India’s BHIM-UPI app launched 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.