1 month ago
Maldives Integrates Favara with India's UPI for Real‑Time Transfers
The Maldives and India have teamed up to let people send money to each other instantly.
The Maldives payment system, called Favara, now works with India's UPI, a popular way to pay with phones.
People in the Maldives can send money in their own currency, the rufiyaa, and it arrives in India in rupees right away.
Two local banks help people do this.
The move is part of a plan to make it easier for travelers and families to send money across the two countries.
Maldives Monetary Authority announced the live integration of Favara with India's UPI.
The service allows real‑time transfers from Maldivian Rufiyaa to Indian Rupees via UPI.
Two local banks—Bank of Maldives Plc and Maldives Islamic Bank Plc—currently support the service.
Remittances for family maintenance and gifts are permitted under foreign inward/outward categories.
The partnership involved MMA, RBI, NPCI International Payments Limited, and plans for QR‑based merchant payments.
- Who
- Maldives Monetary Authority, Reserve Bank of India, NPCI International Payments Limited, Bank of Maldives Plc, Maldives Islamic Bank Plc
- What
- Integration of the Maldives payment system Favara with India's Unified Payments Interface (UPI) enabling real‑time cross‑border transfers
- Where
- Maldives and India
- When
- Agreement signed July 2025; 10‑day testing; service live now
- Why
- To enhance digital financial connectivity and strengthen bilateral economic cooperation
Key facts
- Integration Status
- Live
- Currency Transferred
- Maldivian Rufiyaa to Indian Rupees
- Participating Banks
- Bank of Maldives Plc, Maldives Islamic Bank Plc
- Implementation Timeline
- 10‑day testing and certification
- Future Plans
- QR‑based merchant payments and other digital services
Sources
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