Bhutan Immediate Payment System Launched
Hon’ble MoIC Minister and Ambassador of India to Bhutan inaugurated today, the Bhutan Immediate Payment Service (BIPS). With this electronic fund transfer service citizens can now instantly transfer through multiple channels such as Internet, Mobile and ATMs. This is service made available by the RMA and DITT, MoIC in collaboration with the banks and G2C Office. This project was funded by the Government of India.
However, due to the lack of a national inter-bank immediate fund transfer infrastructure, G2C’s online services requiring payment component could not be delivered end-to-end through online means. Moreover, individuals were not able to transact electronically between accounts maintained with different banks. Thus, the citizens at large were not able to get the full benefits of end-to-end online services as envisaged. With the launching of Bhutan Immediate Payment service(BIPS) today; the payment scenario in the country will be uplifted by many folds. It will bring immense benefits to the citizens and service providers in terms of convenience and efficiency. As an add-on, this initiative can enable online trade in Bhutan. The logistics Industry will also be benefited from this. The main objective of the project is to set up a national level infrastructure to enable inter-bank interoperability facilitating online payments among Citizens, Government agencies, and Business; and to build the fundamental infrastructure necessary for e-Commerce. With BIPS, Bhutanese can now instantly transfer money to and from accounts maintained within the member Banks electronically using internet banking, Mobile Apps and even ATMs. More importantly, the citizens can pay for government services online directly from their account(s) maintained with any of the member banks. Among many G2C services, Thimphu Thromde services will be the first to come on board. Development activities for enabling online payment for other critical services are also under progress. Realizing such benefits, all the banks have provided their full support to this initiative. I would like to thank the management and the working team members from RMA, BoB, BNB, DrukPNB, G2C, MoF and MoIC. I hope BDBL, TBank and other institutions such as Pension, Insurance, Logistics & Postal, and other utility sectors will very soon join the ecosystem.