Bank of Maldives (BML) and National Payment Corporation of India (NPCI) has signed a Memorandum of Understanding to introduce acceptance of RuPay cards in the Maldives.
the MoU was signed in a signing ceremony held yesterday at the President’s Office together with the Embassy of India in the Maldives. Under the agreement signed between Bank of Maldives and NPCI, RuPay cards will be accepted on BML’s ATMs, POS machines and other digital channels.
RuPay is a popular first-of-its-kind debit and credit card payment network of India. RuPay has reported 1 billion transactions through online and offline merchants in 2019 and has partnered with over 600 local and international banks to widen the acceptance of the card at ATMs, POS machines and e-commerce websites across India.
“It is our pleasure to work together with the National Payment Corporation of India to facilitate the introduction of RuPay cards in the Maldives. This is a great initiative by the Indian government to move towards a more tech-savvy and cashless economy. The acceptance of RuPay cards in the Maldives will provide an added convenience to facilitate payments for Indians traveling to the Maldives” Tim Sawyer, CEO and Managing Director of Bank of Maldives stated.
According to a press release by BML, Over the course of the partnership between Bank of Maldives and NPCI, issuance of RuPay co-branded prepaid cards by BML and acceptance of the co-branded cards across ATMs, POS machines and digital channels in India will take place in due time.