In November 2020, India and _________ jointly launched Phase 2 of the Rupay card.
Bhutan
Understanding the India-Bhutan Rupay Card Launch
The question asks about a significant bilateral development in November 2020 involving India and another country related to the Rupay card. The Rupay card is an Indian domestic card scheme that has been expanded for international use through collaborations.
In November 2020, India and Bhutan jointly launched Phase 2 of the Rupay card scheme. This event was significant as it further enhanced digital connectivity and payments between the two countries.
Key Details of the Rupay Card Phase 2 Launch
- Countries Involved: India and Bhutan.
- Timeline: November 2020.
- Event: Joint launch of Phase 2 of the Rupay card scheme.
- Significance: This phase allowed Bhutanese cardholders to use their Rupay cards at Point of Sale (PoS) terminals across India.
Phases of the India-Bhutan Rupay Collaboration
The collaboration between India and Bhutan on the Rupay card was rolled out in two phases:
- Phase 1: Launched in August 2019. This phase enabled Indian visitors to Bhutan to access ATM and PoS services using their Rupay cards within Bhutan.
- Phase 2: Launched in November 2020. This phase extended the usability to Bhutanese cardholders, allowing them to use their Rupay cards at PoS terminals in India.
The launch event in November 2020 was held virtually and involved the Prime Ministers of both countries, underscoring the importance of this initiative for bilateral ties and digital integration.
Impact of the Rupay Card Expansion
The expansion of the Rupay card functionality between India and Bhutan is expected to:
- Promote digital payments.
- Facilitate tourism and travel between the two nations.
- Boost trade and economic cooperation.
- Provide convenient and cost-effective payment solutions for citizens of both countries.
Based on the historical event in November 2020, the country that jointly launched Phase 2 of the Rupay card with India was Bhutan.
Revision Table: India-Bhutan Rupay Card
| Feature | Details |
|---|---|
| Countries | India and Bhutan |
| Scheme | Rupay Card |
| Phase 1 Launch | August 2019 |
| Phase 1 Functionality | Indian cardholders use Rupay in Bhutan (ATM/PoS) |
| Phase 2 Launch | November 2020 |
| Phase 2 Functionality | Bhutanese cardholders use Rupay in India (PoS) |
Additional Information: Rupay Card Details
Rupay is India's indigenous payment gateway developed by the National Payments Corporation of India (NPCI). It was launched in 2012. The name 'Rupay' is a portmanteau of 'Rupee' and 'Payment'. It aims to provide a domestic alternative to international card networks like Visa and Mastercard, offering lower transaction costs and faster processing times within India. Its international acceptance is growing through partnerships with various global payment networks and direct bilateral arrangements with countries like Bhutan, Singapore, and the UAE.
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