The Bank of Maldives (BML) announced today that it has commenced accepting RuPay cards at its ATMs and point-of-sale (POS) terminals. This development marks a significant step towards enhancing cross-border digital payment solutions in the Maldives.
The launch of the RuPay card service took place during a special event in New Delhi, coinciding with President Dr. Mohamed Muizzu’s state visit to India. In a ceremony attended by both President Muizzu and Indian Prime Minister Narendra Modi, this initiative was celebrated as a key advancement in financial integration and modernization of payment systems in the Maldives.
RuPay, a product of the National Payments Corporation of India (NPCI), is India’s first global card payment network, utilized by over 300 million users worldwide. The introduction of this payment method is expected to greatly benefit Indian travelers, who form a vital segment of the Maldivian tourism market. With RuPay cards now accepted, Indian tourists can enjoy seamless transactions during their stay in the Maldives, enhancing their travel experience.
This launch is poised to streamline financial operations and strengthen economic ties between India and the Maldives. By facilitating smoother transactions, both nations stand to gain, particularly small and medium enterprises engaged in bilateral trade.
The RuPay card launch also aligns with a recent memorandum of understanding (MoU) signed between the Government of the Maldives and NPCI, aimed at upgrading the country’s financial infrastructure. This collaboration seeks to introduce modern payment solutions, including digital wallets and other financial services, further enhancing the Maldivian economy.
President Dr. Muizzu’s administration views this development as a crucial component of its broader efforts to implement inclusive and efficient global payment solutions in the Maldives, paving the way for improved connectivity and trade with India.
