faced massive domestic criticism for his anti-India stance as the main opposition parties of the country, the Maldivian Democratic Party (MDP) and the Democrats, slammed Muizzu for distancing from India, the island nation’s “most long-standing ally” and source of tourists.
Besides expressing concern over the new foreign policy of Muizzu-led government in Maldives, the opposition parties took to the street in January in protest.