Maldives Monetary Authority (MMA) has signed an agreement with India’s NPCI International Payments Limited (NIPL) to connect the Maldives’ Favara instant payment system with India’s Unified Payments Interface (UPI). This move will make money transfers between the two countries faster, safer, and cheaper.

The partnership is part of MMA’s plan to improve digital payments and make cross-border transactions easier for individuals and businesses. The first phase, set to launch in early 2026, will allow people in both countries to send money directly to family and friends. Later, the service will expand to let merchants accept payments through QR codes in their local currencies.

NIPL has already set up similar systems in Singapore, Sri Lanka, and Nepal. MMA also plans to create a new organisation, Payment Maldives, to lead future payment innovations.

In addition, MMA is working on a national QR code standard to make digital payments more consistent and accessible. This will support wider use of Favara and help reduce the use of cash, while promoting financial inclusion and economic growth.