Favara-UPI cross-border payment corridor goes live between Maldives and India

The Maldives Monetary Authority (MMA) has announced the successful go-live of the integration between the Maldives Instant Payment System, ‘Favara’, and India’s Unified Payments Interface (UPI) on Thursday, marking a transformative milestone in cross-border digital financial connectivity and bilateral economic cooperation between the two countries.

The new service enables individuals in the Maldives to transfer funds using Favara to beneficiaries in India in real time. Transactions are initiated in Maldivian Rufiyaa (MVR) and credited to recipients in Indian Rupees (INR) through UPI.