BIPSBhutan Immediate Payment Service

“Transforming how you transact.”BIPS ProceSS Flow

Payment Gateway For G2c

contact InFormatIon

Royal Monetary Authority of BhutanTEL: +975-321698 /335140, POST BOX: 154, THIMPHU,BHUTAN

www.rma.org.bt

17. How long does it take to get the beneficiary account credited?

• Fundsgetcreditedintothebeneficiary’saccountinstantaneouslyforsuccessfultransactions.

18. Where do I register a complaint with reference to the BIPS transaction?

• Inaneventifyouraccountisdebitedandbeneficiaryaccountisnotcredited,pleaseinformyourissuingbankwiththefollowingdetails:• Authorization code or transaction reference number

(RRN)• Your Mobile Number• YourAccountNumber• Dateandtimeoftransaction• BeneficiaryBankName&AccountNumber

19. Can I transfer money abroad using BIPS?

• No,youcannottransfermoneyabroadusingBIPS.

Benefits of BiPs

1. Facilitate inter-bank fund transfer through delivery channelssuch as the Internet,Mobile andATMs;Encourageuse of digitalpaymentsinthecountry.Fore.g.acustomercanmakepaymentsforthepurchaseofgoodsandservicesbytransferringtheamountfromhis/heraccountthroughthemobilephones—thedebitandcreditwillhappeninstantaneouslyonareal-timebasis;

2. Reducetransactionandoverheadcosts;3. Facilitateandspeeduptradeandcommercesincephysicalexchanges

ofcashbetweenthesenderandbeneficiaryiseliminated;4. Pavewayfore-commercebusinessstartups;5. Reducecashhandlingandmismanagement;and6. Ensurepropertaxbaseinformationandrecording. BhutanImmediatePaymentService(BIPS)isanimportant

step towards promoting the use of digital payments inBhutan.BIPSoffersaninstant,24X7,interbankimmediateelectronic fund transfer service throughmultiplechannelssuchastheInternet,MobileandATMs.TheserviceismadeavailablebytheRMAandDITT,MoICincollaborationwiththebanksandG2C.

avaIlaBle BIPS ServIceS

• ThromdeServices+

• BNBLMobileApp(mPAY)

• BOBLMobileApp(M-BOB)

• DrukPNBLInternetBanking

Note: All the apps are availiable at respective banks’ website and play store

Certificate of Attendance

This is to certify that Mr. Dependra Rai

bearing CID no. 31203000097 has successfully completed TCS Refresher Course Programme

conducted by BoB from 12/12/2016 to 16/12/2016

Head, HRD Chief Executive Officer

11. What happens if my mobile phone is lost?

• Customers need to inform their banks and deactivate theirMobilebankingservices.

12. Can we cancel the payment once it is initiated?

• No, BIPS is an immediate fund transfer service, once thepaymentisinitiateditcannotbestoppedorcancelled.However,inPaymentGatewayacustomercancancelthepaymentbeforeentering the OTP.

13. Do I need to register again for Mobile banking, if I change my Mobile number?

• Yes,acustomerneedstoupdatetheirnewmobilenumberwiththeirbank.

14. What are the timings for initiating and receiving BIPS transactions?

• BIPStransactionscanbesentandreceived24X7,alldaysoftheweek,throughouttheyear,andevenduringtheholidays.

15. Is there any limit on the value of transactions when I am sending money using BIPS?

• Currently, themaximum limit set by the participating banksthrough the Internet, mobile and ATMs is Nu. 100,000 perday. You can transact subject to this daily cap for all BIPStransactions.

16. What are the charges for the customer for sending and receiving remittances using BIPS?

• The charges for remittance through BIPs are decided by theindividualmemberbanks (Please refer yourbank).However,thelevyofservicechargesinanymannerwhatsoevershouldbeexemptedforthosetransactionsinitiatedoverthegovernmentwebportals(e-Payments).

1. What is BIPS?

• Bhutan Immediate Payment Service (BIPS) is an instantinterbankelectronicfundtransferservicethroughtheInternet,Mobile phones and ATMs. BIPS empowers a customer tosend money instantaneously to any other person in any ofparticipatingbanks.

• Further,RMAhasincorporatedthePaymentGatewayinBIPSin order to automate government agencies to provide onlinepaymentfacilityforcommoncitizens.

2. How does the BIPS Service work, Real Time or Instantaneous?

• A common payment system infrastructure has been set-upat the RMA by interconnecting the participating banks andagenciestoenablerealtimefundstransfers.

3. What are the advantages of BIPS?

• Instant: Credit of funds happens instantly, as soon as BIPStransferisexecuted.

• Anytime: BIPS is available round the clock, 24x7 includingweekendsandholidays.

• Anywhere:BIPStransferscanbeexecutedonthego,usingyourmobilephone.

• Simple: All you need for executing BIPS transfer are thebeneficiary'saccountnumber.

• Interbank:YoucantransferfundsandreceivefundsfromotherbanksviaBIPSNetwork.

• Secure:BIPSisbasedontwo-factorauthentication(2FA)methodwhichisanextralayerofsecurityrequiringacombinationofusername,password,M-PINandone-time-password(OTP)

5. Does the customer need to have a bank account for availing BIPS?

• Yes,customersneedtohaveabankaccount.

6. How do I get BIPS enabled to transfer the funds?

• Sender - A customer has to register for Mobile Banking toinitiate the transaction through mobile channel. However,mobilebankingregistrationisnotrequiredfortheinternetandATMs.

• Beneficiary – The beneficiary should share his/her Accountnumber to the sender. The beneficiary can register his/hermobilenumberforgettingSMSalertsfortransactions.

7. How do I transfer funds using BIPS?

ThefollowingchannelsmaybeusedtoinitiateBIPStransactions:• Mobilephones• Internet–bank’snetbankingfacility• ATMs(offeredbyBOBLtoitscustomers)• Payment Gateway for those transactions initiated over the

governmentwebportals(e-Payments)Thesenderhastoenterreceiverdetailssuchas:• Accountnumber• Amounttobetransferred• Remarks/ReferenceNumber/BeneficiaryBank• Sender’sM-PIN/OTPBothsender&beneficiarygetSMSconfirmation

8. Can a customer link more than one account to the same mobile number?

• Yes, a customer can linkmore thanone account to the samemobile number.

9. Which banks are offering BIPS?

• Currently, the service isprovidedbyBOBL,BNBLandDrukPNBL.Theremainingbankswillsoonprovidethefacility.

10. Which government agency is providing online payments?

• Currently,ThimphuThromde is providing the service undertheG2Cinitiatives.ItisanticipatedthatGovernmentagenciessuchasRSTA(RoadSafetyandTransport

frequently Asked questions Authority), Passport, BCSEA(Bhutan Council for SchoolExaminationandAssessment),MoEA, etc.,willsoonprovidetheservices.

4. What are the Use cases of BIPS?

• Person-to-Person(P2P)fundtransferandremittances• Over-the-counterpayments(retail&grocerybills)

• Utilitybillpayments• Governmentpayments

•Feepaymentstoschoolsandcolleges• Travel&Ticketing