Male, Oct 21 (IANS): Maldivian President Mohamed Muizzu has decided to take the necessary steps to introduce India's Unified Payment Interface (UPI) in the Maldives.

The move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure, the President's Office said in a statement on Sunday.

The decision was made after the Cabinet thoroughly discussed a paper submitted by the Minister of Economic Development and Trade at a cabinet meeting, ensuring a comprehensive understanding of the matter.

"In this regard, President Dr Muizzu has decided to set up a consortium to introduce UPI in the Maldives," the statement added.

Muizzu suggested that banks, telecom companies, state-owned companies and fintech companies operating in the country should be included in the consortium. He also appointed TradeNet Maldives Corporation Limited as the consortium's leading agency.

"He also decided to constitute an inter-agency coordination team comprising the Ministry of Finance, Ministry of Homeland Security and Technology and The Maldives Monetary Authority to lead the Ministry of Economic Development and Trade to oversee the establishment of the UPI in the Maldives," the President's Office said.

In August this year, Maldives and India signed an MoU during the visit of External Affairs Minister S. Jaishankar to implement the UPI in the island nation.

The financial interface operated by the National Payments Corporation of India is already operational in several international locations, including UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius.