NPCI International Payments Ltd. (NIPL), the international arm of National Payment Corporation of India (NPCI) has announced a partnership with Royal Monetary Authority (RMA) of Bhutan for enabling and implementing BHIM UPI QR-based payments in Bhutan.<\/p>\n
The collaboration between NIPL and RMA will enable acceptance of Unified Payments Interface (UPI) powered BHIM app in Bhutan.<\/p>\n
And RMA will ensure that the participating NPCI mobile application through UPI QR transactions is accepted at all RMA acquired merchants in Bhutan.<\/p>\n
This facility will benefit more than 2,00,000 tourists from India who travel to Bhutan each year, NPCI said.<\/p>\n
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 & accept RuPay cards as well as accept BHIM UPI, it added.<\/p>\n
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 revealing details of one\u2019s bank account to the other party.<\/p>\n
In 2020, UPI enabled commerce worth $457 billion, which is equivalent to approximately 15% of India\u2019s GDP.<\/p>\n