National Payment Corporation of India’s arm, NPCI International Payments Ltd. (NIPL) has partnered Royal Monetary Authority (RMA) of Bhutan for implementing BHIM UPI in Bhutan.
The collaboration between NIPL and RMA will enable acceptance of Unified Payments Interface (UPI) powered BHIM App in Bhutan.
And RMA will ensure that the participating NPCI mobile application through UPI QR transactions is accepted at all RMA acquired merchants in Bhutan.
This facility will benefit more than 200,000 tourists from India who travel to Bhutan each year, NPCI said.
With this introduction, Bhutan will become the first country to adopt Unified Payment Interface (UPI) standards for its QR deployment. Bhutan will also become the only country to both issue and accept RuPay cards as well as accept BHIM UPI, it added.
Unified Payments Interface (UPI) is an instant real-time payment system, allowing users to transfer money on a real-time basis, across multiple bank accounts without disclosing details of one’s bank account to the other party.
In 2020, UPI enabled commerce worth $457 billion, which is equivalent to approximately 15% of India’s GDP.
“Our vision has always been focused on taking our robust and popular payments solutions to global markets”, said Ritesh Shukla, CEO, NPCI International Payments Ltd (NIPL).