A significant milestone in cross-border payment initiatives was achieved on July 24, as the National Payments Corporation of India’s (NPCI) international subsidiary, NPCI International Payments Ltd (NIPL), announced the issuance of over 10,000 RuPay cards in Bhutan. This global card payment network, native to India, is also functional in several other countries including Singapore, UAE, and Nepal.
This impactful move can be traced back to November 2020, when the RuPay card was inaugurated jointly by the Indian and Bhutanese Prime Ministers, Narendra Modi and Lotay Tshering respectively. Designed to promote low-cost digital payment solutions, this card scheme aspires to advance the cause of digital financial inclusion globally.
The RuPay card is a more economical option than other international card schemes, offering enhanced security and protection against fraudulent transactions through a cryptographic encryption-protected EMV chip.
Presently, Bhutan National Bank Limited (BNBL) is the sole bank issuing RuPay cards in Bhutan. The partnership between NIPL and BNBL has resulted in a strong acceptance infrastructure for RuPay, gaining increasing popularity within the Bhutanese market with its user-customized solutions.
BNBL’s RuPay debit cards are accepted at an extensive network of more than 265,994 ATMs and 7.9 million PoS terminals in India, deployed by NPCI’s member banks. This facilitates cash withdrawals, balance inquiries, and purchases in India, making it an invaluable asset for Bhutanese account holders, particularly those studying in Indian colleges and universities.
In the international arena, RuPay cards have permeated markets such as Singapore, Bhutan, Maldives, UAE, Bahrain, Saudi Arabia, Myanmar, South Korea, Nepal, France, United Kingdom, Russia, Oman, and Europe.
NIPL also disclosed its plans to venture into new international markets, aiming to expand the reach of RuPay.
Hem Kumar Acharya, Director of Banking Operations at Bhutan National Bank Ltd, expressed satisfaction with the uptake of the RuPay Card amid the COVID-19 pandemic. Similarly, Rina Penkar, Deputy Chief – Product Development at NIPL, was pleased to see the successful milestone achieved by RuPay in Bhutan, crediting the efforts of Bhutan National Bank for encouraging RuPay’s widespread adoption.
This news story is based on an article published by businesstoday.in.