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India’s BHIM-UPI app launched in Bhutan

  • Posted By
    10Pointer
  • Categories
    Economy
  • Published
    15th Jul, 2021

Context

Union Finance Minister NirmalaSitharaman along with her Bhutanese counterpart LyonpoNamgayTshering jointly launched BHIM-UPI in Bhutan.

About theBHIM-UPI app

  • Bharat Interface for Money (BHIM) is a payments app that facilitates simple and quick transactions using Unified Payments Interface.
  • It allows making direct bank payments to any bank account on UPI with the help of UPI ID and PIN.
  • The app was developed by the National Payments Corporation of India (NPCI).
  • It was launched on 30 December 2016 to realize a digitally empowered society.

Significance of the initiative

  • With the launch in Bhutan, the payment infrastructures of the two countries are seamlessly connected and will benefit tourists and businessmen from India who travel to Bhutan.
  • This will enhance the ease of living and traveling through cashless transactions.