India is set to introduce a UPI payment service, developed by NPCI, in the Maldives.

India and the Maldives have recently signed an agreement to introduce the Unified Payments Interface (UPI) in the Maldives. 

This deal was made during Indian External Affairs Minister S. Jaishankar's official visit to the country and aims to boost the economic ties between the two nations. Jaishankar believes that UPI, developed by India’s National Payments Corporation (NPCI), will positively impact Maldivian tourism. 

UPI is a system that allows quick and easy payments through mobile phones, which has already transformed how transactions are done in India and helped a lot with financial inclusion.

Tourism is crucial for the Maldives, making up nearly 30% of its GDP and more than 60% of its foreign currency earnings. The UPI service is expected to make payment processes easier for tourists, both local and international. 

Jaishankar is hopeful that the first UPI transaction in the Maldives will happen soon, improving the tourist experience and supporting the growth of the tourism industry.