Launch of BHIM-UPI in Bhutan to further strengthen bilateral ties : FM

New Delhi, Jul 13 (PTI) Finance Minister Nirmala Sitharaman on Tuesday said launch of BHIM-UPI QR-based payments in Bhutan will furr strengn cooperation between two neighbouring nations.

service was formally launched by Finance Minister at a virtual ceremony in presence of Minister of State for Finance Bhagwat K Kar, Financial Services Secretary Debasish Panda and Joint Secretary Mnesh Kumar Mishra.

Finance Minister of Bhutan, Lyonpo Namgay Tshering, Governor of Royal Monetary Authority (RMA) of Bhutan, Dasho Penjore, Ambassor of Bhutan to India General V Namgyel, Ambassor of India to Bhutan, Ruchira Kamboj were also present.

Appreciating efforts of RMA, and National Payments Corporation of India (NPCI) in linking BHIM-UPI app and RuPay Card with Bhutanese payments system, Sitharaman said, "I think this stands out as a very good example and it is only going to strengn furr and furr cooperation between two countries." launch is expected to benefit more than 2,00,000 tourists from India who travel to Bhutan each year.

With this launch, Bhutan will become first country to opt Unified Payment Interface (UPI) standards for its QR deployment. Bhutan will also become only country to issue and accept RuPay cards as well as accept BHIM-UPI.

It is to be noted that India launched indigenously-developed RuPay Card in Bhutan in 2019 and phase two was launched in November 2020.

This launch fulfils commitment me by two countries during Prime Minister Narendra Modi's visit to Bhutan in 2019.

Following that visit, India and Bhutan have alrey enabled inter-operability in acceptance of RuPay cards in each or's countries in two phases - acceptance of RuPay cards issued in India at Bhutan-based terminals in first phase, and vice versa in second phase, Finance Ministry said in a statement.

Asserting that inherent strength of BHIM-UPI is something which India feels proud of, Sitharaman said, it processed 22 billion financial transactions worth Rs 41 lakh crore in 2020-21 when world was under grip of pandemic.

During pandemic, UPI stood out as an effective instrument of payment as people were able to buy essentials by making digital payments, she ded.

Terming BHIM-UPI as one of achievements of India in terms of fintech, she said, it is a very successful experiment that India has undertaken.

launch of BHIM UPI in Bhutan will d a new milestone in financial integration between two economies and collaboration will enable acceptance of UPI-BHIM app in Bhutan.

RMA will ensure that participating NPCI mobile application through UPI QR transactions is accepted at all RMA acquired merchants in Bhutan.

UPI is an instant real-time payments system, allowing users to transfer money on a real-time basis, across multiple bank accounts without revealing details of one's bank account to or party.

This strategic partnership with Bhutan in area of digital payments will not only enhance ease of transacting for Indian travellers to Bhutan but will also d value to lives of customers in Bhutan.

As a part of launch, Sitharaman also me a live transaction using BHIM-UPI to purchase an organic product from a Bhutanese OGOP (One Gewog One Product) outlet, which sells fresh farm produce me organically by local communities in Bhutan. PTI DP ANU ANU