Favara-UPI cross-border payment corridor goes live between Maldives, India
The Maldives and India launched the Favara-UPI cross-border payment corridor, allowing real-time fund transfers from the Maldives to UPI-enabled accounts in India via mobile banking applications. This integration, announced by NPCI International Payments Ltd and the Maldives Monetary Authority, enhances digital financial connectivity and economic cooperation between the two nations. Future phases will introduce additional payment options, including QR-based merchant payments, further strengthening these ties.