Maldives Launches Favara-UPI Cross-Border Payment Corridor with India
| Key Aspect | Details |
|---|---|
| Announcement Date | July 30, 2026 by the Maldives Monetary Authority (MMA) |
| Purpose | Enables real-time cross-border money transfers from Maldives (via mobile banking apps) to UPI-compatible accounts in India |
| Technology Integration | Maldives Instant Payment System (Favara) linked with India's Unified Payments Interface (UPI) |
| Transaction Mechanism | Sent in MVR (Maldivian Rufiyaa), auto-converted to INR (Indian Rupees) for recipient |
| Key Collaborators | - Maldives Monetary Authority (MMA) - Reserve Bank of India (RBI) - NPCI International Payments Limited (NIPL) - Partner banks & payment ecosystem stakeholders |