BHIM UPI now in Bhutan
NPCI International Payments Limited (NIPL), an international arm of the National Payments Corporation of India, and the Royal Monetary Authority (RMA) of Bhutan have partnered to enable and implement BHIM UPI QR-based payments in Bhutan. The service was launched through virtual medium here today by Finance Minister Nirmala Sitharaman and Bhutan’s Finance Minister Lyonponamge Tshering. The virtual ceremony was attended by Dasho Penjore, Governor of the Royal Monetary Authority (RMA) of Bhutan, Debashish Panda, Secretary, Department of Financial Services, India, General V Namgyal, Ambassador of Bhutan to India, Ruchira Kamboj, Ambassador of India to Bhutan and Dilip, MD and CEO of NPCI. Asbe and other distinguished guests were present.
It was agreed to start this service during Prime Minister Narendra Modi’s visit to Bhutan in 2019. The launch of BHIM UPI in Bhutan marks a new milestone towards financial integration between the two economies.
The collaboration between NIPL and RMA will enable the adoption of Unified Payment Interface (UPI) powered BHIM App in Bhutan. RMA will ensure that the participating NPCI mobile application is accepted through UPI QR transactions at all RMA acquired merchants in Bhutan. The launch will also benefit over 200,000 tourists from India who visit Bhutan every year. With this launch, Bhutan will become the first country to adopt Unified Payment Interface (UPI) standards for its QR deployment. Also, Bhutan will become the first country in the world, except India, to issue and accept RuPay cards as well as to accept BHIM UPI.
Unified Payments Interface (UPI) is an instant real-time payment system that allows users to transfer money on a real-time basis across multiple bank accounts without revealing their bank account details to the other party. Simple, secure, cost-effective mobile-based payment systems have become one of the most prominent modes of digital payments. In 2020, UPI enabled turnover of $457 billion, which is equivalent to about 15 percent of India’s GDP.
Ritesh Shukla, CEO, NPCI International Payments Limited (NIPL) said, “Our vision has always been to take our robust and popular payment solutions to global markets.
This strategic partnership with Bhutan in the area of digital payments will not only make it easier for Indian travelers to transact in Bhutan, but will also make life easier and more valuable for customers in Bhutan.
