New Delhi: Bhutan on Tuesday became the first country to adopt India’s Unified Payments Interface.is i) standard for its quick response (QR) codes.
In a virtual function, union finance Jointly launched by Minister Nirmala Sitharaman and her Bhutanese counterpart Lyonpo Nmge Tshering BHIM-UPI in Bhutan.
Bharat Interface for Money (BHIM) is India’s digital payment application that works through UPI, an instant real-time payment system. UPI enables multiple bank accounts in a single mobile application.
Bhutan is the first country in India to accept mobile based payments through BHIM App.
As a part of the launch, Sitharaman conducted a live transaction using BHIM-UPI to buy organic produce from a Bhutanese. ogop Outlet, which sells fresh farm produce made organically by local communities in Bhutan.
The Finance Ministry said that with today’s launch of BHIM-UPI in Bhutan, the payments infrastructure of both the countries are linked and India will benefit the large number of tourists and businessmen who visit Bhutan every year.
It will enhance the ease of living and ease of travel through cashless transactions at the touch of a button.
Speaking on the occasion, Sitharaman said that services have started in Bhutan under India’s neighborhood first policy.
“There can be no better place to launch this as every Indian tourist visiting Bhutan goes to the land of happiness with such warmth,” he said.
The Finance Minister said that BHIM UPI is one of the brightest spots and achievements for digital transactions in India in the times of COVID-19 pandemic, with more than 100 million UPI QRs created in the last five years and BHIM UPI in 2020-21 Huh. Has processed 22 billion transactions worth Rs 41 lakh crore.
“BHIM-UPI is one of the achievements of India in terms of FinTech in which India has invested a lot and we have encouraged our start-ups to come up with solutions. Hence, BHIM-UPI is one of the very best successful ones. One of the experiments that we’ve done,” she said.
In the meantime, Tshering thanks and appreciates Indian government For the launch of BHIM-UPI services in Bhutan and said that the ties between the two countries have become stronger with every passing day.
The launch complements the commitment made by both the countries during Prime Minister Narendra Modi’s visit to Bhutan in 2019.
Following PM Modi’s visit, India and Bhutan have already enabled interoperability in acceptance of RuPay cards in each other’s countries in two phases – acceptance of RuPay cards issued in India at terminals located in Bhutan in the first phase , and vice versa in the second step.
In a virtual function, union finance Jointly launched by Minister Nirmala Sitharaman and her Bhutanese counterpart Lyonpo Nmge Tshering BHIM-UPI in Bhutan.
Bharat Interface for Money (BHIM) is India’s digital payment application that works through UPI, an instant real-time payment system. UPI enables multiple bank accounts in a single mobile application.
Bhutan is the first country in India to accept mobile based payments through BHIM App.
As a part of the launch, Sitharaman conducted a live transaction using BHIM-UPI to buy organic produce from a Bhutanese. ogop Outlet, which sells fresh farm produce made organically by local communities in Bhutan.
The Finance Ministry said that with today’s launch of BHIM-UPI in Bhutan, the payments infrastructure of both the countries are linked and India will benefit the large number of tourists and businessmen who visit Bhutan every year.
It will enhance the ease of living and ease of travel through cashless transactions at the touch of a button.
Speaking on the occasion, Sitharaman said that services have started in Bhutan under India’s neighborhood first policy.
“There can be no better place to launch this as every Indian tourist visiting Bhutan goes to the land of happiness with such warmth,” he said.
The Finance Minister said that BHIM UPI is one of the brightest spots and achievements for digital transactions in India in the times of COVID-19 pandemic, with more than 100 million UPI QRs created in the last five years and BHIM UPI in 2020-21 Huh. Has processed 22 billion transactions worth Rs 41 lakh crore.
“BHIM-UPI is one of the achievements of India in terms of FinTech in which India has invested a lot and we have encouraged our start-ups to come up with solutions. Hence, BHIM-UPI is one of the very best successful ones. One of the experiments that we’ve done,” she said.
In the meantime, Tshering thanks and appreciates Indian government For the launch of BHIM-UPI services in Bhutan and said that the ties between the two countries have become stronger with every passing day.
The launch complements the commitment made by both the countries during Prime Minister Narendra Modi’s visit to Bhutan in 2019.
Following PM Modi’s visit, India and Bhutan have already enabled interoperability in acceptance of RuPay cards in each other’s countries in two phases – acceptance of RuPay cards issued in India at terminals located in Bhutan in the first phase , and vice versa in the second step.
.