India’s UPI Based Payments within the Neighbouring Country

India’s UPI Reaches Bhutan as NPCI’s Overseas Arm Enables UPI-Based Payments within the Neighbouring Country

The launch of BHIM UPI is touted to profit quite 200,000 tourists from India who visit Bhutan every yearIndia's Unified Payments Interface (UPI) is about to be embraced by its neighbouring country Bhutan. 

NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), has inherit a partnership with Bhutan's financial institution Royal Monetary Authority (RMA) for enabling QR code-based UPI transactions within the country.

 The service are going to be formally launched today (Tuesday, July 13) and can enable payments through the Indian government's BHIM app.

 With the new launch, Bhutan will become the primary country to adopt UPI standards for its QR deployments. The country already accepts and issues India's RuPay cards.

The launch of BHIM UPI is touted to profit quite 200,000 Indian tourists who visit Bhutan per annum . 

The RMA will ensure BHIM app through UPI QR transactions is accepted in the least RMA-acquired merchants in Bhutan, the NPCI said during a press statement.

“Our vision has always been focused on taking our robust and popular payments solutions to global markets", said Ritesh Shukla, CEO, NPCI International Payments Limited (NIPL).

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The new experience are going to be launched by minister of finance Nirmala Sitharaman at a virtual ceremony which will be attended by her Bhutanese counterpart Lyonpo Namgay Tshering.

Back in December 2016, the govt launched the BHIM app within the country as an area solution to enable cashless transactions. it had been developed by the NPCI and is predicated on UPI, which enables e-payments directly through banks.

Shortly after the launch of the BHIM app, the UPI mechanism was adopted by several third parties including Paytm and PhonePe. 

Apps like Google Pay (formerly called Google Tez) also debuted with UPI support.

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According to NCPI data, as many as 229 banks are now survive UPI, which resulted during a combined transaction volume of two ,807.51 million worth Rs. 5,47,373.17 in June.

 Walmart-owned PhonePe dominates the market of UPI apps, with a share of over 46 percent. 

The government's BHIM app comes sixth. It managed a share of twenty-two .84 percent last month with transactions worth Rs. 7,319.77 crores.

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The NPCI said that UPI-enabled commerce was worth $457 billion (roughly Rs. 34,04,000 crores) in 2020, which is like approximately 15 percent of India's GDP.