In a significant stride towards a cashless economy, the Bhutan National Bank has unveiled its latest digital wallet, MyPay, in August 2023, marking the fourth addition to the nation’s growing array of e-wallets. The introduction of MyPay has spurred a remarkable surge in e-wallet transactions, reshaping the digital payment landscape in Bhutan.

During Q3 2023, MyPay reported an impressive transaction volume of 2,501, amounting to Nu 2.51 million. This novel e-wallet allows customers to effortlessly scan QR codes and seamlessly transfer funds within the Bhutan National Bank, contributing to the growing preference for digital transactions.

The trajectory of e-wallet transactions has been on a steady ascent over the years, witnessing a substantial increase from 135.21 thousand in Q3 2021 to 1,668.23 thousand in Q3 2022. Notably, Q3 2023 saw a further surge by 839.50 thousand transactions compared to the same quarter the previous year, showcasing a substantial growth trend in wallet usage.

Simultaneously, the transaction value has mirrored this upward trend, exhibiting significant growth. The values more than doubled from Q3 2020 to Q3 2021 and continued to rise by an impressive 104.62 percent from Q3 2021 to Q3 2022. In Q3 2023, the growth persisted with a 30.35 percent increase, indicating not only a higher frequency of transactions but also an increase in their overall value.

The launch and success of MyPay underscore Bhutan’s commitment to embracing innovative financial solutions, propelling the nation further into the realm of digital transactions. As the digital payment landscape evolves, it is evident that Bhutanese consumers are increasingly adopting e-wallets like MyPay, contributing to the nation’s journey towards a more efficient and cashless financial ecosystem.

Source : RMA

By Kinley Yonten