In a significant leap towards modernizing its financial landscape, the Maldives Monetary Authority (MMA) has unveiled its innovative instant payment system, 'Favara', offering users the ability to swiftly transfer up to MVR 50,000 with the tap of a button. This groundbreaking development promises to reshape the way transactions are conducted in the Maldives.
With the official confirmation from the MMA, the Favara instant payment system is set to redefine the speed and convenience of fund transfers. Individuals and businesses alike can now access Favara through their e-wallets, Internet banking, or mobile banking applications associated with their respective banks. This means that the hassle of lengthy transaction processes is set to become a thing of the past, giving users the power to manage their finances more efficiently.
Notably, the Favara instant payment system introduces two distinct transaction limits, catering to varying needs. For single transfers, users can instantly move a maximum amount of MVR 50,000. On the other hand, Favara Requests offers the facility to request payments of up to MVR 5,000 from other customers. This opens up a realm of possibilities for both individuals and businesses that often need to facilitate payments from their clients or customers.
One of the standout features of the Favara system is the concept of the Favara ID. This feature allows users to create personalized and easily memorable credentials for fund transfers. Instead of the traditional method of entering lengthy bank account numbers, users can opt to utilize their recipient's phone numbers or email addresses to carry out transactions. This innovation is set to further simplify the process, making financial interactions more intuitive and user-friendly.