July 31, 2026 5:58 PM
Favara-UPI cross-border payment corridor goes live, enabling real-time transfers between Maldives and India
India and the Maldives have strengthened their digital financial partnership with the launch of the Favara-UPI cross-border payment corridor, enabling individuals in the Maldives to transfer funds instantly to UPI-enabled bank accounts in India through their mobile banking applications. The Maldives Monetary Authority (MMA) announced the successful operationalisation of the integration between the Maldives Instant Payment System, Favara, and India's Unified Payments Interface (UPI) on July 30, ...