Bhutan To Become First Foreign Country To Adopt UPI

Bhutan To Become First Foreign Country To Adopt UPI

SUMMARY

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 launch will benefit more than 200,000 tourists from India who travel to Bhutan each year

In 2020, UPI enabled commerce worth $457 Bn, which is equivalent to approximately 15% of India’s GDP

NPCI International Payments Ltd (NIPL), the International arm of National Payment Corporation of India and Royal Monetary Authority (RMA) of Bhutan have partnered for enabling and implementing BHIM UPI QR-based payments in Bhutan.

The service will be formally launched by the finance minister of India Nirmala Sitharaman on July 13 at a virtual ceremony in presence of the finance minister of Bhutan, Lyonpo Namgay Tshering, governor of Royal Monetary Authority of Bhutan, among others.

The Royal Monetary Authority of Bhutan is the central bank of Bhutan and was established under the Royal Monetary Authority of Bhutan Act of 1982.

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.

This launch of BHIM UPI in Bhutan will add a new milestone in financial integration between the two economies. The collaboration between NIPL and RMA will enable acceptance of Unified Payments Interface (UPI) powered BHIM App in Bhutan. RMA will ensure that the participating NPCI mobile application through UPI QR transactions is accepted at all RMA acquired merchants in Bhutan. 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 and accept RuPay cards as well as accept BHIM UPI.

“Our vision has always been focused on taking our robust and popular payments solutions to global markets,” said Ritesh Shukla, chief executive officer, NPCI International Payments Limited (NIPL).

In 2020, UPI enabled commerce worth $457 Bn, which is equivalent to approximately 15% of India’s GDP.

Just last month, after the second wave of the Covid19 pandemic subsided, the National Payments Corporation of India (NPCI) clocked a record 2.8 Bn transactions, up 10% month on month. It also reported transactions worth INR 5.47 Lakh Cr. The previous best performance, since inception, was in March 2021.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Bhutan To Become First Foreign Country To Adopt UPI-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Bhutan To Become First Foreign Country To Adopt UPI-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Bhutan To Become First Foreign Country To Adopt UPI-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Bhutan To Become First Foreign Country To Adopt UPI-Inc42 Media
Bhutan To Become First Foreign Country To Adopt UPI-Inc42 Media
You’re in Good company