\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tNPCI 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).<\/p>\n
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.<\/p>\n
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.<\/p>\n
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"NPCI International Payments Ltd (NIPL) and Maldives Monetary Authority (MMA) have announced the successful go-live of the integration…\n","protected":false},"author":2,"featured_media":788953,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[64,63,1348,1722,6464,5296,356931,6462,203,26570,356930,105],"class_list":["post-839560","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-au","tag-australia","tag-breaking-news","tag-columns","tag-india-news","tag-interviews","tag-live-commentary","tag-live-updates","tag-mobile","tag-news-india","tag-rediff","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/839560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=839560"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/839560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/788953"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=839560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=839560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=839560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}