Integration of Maldives' Instant Payment System with UPI
The NPCI International Payments Ltd (NIPL) and Maldives Monetary Authority (MMA) have successfully integrated the Maldives' Instant Payment System, known as 'Favara', with India's Unified Payments Interface (UPI). This development marks a significant milestone in enhancing cross-border digital financial connectivity and fostering economic cooperation between the Maldives and India.
Key Highlights
- Launch Date: The service was launched on July 30, 2026.
- Participating Banks:
- Bank of Maldives Plc
- Maldives Islamic Bank Plc
- Service Details:
- Individuals in the Maldives can transfer funds in real-time to UPI-enabled bank accounts in India.
- Transfers are facilitated through mobile banking applications and the Favara payment rail.
Future Prospects
- Subsequent phases will introduce additional cross-border payment options, such as QR-based merchant payments and other digital payment services.
- These advancements aim to further strengthen economic and financial ties between the Maldives and India.
UPI's International Reach
UPI is currently accepted in nine countries: Cambodia, Singapore, United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar, and Sri Lanka. This allows Indian travelers to make seamless payments abroad using UPI.
About NPCI
- NPCI is an initiative by the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA).
- It operates as an umbrella organization for retail payments and settlement systems in India, managing the UPI platform for real-time payments.
