Maldives Monetary Authority (MMA) Governor Ahmed Munawar has announced that Favara, the Maldives’ instant payment system, will be linked with India’s Unified Payments Interface (UPI) by July next year.

The Governor made the remarks while speaking at the launch ceremony of several MMA financial sector development initiatives, including Payment Maldives. He said the initiative forms part of ongoing efforts to facilitate and secure cross-border financial transactions between the Maldives and India.

Governor Munawar said the MMA has invited all banks and payment service providers to participate as equity partners in Payment Maldives. He added that Payment Maldives will work closely with Favara partner institutions to enable QR code-based payments in line with the National QR Code Standard (PayMV), which is scheduled to be introduced by the MMA by April next year.

“By July 2026, the cross-border payment connectivity between Favara and India’s UPI will be completed,” the Governor said.

He noted that the integration is expected to enhance the efficiency of cross-border payments, improve convenience for users in both countries, and support the continued expansion of digital payment services in the Maldives.