Favara-UPI cross-border payment corridor goes live between Maldives, India
The Maldives and India have launched a cross-border payment integration between the Maldives' 'Favara' system and India's Unified Payments Interface (UPI). This allows individuals to make real-time person-to-person transfers between the two nations using mobile banking apps.
Why it matters
This integration strengthens bilateral economic ties and simplifies financial transactions for citizens and travelers between India and the Maldives.
NPCI International Payments Ltd (NIPL) and Maldives Monetary Authority (MMA) have announced the successful go-live of the integration between the Maldives’ Instant Payment System 'Favara', and Unified Payments Interface (UPI).
This marks a transformative milestone in cross-border digital financial connectivity and bilateral economic cooperation between the Maldives and India, the Finance Ministry said in a statement on Friday (July 31, 2026).
Following the launch of the service on Thursday (July 30), individuals from the Maldives can now transfer funds in real time to UPI-enabled bank accounts in India through their mobile banking applications.
The service has commenced with the participation of two local banks — Bank of Maldives Plc and Maldives Islamic Bank Plc, it said, adding, customers of these banks can initiate person-to-person (P2P) transfers directly to UPI-enabled bank accounts in India using their mobile banking applications and the Favara payment rail.
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