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