- The Maldives has launched its first international instant-payment link, connecting Favara with India's UPI for real-time transfers.
- Customers of Bank of Maldives and Maldives Islamic Bank can send person-to-person payments to UPI-enabled Indian accounts, with Rufiyaa credited as Rupees.
- Future phases will extend the service to merchant and QR-based payments to Indian businesses.
The Maldives has activated its first international instant-payment link, allowing customers of two local banks to transfer money directly to individuals in India through the Favara system.
The integration connects Favara, the Maldives Instant Payment System, with India’s Unified Payments Interface, or UPI. Transfers are initiated in Maldivian Rufiyaa and credited to recipients in Indian Rupees in real time.
The service is initially available to customers of Bank of Maldives and Maldives Islamic Bank. They can use their banks’ digital platforms to send person-to-person payments to UPI-enabled bank accounts in India.
The arrangement provides a formal digital channel for payments by Maldivians with family, education, travel or other personal expenses in India. It was implemented through cooperation between the Maldives Monetary Authority, the Reserve Bank of India, NPCI International Payments Limited and participating financial institutions.
Future phases are expected to extend the service to merchant payments, including QR-based transactions, allowing Maldivian customers to make payments to businesses in India through Favara.
