The digital payment app BHIM UPI joins hands with the Royal Monetary Authority (RMA) of Bhutan to implement a QR-based unified payments interface in Bhutan.
The Royal Monetary Authority of Bhutan (RMA) is the central bank of Bhutan and was established under the Royal Monetary Authority of Bhutan Act of 1982.
The launch of BHIM UPI in Bhutan will add a new milestone in financial integration between the two economies, a statement said on Tuesday. The launch will benefit more than 200,000 tourists from India who travel to Bhutan each year. With this launch, Bhutan will become the first country to adopt Unified Payment Interface (UPI) standards for its QR deployment. Bhutan will also become the only country to both issues & accept RuPay cards as well as accept BHIM UPI.
BHIM UPI goes to Bhutan. The digital payment app joins hands with the Royal Monetary Authority (RMA) of Bhutan. This partnership enables BHIM users to make BHIM UPI QR-based payments in Bhutan. Click here to know more: https://t.co/TdaaCvbZRu pic.twitter.com/KWBqNpJ6G5
— NPCI (@NPCI_NPCI) July 13, 2021
Unified Payments Interface (UPI) is an instant real-time payment system, allowing users to transfer money on a real-time basis, across multiple bank accounts without revealing details of one’s bank account to the other party. The simple, safe, cost-effective mobile-based payments system has become one of the most prominent forms of digital payments.
“Our vision has always been focused on taking our robust and popular payments solutions to global markets”, said Ritesh Shukla, CEO, NPCI International Payments Limited (NIPL).
This strategic partnership with Bhutan in the area of digital payments will not only enhance the ease of transacting for Indian travelers to Bhutan but will also add value to the lives of customers in Bhutan.
