Bhutan is adopting India’s UPI payment system
Bhutan has become the first country to adopt India’s Unified Payment Interface (UPI) system for QR Code-based quick payments. NPCI’s international arm, NPCI International Payments Limited (NIPL), has partnered with Bhutan’s central bank Royal Monetary Authority (RMA) for launching UPI in Bhutan.
UPI was launched in Bhutan by Union Finance Minister Nirmala Sitharaman and her Bhutanese counterpart Lyonpo Namgay Tshering at a virtual event, Sitharaman also purchased an organic product from a Bhutanese OGOP outlet by paying using BHIM-UPI
Bhutan’s RMA has confirmed that UPI payment through the BHIM app will be accepted at all RMA-acquired merchants in Bhutan. It will also benefit more than 200,000 Indian tourists who travel to Bhutan every year.
Since its launch in 2016, UPI payment is now available at 229 banks. It also accounts for $457 billion UPI-enabled commerce and clocked transaction volume worth Rs. 5,47,373.17 in June. Now there are several third-party as including Paytm, PhonePe, Google Pay, Amazon Pay. These apps let users connect bank account using UPI and make quick payments.
It is worth noting that Bhutan already accepts and issues India’s RuPay cards.