In a signing ceremony held yesterday at the President’s Office together with the Embassy of India in Maldives, a Memorandum of Understanding was signed between Bank of Maldives and National Payment Corporation of India (NPCI) to introduce acceptance of RuPay cards in Maldives.
Under the agreement signed between Bank of Maldives and NPCI, RuPay cards will be accepted on BML’s ATMs, POS machine 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 National Payment Corporation of India to facilitate the introduction of RuPay cards in 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 Maldives will provide an added convenience to facilitate payments for Indians travelling to Maldives” said Tim Sawyer, CEO and Managing Director of Bank of Maldives.
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.