New Delhi: Minister of Finance Nirmala Sitharaman on Tuesday said the launch of QR Bhim-UPI-based payment in Bhutan will further strengthen cooperation between two neighboring countries.
This service was officially launched by the Minister of Finance at a virtual ceremony in the presence of the State Minister to finance Bhagwat K Karad, Secretary of Financial Services debasish Panda and Secretary with Madnesh Kumar Mishra.
Bhutan Finance Minister, Lyonpo Namgay Tshering, Governor of Royal Monetary Authority (RMA) from Bhutan, Dasho Penjee, Bhutan Ambassador to India General V Namgyel, Indian Ambassador to Bhutan, Ruchira Cambodia was also present.
Appreciate the efforts of RMA, and the National Pay Corporation of India (NPCI) in connecting the application of Bhim-UPI and Rupay cards with the Bhutanese payment system, Sitharaman said, “I think this stands out as a very good example and will only strengthen cooperation further and more Continue between the two countries.
“This launch is expected to benefit more than 2,00,000 tourists from India who travel to Bhutan every year.
With this launch, Bhutan will become the first country to adopt an integrated standard payment interface (UPI) for the spread of QR.
Bhutan will also be the only country to issue and receive Rupay cards and accept the Bhim-UPI.
It should be noted that India launched a Rupay card that was accidentally developed in Bhutan in 2019 and the second phase was launched in November 2020.
This launch meets the commitments made by both countries during the visit of Prime Minister Narendra Modi to Bhutan in 2019.
Following that visit, India And Bhutan has enabled inter-operability in the acceptance of Rupay cards in their respective countries in two phases – acceptance of Rupay cards issued in India in Bhutan-based terminals in the first phase, and vice versa the Ministry of Finance said in a statement.
By asserting that the inherent strength of the Bhim-upi is something that feels proud of India, said Sitharaman, processing 22 billion financial transactions worth Rs 41 Lakh Crore in 2020-21 when the world is under the grip of the pandemic.
During a pandemic, UPI stands out as an effective payment instrument because people can buy important items by making digital payments, he added.
Ending the Bhim-UPI as one of Indian achievements in terms of Fintech, he said, this is a very successful experiment that India has done.
The launch of UPI Bhutan in Bhutan will add new milestones in financial integration between two economics and collaboration will enable the acceptance of the application upi-bhim in Bhutan.
RMA will ensure that the NPCI cellular application that participated through UPI QR transactions was received at all RMA acquired traders in Bhutan.
UPI is an instant real-time payment system, which allows users to transfer money in real-time, in various bank accounts without disclosing the details of a person’s bank account to the other party.
Strategic partnerships with Bhutan in the field of digital payments will not only increase the ease of impactor for Indian travelers to Bhutan but will also add value to the life of customers in Bhutan.
As part of the launch, Sitharaman also conducted a direct transaction using the Bhim-upi to buy organic products from the ONE GEWOG ONE ONE (ONE ONE) outlet, which sells fresh farm products made organically by local communities in Bhutan.