Payment corridor enables instant mobile-to-UPI transfers between Maldives and India
Sending money between the Maldives and India just got a lot simpler.
Thanks to a new payment corridor launched by the Maldives Monetary Authority and NPCI International Payments Ltd, people in the Maldives can now send funds instantly from their mobile banking apps straight to UPI accounts in India.
It's a big step for smoother digital payments and stronger economic ties between the two countries.
Maldives now 10th UPI country
Right now, customers of Bank of Maldives Plc and Maldives Islamic Bank Plc can use this feature through their regular banking apps, using Favara.
The Maldives is now the 10th country to accept UPI, joining places like Singapore, the United Arab Emirates, and Nepal.
In the future, expect even more options, like QR-based payments, to make cross-border spending even easier.