'Favara' is the instant payment system of which country?

On July 30, 2026, the Maldives Monetary Authority (MMA) launched the Favara-UPI cross-border payment corridor, enabling Maldivian citizens to transfer funds in real-time to UPI accounts in India. This initiative, undertaken in collaboration with the MMA, RBI, and NPCI International Payments Limited (NIPL), will strengthen digital payment and financial cooperation between India and the Maldives.