Finance Minister Namgay Dorji launched Quick Response (QR) scan and pay to make payment and online application of loan convenient.

Chief Executive Officer (CEO) of Bank of Bhutan (BoB), Pema N Nadik, said that these services are aimed at easing payment, reducing the use of cash and improving convenience of users.“People have mBoB application with which they can easily pay.”

He said that if anyone with mBoB scanned the QR code displayed in a shop then all the details would pop up. “There won’t be mistakes; transactions would become easier. Even if you are in a taxi, you can just scan to pay.”

Bal Bdr Tamang, a shop owner, said that he liked the idea of scan and pay as it would be efficient for his business. “While we are at shop, different customers come to buy, some don’t have cash or change at times. Sometimes the ATM doesn’t work. This service could help address all of these problems.”

QR scan and pay is a service which would be available in the mBoB application once a user updates the application.

According to the press release issued from BoB, the scan to pay feature enables merchants with BoB accounts to accept electronic payments through mBoB. It stated that through QR code any customer using mBoB can simply scan the QR code at bank’s authorised merchants to pay for their purchases.

It also stated that the transaction is completed with enhanced security features protecting the customers’ account details.

Pema N Nadik said for online loan application, the system called Loan Origination System (LOS) had been deployed so that the loan processing becomes much faster. “LOS is also linked to our website. Any individual, who want to avail a certain type of loan could be applied online.”

The press release stated that after the submission of the application, the customer would receive an email alert or a text, advising the customer to visit the bank to complete the documentation formalities.

It also stated that the service would improve turn-around-time (TAT) and the feature would be available through mBoB from September 28.

BoB officials said that consumer loans such as vehicle loan, settlement loan, establishment loan, education loan and personal loan up to Nu 500,000 could be availed through mBoB. “Other loans such as housing loan and even personal loan could be applied online through BoB’s website.”

Pema N Nadik said that applying loans online would save a lot of time and hassle. “This makes it seamless and efficient.” However, all of these services would depend on the reliability of the internet connection.

Rinchen Zangmo