New Delhi, July 31 -- In a major step towards strengthening digital financial connectivity between India and the Maldives, the Maldives Monetary Authority (MMA) has launched a direct integration between the country's instant payment system, Favara, and India's Unified Payments Interface (UPI). The service went live on July 30, 2026, allowing users in the Maldives to send money instantly to beneficiaries in India.
The launch marks a significant milestone in bilateral financial cooperation, enabling real-time cross-border person-to-person (P2P) remittances through a seamless digital payment corridor. Under the new arrangement, customers can initiate transfers in Maldivian Rufiyaa (MVR), with the funds being credited in Indian Rupees (INR) di...