RuPay Facilitates Cross-Border Transactions, Witnesses Growth in Bhutan
In a notable development, RuPay, the Indian payment card network, has expanded its reach in Bhutan, allowing Indian nationals to effortlessly withdraw cash and make payments through all Bhutanese ATMs and Point of Sale (PoS) terminals. The latest data reveals insights into RuPay’s performance in Q3 2023, highlighting both challenges and substantial growth.
“While the Q3 2020 to Q3 2021 period saw a decline in RuPay Acquiring ATM transactions and their total value, we are pleased to note a modest recovery in Q3 2023. Despite challenges, the volume slightly increased to 0.35 thousand transactions, indicating resilience and potential growth in the near future,” the RMA report stated.
“Q3 2023 witnessed a significant transformation in RuPay PoS Acquiring, recording a transaction volume of only 4, a decrease of 438 compared to Q3 2020. This shift, though a challenge, marks a transformative journey for RuPay in Bhutan,” the report added.
“RuPay Issuing, launched in November 2020, has been a catalyst for financial inclusivity in Bhutan. We are thrilled to witness substantial growth in both transaction volume and value. The consistent rise in Q3 2023 reflects the positive impact of RuPay Issuing, with Bhutan National Bank Limited as the pioneering issuing bank in the country,” affirmed one of the official from BNBL.
According to the report, the growth trends seen in Q3 2023 are encouraging. The volume of RuPay issuing ATM transactions reached 7.90 thousand, and the total value soared to Nu. 37.23 million. Similarly, RuPay issuing PoS transactions demonstrated substantial growth, reaching 3.41 thousand transactions with a value of Nu. 26.83 million. These positive trends hint at a promising future for RuPay in Bhutan.
RuPay remains committed to fostering seamless financial transactions, enhancing economic ties, and contributing to the financial well-being of both Indian and Bhutanese nationals. As RuPay continues to evolve, these developments underscore its commitment to growth and collaboration on the global financial stage.
By Kinley Yonten
