Bhutan Immediate Payment Services (BIPS) is an important initiative to promote the use of digital payments in the country. BIPS empowers customer to remit money through different channels, such as the Internet banking, mobile phones, and ATMs, to any other receiver in any of participating banks. The system is managed by the Royal Monetary Authority of Bhutan by interconnecting all the member banks. Furthermore, it has additional Payment Gateway functionality to allow various types of e- and m-payments, such as citizens-to-government (C2G), business-to-business (B2B), government-to-citizens (G2C), etc. BIPS was publicly launched on 27th January 2017.
What are the advantages of BIPS?
Instant: Both credit and debit happens instantly
Anytime & Anywhere: Available round the clock, 24x7 including weekends and holidays
Simple: All you need for executing BIPS transfer are the beneficiary's account number.
Interbank: It supports interbank fund transfer
Secure: BIPS is based on two-factor authentication (2FA)
What are the Use cases of BIPS?
Person-to-person (P2P) domestic interbank fund transfer and payments
Over-the-counter payments (retail & merchant)
Utility bills payments
Travel & Ticketing
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