The Maldives Monetary Authority (MMA) signed an agreement with NPCI International Payments Limited to integrate the Maldives National Instant Payment System, Favara, with India’s Unified Payments Interface (UPI), creating a channel for instant cross-border money transfers between the Maldives and India. The integration is intended to make transfers faster, safer and lower cost for users in both countries. The first phase, expected to launch in early 2026, will enable individuals to send money directly to friends and family, with a later expansion to merchant payments via QR codes so businesses and individuals can accept cashless payments in their respective local currencies. MMA framed the project as part of its three-year Strategic Plan for enhancing digital solutions for international payments, and noted NIPL has implemented similar services in Singapore, Sri Lanka and Nepal. Alongside the integration work, legislative reforms are underway to establish a dedicated entity, Payment Maldives, to execute strategic payment reforms and drive payment innovation. MMA is also developing a National QR code standard to harmonise QR formats across banks and payment service providers, with the aim of supporting Favara adoption and enabling accessible, low-cost digital payments, including for cross-border use cases.
Maldives Monetary Authority 2025-07-25
Maldives Monetary Authority signs deal with NPCI International to link Favara with India’s Unified Payments Interface
The Maldives Monetary Authority (MMA) has partnered with NPCI International Payments Limited to integrate the Maldives National Instant Payment System, Favara, with India's Unified Payments Interface (UPI) for instant cross-border transfers. Part of MMA's three-year Strategic Plan, this initiative aims to enhance digital payment solutions and includes legislative reforms to establish Payment Maldives for strategic payment reforms. Additionally, MMA is developing a National QR code standard to support Favara adoption and facilitate low-cost digital payments.