# Bhutan — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/BT
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **Bhutan QR** national standard (43.27% of payment volume)
- **BIPS** (Bhutan Immediate Payment Service) infrastructure
- **First country** to adopt UPI standards for QR deployment
- **23,315 registered merchants** nationwide (2024)
- **Cross-border** with India BHIM UPI

## Banking landscape

### Central Bank
- **Name:** Royal Monetary Authority of Bhutan (RMA)
- **Website:** https://www.rma.org.bt/
- **Role:** Monetary policy, payment systems oversight

### Major Banks (2024)

| Rank | Bank Name | Type | Digital Platform |
|------|-----------|------|------------------|
| 1 | Bank of Bhutan | State | BOB Mobile |
| 2 | Bhutan National Bank | State | BNB Mobile |
| 3 | Druk PNB | Private | DPNB Mobile |
| 4 | T Bank | Private | T Bank App |
| 5 | Bhutan Development Bank | State | BDBL Mobile |

### Market Structure
- **RMA:** BIPS and QR infrastructure operator
- **23,315 merchants:** Registered for QR
- **Cash-lite goal:** Government priority
- **UPI adoption:** First country globally

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| Bhutan QR | RMA | QR Standard | Active |
| BIPS | RMA | Instant payment | Active |
| iUPI Global QR | RMA/NPCI | Cross-border | Active |

### BIPS (Bhutan Immediate Payment Service)
- RMA managed
- Bank interconnection
- Multiple channels:
  - Internet banking
  - Mobile apps
  - ATMs
- Instant settlement

### Payment Channel Volume (2024)
- **Mobile banking:** Highest volume
- **Bhutan QR:** 43.27% of volume
- **E-wallet:** 3.05% of volume

---

## QR code standards

### Bhutan QR

| Attribute | Value |
|-----------|-------|
| **Operator** | RMA |
| **Merchants** | 23,315 |
| **Share** | 43.27% of volume |
| **Standard** | UPI-based |

### Bhutan QR Features
- Second highest payment channel
- 43.27% transaction volume share
- Fuel stations, shops, markets
- RMA-initiated deployment

### Merchant Distribution (2024)
- **Thimphu:** Highest merchants
- **Sarpang:** Second highest
- **Paro:** Third highest
- **Gasa:** Lowest registered

### iUPI Global QR (Cross-Border)

| Attribute | Value |
|-----------|-------|
| **Partner** | NPCI International |
| **Launch** | 2023 |
| **First** | Country to adopt UPI QR |
| **Integration** | RuPay + BHIM UPI |

### Cross-Border Features
- First country with UPI QR standards
- Both issue and accept RuPay cards
- Second country (after Singapore) to accept BHIM UPI
- Indian tourist payments enabled

---

## Mobile payment apps

| App | Provider | QR | Features |
|-----|----------|-------|----------|
| Bank of Bhutan | BOB | Yes | Full banking |
| BNB Mobile | BNB | Yes | Banking |
| E-wallets | Various | Yes | Payments |

### Digital Payment Channels
- Mobile banking apps
- E-wallets
- iUPI Global QR codes
- Internet banking

### RMA Cash-Lite Initiative
- Collaboration with Ministry of Finance
- Vehicle fueling via digital payment
- Daily transaction adoption
- Digital economy transition

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [Bhutan QR](https://docs.barcoder.ai/docs/payments/BT/bhutan-qr) | National QR | UPI-based | 23,315 merchants | [`bhutan-qr`](https://docs.barcoder.ai/docs/standards/bhutan-qr) |
| [BIPS](https://docs.barcoder.ai/docs/payments/BT/bips) | Instant | RMA | Universal | — |
| [iUPI Global](https://docs.barcoder.ai/docs/payments/BT/iupi-global) | Cross-border | UPI | Active | — |

## Sources

- [RMA Official](https://www.rma.org.bt/)
- [RMA - UPI Global QR Guidelines 2024](https://www.rma.org.bt/media/Laws_By_Laws/Guidelines%20for%20UPI%20Global%20QR%202024.pdf)
- [RMA - Payment System](https://www.rma.org.bt/bank/paymentsystem.jsp)
- [BBS - Bhutan India QR Launch](https://www.bbs.bt/153647/)
- [Kuensel - RMA Digital Payment Plans](https://kuenselonline.com/rma-plans-big-on-digital-payment/)
- [RMA - Annual Payment System Report 2024](https://rma.org.bt/media/Publication/Payments%20&%20Settlement%20Systems/Annual%20Payment%20System%20Report%202024.pdf)
- [MarketScreener - Cross-border QR](https://www.marketscreener.com/news/latest/Press-Release-Cross-border-QR-Code-Bhutan-and-India-37641836/)
- [Outlook Money - BHIM UPI Bhutan](https://www.outlookmoney.com/fintech/bhim-upi-qr-based-payments-implemented-in-bhutan-8041)
- [Kuensel - Digital Banking Promotion](https://kuenselonline.com/lockdown-provides-opportunity-to-promote-digital-banking-rma/)
- [Dziseldra - Cross-border QR Launch](https://dziseldra.com/seldra/5630)

## Full country report

[BT-bhutan.md](https://docs.barcoder.ai/docs/payments/BT)