Indian High Commissioner to the Maldives, G. Balasubramanian, has hailed the ongoing rollout of India's Unified Payments Interface (UPI) in the Maldives as a crucial step toward deepening economic and trade cooperation between the two nations.
Speaking on the Ministry of Economic Development, Transport and Trade’s “Trade Desk with Anna” podcast, the High Commissioner emphasised that the initiative will streamline cross‑border payments for tourists, students, patients and businesses alike.
He noted that services exchanged between India and the Maldives already total roughly USD 300 million annually, driven chiefly by tourism – with 140,000‑150,000 Indian visitors arriving each year – and by a sizable flow of Maldivian nationals seeking education and medical care in India.
To further facilitate these exchanges, authorities are fast‑tracking the linkage of India’s UPI platform with the Maldives’ domestic instant‑payment system, Favara.
“We are currently working on the UPI‑Favara system, which will make it easier for Maldivians to pay for hospitals and educational institutions,” he said.
Describing UPI as the fastest‑growing mobile‑payment platform in India – accounting for over 50 percent of all mobile transactions – the High Commissioner predicted that its introduction in the Maldives will revolutionise person‑to‑person and business transactions, eliminating the current challenges experienced by travelers and remitters.
He characterised the UPI‑Favara integration as a tangible symbol of the enduring friendship between India and the Maldives, promising a permanent solution to the financial‑transaction hurdles faced by citizens of both countries.
The Unified Payments Interface enables users to link multiple bank accounts through a single mobile app, allowing secure, instantaneous money transfers. Maldives Monetary Authority (MMA) Governor Ahmed Munavvar has previously confirmed that the UPI‑Favara linkage is on track to be completed within the current month, marking a significant advancement in the bilateral economic partnership.