UPI Connectivity Launched Between India and Maldives; Cross-Border Money Transfers Now in Real-Time
📍 M Bharat 24 News Live
Digital payment cooperation between India and Maldives has achieved a major milestone. The Maldives Monetary Authority has announced the successful integration of 'Favara' with India's UPI. People in the Maldives will now be able to transfer money in real-time to UPI-enabled bank accounts in India via their mobile banking apps. Currently, this service has been launched for customers of the Bank of Maldives and the Maldives Islamic Bank. In the future, features such as QR code-based merchant payments will also be added, further strengthening economic and digital cooperation between the two nations.
