Cashless Revolution Sweeps Bhutan as QR Code Payments Skyrocket
In a surprising turn of events at the Centenary Farmers Market (CFM) in Thimphu, Ap Penjor, a seasoned vendor, found himself taken aback as he witnessed an increasing number of patrons opting to make payments through QR codes.
The shift towards digital transactions seemed like a technological marvel for Ap Penjor, who reminisced about a time when such payment methods were nonexistent in his youth.
The utilization of QR codes in Bhutan has undergone a remarkable surge in recent years, marking a significant departure from traditional payment practices. This technological shift has been embraced by consumers across the nation, utilizing QR code technology for an array of cashless transactions.
In Q3 2020, QR code usage in Bhutan was in its nascent stages, with modest transaction volume and value. However, subsequent years have witnessed a phenomenal growth trajectory, with QR code transactions skyrocketing from 0.70 million in Q3 2020 to an astonishing 26.97 million in Q3 2023.
During the same period, the transaction value saw a substantial increase, rising from Nu. 18.64 billion in Q3 2022 to Nu. 23.61 billion in Q3 2023, reflecting a remarkable 26.61 percent surge.
This surge underscores a notable transformation in the payment landscape, indicating a robust shift towards cashless and digital payment methods.
The surge in QR code usage signifies more than just a technological advancement; it reflects a profound change in consumer behavior. QR codes have rapidly become the preferred method for financial transactions, reflecting the growing trust and reliance on digital payment systems in Bhutan.
The government’s initiatives and the efforts of financial institutions to promote digital payment methods have played a pivotal role in this transformation. The ease, convenience, and security offered by QR code transactions have resonated with Bhutanese consumers, driving this significant shift towards a cashless economy.
As Bhutan continues to embrace digital innovations, it is evident that the era of traditional cash transactions is gradually giving way to the efficiency and convenience of QR code payments, marking a new chapter in the nation’s financial landscape.
Source : RMA
By Kinley Yonten
