Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Press Release on Launch of Bhutan Quick Response Code to drive QR Code Payment

07/17/2020 | 03:26am EST

PRESS RELEASE

Launch of Bhutan Quick Response Code to drive QR Code Payment

July 17, 2020

With the growing popularity of QR Code payments, the Royal Monetary Authority (RMA)-in collaboration with the financial institutions-has enabled payments using Bhutan Quick Response Code. Bhutan QR Code payment is one of the smart digital banking initiatives.

Bhutan QR Code is a unique platform to facilitate low-cost interoperability of QR Code payments whereby the customers can make payments by scanning QR codes of different banks and have the amounts transferred directly from their accounts without the need for POS terminals.

Bhutan QR Code is a two-dimensional barcode based on global EMVCo standards which ensures consistency in QR Codes generation for both the retailers/merchants and the customers.

Presently, the Bank of Bhutan and the Bhutan National Bank have successfully deployed the interoperable Bhutan QR Code payments via the RMA's common QR infrastructure. The remaining banks are expected to come onboard within the coming months.

The introduction of the Bhutan QR Code will pave the way for integration with regional and international QR Code payment schemes. Following the successful launch of RuPay project, RMA is collaborating with the National Payment Corporation of India, to expand the domestic QR payment landscape by leveraging on Bhutan QR Code interoperable infrastructure to integrate with Bharat/BHIM QR Code to bring about more convenient, secure and low-costcross-border QR Code payments.

The QR Code interoperability project was initiated in March 2020 to promote digital payments and for financial inclusion, especially during the Covid-19 pandemic situation.

POST BOX :154, CHHOPHEL LAM, KAWAJANGSA, THIMPHU BHUTAN

TEL# :( +975-2-323110, 323111, 323112, 321699) FAX :( +975-2-322847)

SWIFT: RMABBTBT

Disclaimer

Royal Monetary Authority of Bhutan published this content on 17 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 July 2020 07:25:04 UTC


ę Publicnow 2020
Latest news "Companies"
03:20aUnilever shares gain after activist investor Peltz builds stake
RE
03:19aTFS HealthScience appoints Chief People Officer
PR
03:19aVodafone, Iliad Are Discussing Combination of Italian Units, Reuters Reports
DJ
03:18aAmigo Holdings Warns of Insolvency if New Business Program Isn't Approved
DJ
03:16aNEXAM CHEMICAL PRESENTS YEAR-END REPORT FOR 2021 ON JANUARY THE 26 AT 11 : 00 cet
AQ
03:16aNewrange Outlines Winter Drilling Program for Red Lake Projects
EQ
03:15aSubsidiary get more owners
AQ
03:14aECB'S VILLEROY : ECB to do what is necessary to bring inflation around 2%
RE
03:14aINSOURCE : Q1 FY21 Consolidated Financial Results
PU
03:14aNOTICE : Regarding Disposal of Treasury Stock with Restricted Stock Compensation for Employees of Insource Co., Ltd. and Its Subsidiaries
PU
Latest news "Companies"