New Delhi: Bhutan has become the first country to adopt UPI standards for online payments.
If you are traveling to Bhutan from India then you will soon be able to use UPI-based applications to make payments.
NPCI International Payment Ltd (NIPL), International Arm of National Indian Payment Corporation (NPCI) and Royal Monetary Authority (RMA) Bhutan has partnered together for this development.
Bhutan will also be the second country after Singapore has receipt of UPI Bhim at the location of certain traders.
NPCI said that RMA will ensure that the NPCI cellular application participating through UPI QR transactions received at all RMA obtained by traders in Bhutan.
“The launch will benefit more than 200,000 tourists from India who travel to Bhutan every year.
With this launch, Bhutan will be the first country to adopt an integrated payment interface standard (UPI) for QR deployment,” NPCI said in a statement.
Bhutan will also be the only country for both problems & receive Rupay cards and accept UPI Bhim.
Integrated Payment Interface (UPI) is an instant real-time payment system, allowing users to transfer money in real-time, in various bank accounts without disclosing a person’s bank account details to the other party.
“In 2020, UPI supports trade worth $ 457 billion, which is equivalent to around 15% of Indian GDP,” NPCI said in a statement.
Besides tourists, it will also help Bhutan residents to choose payments without cash to shop owners.
Meanwhile, there are 50 UPI third-party applications in India.
However, Phoneepe, Google Pay, Paytm, and Amazon Pay are the main players upi on the market.
The majority of UPI transactions, as high as 80% of total volume upi, driven by Phonepe or Google Pay.