India, July 31 -- The Maldives Monetary Authority (MMA) on July 30 announced the successful launch of the integration between the Maldives' instant payment system, Favara, and India's Unified Payments Interface (UPI).

The integration marks a major milestone in cross-border digital financial connectivity and bilateral economic cooperation between the Maldives and India.

The new service enables individuals in the Maldives to send money to beneficiaries in India in real time. Transactions are initiated in Maldivian Rufiyaa (MVR) and are instantly credited to recipients' bank accounts in Indian Rupees (INR) through UPI.

The service has been launched with the participation of two local banks-Bank of Maldives Plc and Maldives Islamic Bank Pl...