♦ Maldives President Mohamed Muizzu has announced the introduction of India’s Unified Payments Interface (UPI) to enhance the country’s economy.

♦ Muizzu set up a consortium to introduce UPI in the country and appointed TradeNet Maldives Corporation Limited as its leading agency.

♦ The president also suggested the participation of the country's banks, telecom companies, state-owned companies and fintech companies in the consortium.

♦ Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system for facilitating inter-bank transactions through mobile phones.