A new cross-border payment corridor linking the Favara rail in the Maldives with India’s UPI system goes live, enabling real-time person-to-person (P2P) transfers from the Maldives to UPI-enabled bank accounts in India. According to reporting from Business Line and The Hindu, the service launches on Thursday, July 30. Customers can initiate transfers from within their mobile banking applications using the Favara payment infrastructure.
The accounts covered include Bank of Maldives Plc and Maldives Islamic Bank, whose customers are able to send funds to recipients in India who hold accounts enabled for UPI. The sources describe the transfers as direct and real time, reflecting UPI connectivity on the receiving side.
Both outlets present the rollout as an expansion of cross-border digital payments between the two countries, allowing individuals in the Maldives to move funds to Indian UPI-enabled accounts without using separate payment intermediaries. No additional details on pricing, limits, or the availability to other Maldivian banks are provided in the shared excerpts.
