NPCI International Payments Ltd (NIPL) and Maldives Monetary Authority (MMA) have announced the successful go-live of the integration between the Maldives’ Instant Payment System ‘Favara’, and Unified Payments Interface (UPI).
This marks a transformative milestone in cross-border digital financial connectivity and bilateral economic cooperation between the Maldives and India, the finance ministry said in a statement on Friday.
Following the launch of the service on Thursday, individuals from the Maldives can now transfer funds in real time to UPI-enabled bank accounts in India through their mobile banking applications.
The service has commenced with the participation of two local banks– Bank of Maldives Plc and Maldives Islamic Bank Plc, it said, adding, customers of these banks can initiate person-to-person (P2P) transfers directly to UPI-enabled bank accounts in India using their mobile banking applications and the Favara payment rail. — PTI