WHY IN NEWS?
Bhutan has become first country to adopt Unified Payment Interface (UPI) standards of India for its quick response (QR) code.
Significance of the move
BHIM-UPI is a significant achievement of India in area of fintech. During covid-19 induced lockdown, BHIM-UPI became an effective mechanism of payment. In 2020-21, it processed 22 billion financial transactions of worth rupee 41 lakh crore. In the line, this partnership among NPCI and RMA, is going to benefit 200,000 tourists from India who travel to Bhutan every year.
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