Maldives may roll out India’s RuPay service

Maldivian trade minister Mohamed Saeed has said that his country will launch India’s RuPay service in that country, in a step to bolster the Maldivian Rufiyaa (MVR) and reduce dependence on the US dollar

Saeed, who made the statement during an interview to a local media house this week said discussions are underway to facilitate RuPay payments through Maldivian banks but did not divulge further details including the launch date.

The Maldivian minister’s  statement comes after Male introduced China’s WeChat Pay service via the Bank of Maldives (BML) last week.

China imports about $700 million worth of goods annually from the Maldives, in comparison with Indian imports from the Maldives, which amounting for$1.5 billion annually, he said. 

Speaking to the state broadcaster PSM News, he said that collaborations such as these will enhance the value of the Maldivian Rufiyaa (MVR) and that addressing the dollar issue and reinforcing the MVR is a top priority of his administration.

RuPay is an Indian multinational financial services and payment service system conceived and launched by the National Payments Corporation of India (NPCI). Countries like Bhutan, Nepal, Mauritius, and UAE accept payments via RuPay cards. 

The latest statement from the Maldives indicates that both Male and New Delhi are rebalancing their bilateral relationship, especially after Maldivian President Mohamed Muizzu insisted that Indian troops must leave his country.  

Even after Male seemed to be inching towards China, India removed an export restriction following Male’s request and supplied rice, wheat flour, sugar, potatoes, onions, and eggs in April. It even convened the fourth high-level core group meeting in New Delhi with Male. 

During his visit to New Delhi earlier this month, Maldivian Foreign Minister Mossa Zameer committed to working together on areas of mutual interest.