NPCI's overseas arm joins hands with RMA to launch BHIM UPI in Bhutan

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

This initiative will be officially launched by the Hon’ble Finance Minister of India Smt. Nirmala Sitharaman today at a virtual ceremony in presence of Hon’ble Finance Minister of Bhutan, Lyonpo Namgay Tshering, Governor of Royal Monetary Authority of Bhutan, Dasho Penjore, Ambassador of Bhutan to India General V Namgyel, Ambassador of India to Bhutan, Ruchira Kamboj, and other distinguished guests.

“Our vision has always been focused on taking our robust and popular payments solutions to global markets," NIPL CEO Ritesh Shukla said in a release.

With this collaboration, the two South Asian nations will mark a new milestone in the two economies' financial integration. The collaboration will ensure that both NIPL and RMA enable the acceptance of the BHIM App powered by the Unified Payments Interface (UPI) in Bhutan.

The new digital payment mechanism would not only benefit Indian tourists in terms of transactions but would also add value to the lives of customers in Bhutan.

The RMA will ensure that all RMA-acquired merchants in Bhutan accept the participating NPCI mobile application via UPI QR transactions.

As a result of the collaboration, it would also provide a benefit to over 200,000 Indian tourists who visit Bhutan each year.

Bhutan is the only country that issues and accepts both RuPay cards and BHIM UPI. Bhutan will also be the first country to use Unified Payment Interface (UPI) standards for its QR implementation.

UPI, as an instant real-time payment system, enables users to transfer money in real-time across multiple bank accounts without disclosing account information to the other party.

It is a mobile-based payments system that is simple, safe, and cost-effective, and it has become one of the most popular forms of digital payments.

Also Read:

• NPCI To Power Real-Time Digital Payment System (UPI) In Myanmar

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