India and the Maldives have launched the Favara–Unified Payments Interface (UPI) cross-border payment corridor, enabling money to be transferred between the two countries in real time.
The corridor links the Maldives' Favara payment system with India's UPI. It is expected to make remittances and payments faster and cheaper for people and businesses, and adds the Maldives to the growing list of countries connected with India's digital payment network.