The Maldives Monetary Authority announced the go-live of an integration between the Maldives Instant Payment System, Favara, and India’s Unified Payments Interface (UPI). The service, Favara’s first international integration, enables individuals in the Maldives to make real-time transfers in Maldivian rufiyaa to beneficiaries who receive the funds in Indian rupees through UPI. The initial phase supports person-to-person transfers from customers of Bank of Maldives and Maldives Islamic Bank to UPI-enabled bank accounts in India through the banks’ digital platforms. Subsequent phases will add person-to-merchant payments, including QR-based merchant transactions, and other cross-border digital payment services.
2026-07-30Maldives Monetary Authority
Maldives Monetary Authority launches first cross-border Favara integration with India’s UPI
The Maldives Monetary Authority has launched Favara’s first international integration, enabling real-time transfers from the Maldives to UPI-enabled bank accounts in India. Bank of Maldives and Maldives Islamic Bank are participating initially, with merchant payments and other digital payment services planned for later phases.