New Delhi25 minutes ago
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Indian Finance Minister Nirmala Sitharaman and Bhutan’s Finance Minister Lyonpo Namgye Tshering jointly launched India’s BHIM UPI app in Bhutan on Tuesday. On the occasion of the virtual launch, Nirmala Sitharaman said that every year more than 2 lakh people from India visit Bhutan. With the launch of the BHIM app, they will be able to make payments there. Bhutan has become the second country after Singapore to use the BHIM UPI app.
NPCI International Payments Limited (NIPL), the international arm of the country’s National Payment Corporation of India (NPCI), announced a partnership with the Royal Monetary Authority (RMA) of Bhutan. Under this, BHIM UPI QR based payments can be made in Bhutan.
During the launch, Sitharaman said that in 2020-21, 22 billion transactions worth Rs 41 lakh crore were done on the BHIM app.
Transactions worth Rs 41 lakh crore done on BHIM in lockdown
Bharat Interface for Money (BHIM) app is a digital payment application in India that works through UPI. Sitharaman said that BHIM-UPI became a major payment platform during the lockdown. In 2020-21, 22 billion transactions worth Rs 41 lakh crore were done on it.
The Governor of the Royal Monetary Authority of Bhutan Dasho Panjore also attended the virtual launch.
Bhutan also uses India’s Rupay card
After the launch of BHIM-UPI, Bhutan has become the first country where QR will be prepared on the standard of Unified Payment Interface (UPI). Apart from this, Bhutan will be the only country where India’s RuPay card is also used with BHIM UPI.
What is UPI
Unified Payment Interface (UPI) is an instant real-time payment system that allows users to transfer money in real-time. Users can send money from any bank to any other bank. In this, one does not have to tell his bank account details. In 2020, there was a business of $ 457 billion through UPI. This is equivalent to about 15% of the GDP of the country.