FavaraThe Maldives’ national instant payment system, open to nonbank institutions from the start (Dhiraagu Fintech was the first nonbank PSP admitted). The link to India’s UPI has been live since July 30, 2026, for person-to-person transfers to India. The system barely appears in international overviews.Maldives Monetary Authority · since 2024More than 7.7 million instant payments processed by the end of 2024 (Maldives Monetary Authority)
Global registry · Asia-Pacific · South Asia
Maldives Payment systems
2 systems listed.
This country doesn’t have a written market analysis yet: e-commerce shares, regulator, and key players are still to be documented. The systems below, however, are verified.
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Payments in Oceania and CanadaPayments in Central AsiaPayments in South Asia outside IndiaPayments in Southeast AsiaPayments in Japan and KoreaPayments in Malaysia and SingaporeAccepting payments in Australia and New ZealandAccepting payments in Indonesia and ThailandAccepting payments in Japan and South KoreaAccepting payments in Southeast AsiaPayments in Asia: super-apps, public rails, and cross-border QROpening a new market: the payments playbook
Instant payments
Wallets
FahiPayMaldivian e-money issuer, licensed under the national payment system law. A substantive correction: FahiPay Pvt. Ltd. is an independent company based in R. Alifushi, on an outer atoll. It is NOT the wallet of the incumbent telecom carrier, which appears separately in the register as Dhiraagu Fintech Pvt Ltd, with its own license. Mixing up the two skews any analysis of the Maldivian market, where only three companies issue e-money.FahiPay Pvt. Ltd. (holds an e-money issuing license granted by the Maldives Monetary Authority)