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Maldives Welcomes UPI: A New Era of Digital Payments Begins

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In an exciting development for both residents and tourists, the Maldives has officially embraced India’s Unified Payments Interface (UPI), marking a significant leap toward digitising its economy. This move comes after a Memorandum of Understanding (MoU) was signed between India and the Maldives, with the aim of boosting financial inclusion and streamlining payment processes across the island nation. With UPI integration, the Maldives is set to join a growing list of countries leveraging this secure and efficient payment system, bringing about both economic benefits and enhanced bilateral relations with India.

Why UPI in the Maldives?

For a country like the Maldives, where tourism is the lifeblood of the economy, the introduction of UPI is a game-changer. Indian tourists, who make up a substantial portion of the visitors to the Maldives, will now be able to make payments seamlessly using UPI apps from their home country. No more foreign exchange hassles or international transaction fees—just a quick scan and payment, whether it’s for a diving trip or a coconut on the beach. This convenience is expected to bolster tourism revenue and improve the overall tourist experience​.

But the benefits go beyond just tourism. UPI’s integration is also set to revolutionise cross-border transactions and foster greater financial inclusion among Maldivian residents, particularly those in remote areas who may not have easy access to traditional banking services. The move towards a cashless economy aligns with President Mohamed Muizzu’s vision to modernise the nation’s financial infrastructure and expand digital services​.

Reactions and Global Context

The introduction of UPI in the Maldives has been met with enthusiasm from both financial experts and the general public. Many see this as a step toward creating a more inclusive financial system, while others are excited about the ease of transactions. “This will make payments smoother, especially for tourists like us,” commented an Indian tourist during a visit to the Maldives, highlighting the practical impact.

On the global stage, India has been actively promoting UPI as part of its digital diplomacy. UPI’s global footprint is expanding rapidly, with several countries already on board. As of 2024, UPI is being used in Singapore, UAE, France, Bhutan, Nepal, and Mauritius, with more nations like Japan, Australia, and the UK considering its adoption. Each of these countries has seen the transformative effects of adopting UPI, from reduced transaction costs to increased financial accessibility​.

Countries Using UPI

The Maldives now joins an impressive list of countries that have integrated UPI technology into their payment systems. Here’s a quick snapshot of some nations that are currently using UPI:

  1. Singapore: A major hub for Indian expatriates, UPI enables cross-border payments and remittances here.
  2. United Arab Emirates (UAE): UPI is widely accepted across merchant outlets, simplifying transactions for Indian tourists and residents.
  3. France: You can now pay for your Eiffel Tower tickets using UPI!
  4. Bhutan: One of the earliest adopters of UPI, making payments simple for Indian visitors.
  5. Nepal: The first country outside India to fully deploy UPI for its domestic payment systems.
  6. Mauritius: A growing user of UPI to foster better trade and tourism with India​.

A New Digital Frontier

The Maldives’ adoption of UPI signals its commitment to embracing the future of digital finance. By improving financial inclusion, simplifying transactions for tourists, and deepening ties with India, the island nation is on the fast track to a more connected and digital economy. It’s a win-win for everyone involved: residents gain better access to banking services, tourists enjoy hassle-free payments, and businesses tap into new opportunities.





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Thesys secures $4M funding led by Together Fund

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AI startup Thesys bags $4 million funding in a round led by Together Fund. The round also saw participation from 8VC, the company said in a statement.

The startup will use the funding to bridge the gap of user experience with AI agents. As a visual collaboration tool, the company will also provide a platform that will enable businesses to ideate, visualise, and ship intelligent experiences at scale.

“The way we engage with technology is changing faster than ever. Static interfaces simply don’t meet the demands of today’s AI-capabilities…At Thesys, we’re building tools that make it possible for businesses to adapt and thrive in this new era,” said Parikshit Deshmukh, Co-founder, Thesys. 

This evolution is about unlocking the full potential of AI-driven interactions and delivering unparalleled user experiences, he added.

“The future of AI relies as much on intuitive, adaptive interfaces as it does on backend capabilities. Thesys’ vision for Generative UI aligns perfectly with Together Fund’s commitment to enabling founders who are redefining the user experience,” said Manav Garg, Co-founder and managing partner of Together Fund.

“By empowering teams to create real-time, personalized interactions, Thesys is setting a new standard for AI-driven interfaces. We’re excited to support their journey in transforming the role of design and development tools for the next generation of AI applications,” he added.

The company, founded by Rabi Shanker Guha and Parikshit Deshmukh this year, emerged from the understanding of the need to provide support in the shift towards AI-driven interfaces, it said.

“Thesys envisions a future where all interfaces dynamically adjust to each user’s behavior, preferences, and needs—driven by what the company calls “Generative UI”. Unlike traditional static interfaces that rely on predefined paths, Generative UI uses AI to create unique, adaptive user interfaces on-the-fly, allowing businesses to provide truly personalized digital experiences,” the company added.

The company plans to launch a UI SDK that is set to enable developers to seamlessly integrate Generative UI into their applications. Additionally, post its closed beta launch, the company plans a general availability (GA) with its product within the next quarter positioning itself as the go-to product toolkit for businesses looking to stay ahead in the AI revolution.

“Thesys is pioneering a transformative shift in UI design workflows by integrating AI-driven adaptability… Their Generative UI approach aligns with our commitment to investing in technologies that drive innovation in user experiences,” said Bhaskar Ghosh, partner at 8VC.





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BrowserStack launches AI-driven Low Code Automation tool

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Software testing platform BrowserStack has rolled out Low Code Automation, a solution to simplify test automation for quality assurance teams, developers, and non-technical users. 

The newly launched solution will address challenges faced by software teams, including manual testing delays and complex automation frameworks, BrowserStack said in a statement. 

While traditional test automation requires coding expertise by often limiting non-technical testers to contribute, this tool allows user—irrespective of their technical background—to create and manage AI-driven automated tests without writing code. Users can also use BrowserStack’s cloud infrastructure for reliable test execution.

“(The AI-powered Low-Code Automation (LCA) simplifies the process of building and maintaining test automation suites compared to traditional tools like Selenium. It reduces the steep learning curve and complexity often associated with automation projects, leading to a quicker return on investment (ROI),” Chintan Doshi, Director of Product Management at BrowserStack, told YourStory

To support development teams worldwide, Low Code Automation speeds up testing cycles, boosts product quality, and enhances user experience by reducing technical barriers. 

“Citizen testers—such as business analysts, product managers, and customer support teams—can easily add validations and create automated tests with the test recorder, without requiring coding skills. This reduces their dependency on developers and QAs and empowers them to actively contribute to testing efforts,” Doshi explained.

Founded in 2011 by Ritesh Arora and Nakul Aggarwal, BrowserStack provides a cloud-based platform for developers to test websites and mobile apps across devices, operating systems, and browsers on demand.

With headquarters in San Francisco and Mumbai, the company has expanded its product line to include over 15 products, of which 10 were launched in the past 18 months.

In August, the Accel-backed firm acquired Berlin-based Bird Eats Bug, an advanced bug-reporting tool. The acquisition aims to address the existing gaps in bug reporting and streamline fragmented testing workflows.





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Flipkart’s delivery arm Instakart reports widening losses, lower revenue in FY24

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Flipkart’s delivery service arm Instakart’s FY24 losses increased multifold to Rs 1718.4 crore, from Rs 324.6 crore in the previous year, hurt by higher expenses and marginally lower revenues. 

The company, which is in the logistics, warehouse, courier and allied services business, clocked an operating revenue of Rs 12,115.3 crore in FY24, 5% lower than Rs 12,787.4 crore it posted a year ago, according to filings made with Toefler. 

During the period, the company’s total expenses increased 6% to Rs 14,149.4 crore, mainly driven by employee benefit and other expenses. 

Logistics services accounted for the majority (about 78%) of Instakart’s total operating revenues, with Rs 9,429.8 crore, marginally lower than what it collected in the previous year.

Warehousing services, which accounted for about 10% of total operating revenues, witnessed a 28.4% drop in revenue, while collection services, which accounted for 12%, remained stable. 

Just a week ago, Flipkart Internet reported a 21% rise in FY24 revenue at Rs 17,907.3 crore helped by rising income from its advertising services.

Flipkart India Ltd, which is Flipkart’s business-to-business (B2B) arm, reported a 26.4% rise in revenue from operations at Rs 70,541.9 crore in FY24. 





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