Subsequent implementation phases will introduce QR code-based merchant payments.

The Ministry of Finance announced on Friday the successful operational integration between Maldives’ instant payment platform Favara and India’s Unified Payments Interface. The cross-border financial collaboration was established through a strategic partnership between NPCI International Payments Limited and the Maldives Monetary Authority, marking a major milestone in bilateral economic cooperation.

Following the official service rollout on Thursday, residents in the Maldives can now execute real-time cross-border fund transfers directly to UPI-enabled Indian bank accounts using their existing mobile banking applications.

The initial phase of this digital payment bridge features full participation from Bank of Maldives PLC and Maldives Islamic Bank PLC. Account holders at these institutions can initiate seamless person-to-person financial transactions directly through their native mobile banking interfaces and the Favara transaction network.

Subsequent implementation phases will introduce QR code-based merchant payments along with additional digital financial solutions, further solidifying trade and tourism linkages between both nations.

Operated by the National Payments Corporation of India under the guidance of the Reserve Bank of India and Indian Banks’ Association, UPI technology is currently accepted across ten international markets, including Singapore, the United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar, Sri Lanka, and Cambodia.