The Maldives has launched real-time cross-border fund transfers to India through the integration of its instant payment system, Favara, with India’s Unified Payments Interface (UPI).
The Maldives Monetary Authority announced the successful rollout of the service, describing it as a major step in strengthening digital financial connectivity and economic cooperation between the two countries.
Transactions are initiated in Maldivian Rufiyaa and are credited directly in Indian Rupees to UPI-enabled bank accounts. In the initial phase, the service is available to customers of Bank of Maldives Plc and Maldives Islamic Bank Plc.
Users can make person-to-person transfers through their mobile banking applications using the Favara payment platform.
UPI is also now operational or linked with payment systems in multiple countries, including the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar.
Source: AIR
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