InvestorQ : Why has Bhutan adopted India’s Unified Payment Interface (UPI) standards?
Ishita Jain made post

Why has Bhutan adopted India’s Unified Payment Interface (UPI) standards?

vani Patil answered.
1 year ago
Recently, Bhutan is said to have adopted India’s UPI standards for its QR codes. The virtual launch was headed by India’s Finance Minister Nirmala Sitharaman and her Bhutanese counterpart Lyonpo Namgay Tshering. 

BHIM (Bharat Interface for Money) is an Indian digital application that functions through UPI and is an instant real-time payment system. As per the details, Bhutan is the first country to accept mobile-based payment through the BHIM app. Now, one of the main reasons to do that would be to benefit a large number of tourists and businessmen from India to Bhutan and vice-versa. These services have been started under India’s neighborhood first policy.

Another reason could be because this app turned out to be one of the most successful experiments that the Indian government has taken, and maybe it's time that we take it further to other countries and give it the exposure it deserves. During the covid-19 pandemic, it turned out to be the brightest spot and achievements for digital transactions in India, and more than 100 million QR codes have been created in the last five years. This app has processed over 22 billion transactions let alone in 2020-21, which is worth Rs 41 lakh crore. 

This launch also fulfills the commitment between the two countries when the Prime Minister visited the country in 2019.