India–Maldives Launch Favara–UPI Corridor

The Maldives Monetary Authority operationalised integration between Favara, the Maldives' instant payment system, and India's UPI.

This enables real-time cross-border transfers.

Transactions are initiated in Maldivian Rufiyaa (MVR) and credited in Indian Rupees (INR) to UPI-enabled bank accounts.

Important Institutions

• Maldives Monetary Authority
• RBI
• NPCI International Payments Limited

UPI Global Presence Mentioned in the Source

UPI is accepted in:
Cambodia, Greece, Singapore, UAE, France, Mauritius, Nepal, Bhutan, Qatar and Sri Lanka.