Picture Courtesy: RMA
Transactions by scanning QR codes are gaining popularity in the country. According to the RMA, the cashless transaction has surged by three hundred per cent since July last year. Today most shops in the country have a QR code, and this is soon going to boost the preferred transactions once the borders reopen. The Royal Monetary Authority in collaboration with the National Payment Corporation of India launched the Bharat Interface for Money or BHIM App, today.
BHIM is a mobile app that enables instant cross-border transactions between banks in Bhutan and India.
Any hotel or shop can get a BHIM QR code from any bank in the country with which they have an account. Indian nationals using the BHIM app will scan the QR code and make cashless payments instantly for goods and services.
“It will also promote cashless transactions to enhance convenience and safety for customers and merchant businesses. It will support the expansion of business clients and help monitor the flow of transactions within the economy. It will increase transparency in business disclosure and as well as reduce the cost associated with printing of money,” said Finance Minister Namgay Tshering.
Lyonpo said the launch will deepen the economic and financial linkages between Bhutan and India.
After Singapore, Bhutan becomes the second country to have BHIM.
The launch is the continuation of the cross-border payment initiative announced during the launch of RuPay by Prime Minister Modi in 2019.
Sangay Chezom
Edited by Sonam
