Despite recent strains in bilateral relations, the Maldives is gearing up to launch Bharat’s RuPay service, a move anticipated to fortify the Maldivian Rufiyaa.
The announcement came from Minister of Economic Development and Trade, Mohamed Saeed, who emphasized the importance of strengthening the Maldivian currency amidst ongoing challenges with the US dollar. However, no specific date for the launch has been disclosed.
Bharat’s RuPay, facilitated by the National Payments Corporation of India (NPCI), stands as the nation’s first global card payment network, enjoying widespread acceptance across various platforms within Bharat.
The impending launch of RuPay in the Maldives aligns with efforts to enhance economic ties between the two countries, as underscored in a joint statement during President Ibrahim Mohamed Solih’s official visit to Bharat in 2022.
Minister Mohamed Saeed conveyed that the RuPay card will be formally utilized for transactions denominated in rupees within the Maldivian territory. Discussions are ongoing with Bharatiya counterparts to explore avenues for facilitating payments in rupees, a move aimed at further solidifying economic inter-linkages between the two nations.
The announcement of the RuPay launch comes amidst strained relations between the Maldives and Bharat following the assumption of power by pro-China President Mohamed Muizzu last November. Tensions escalated with the recent repatriation of over 80 Bharatiya military personnel from the Maldives at Muizzu’s insistence, marking a sour note in bilateral ties.
Despite the current challenges, the impending launch of RuPay in the Maldives holds promise for bolstering economic cooperation and easing payment transactions between the two countries. The utilization of RuPay within Maldivian territory signifies a step towards diversifying payment options and reducing reliance on external currencies, aligning with the Maldivian government’s agenda of reinforcing the Rufiyaa.
As discussions between Bharat and the Maldives progress towards operationalizing the RuPay service, both countries seek to navigate through bilateral tensions and foster mutual prosperity through enhanced economic cooperation.
The forthcoming launch of RuPay in the Maldives underscores the resilience of diplomatic ties and the commitment towards realizing shared economic objectives despite geopolitical challenges.
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