One step towards cashless transaction

One step towards cashless transaction

The use of cash at fuel stations is a complex services with the increasing number of vehicles in Bhutan.
About 87,612 vehicles are plying on 11,177 km of road in the country. From 87,612, there are 2,200 pool vehicles, 5,500 vehicles are under DHI and 532 are taxis.
The volume of petrol and diesel sold are not recorded digitally and not able to determine. Without proper service, it would be ambiguity in government organisations and misuse of cash in the business firms.
But payment for refueling cars in Thimphu can now be done with a swipe of a card. The Royal Monetary Authority (RMA), the department of trade and the banks launched the Internet-based Point of Sales (PoS).
Now at the fuel stations, one can pay for fuel with their ATM or debit cards. After the payment, the individual will receive a receipt and will have to sign for identification.
The introduction of internet-based PoS service is to promote the use of digital payment services and to reduce the use of cash at fuel stations where there are high volume of cash transactions on a daily basis.
A RMA press release stated that digital payment services would minimise costs associated with printing currency notes, currency sorting, cash movements and transfers, storage and security.
The authority encourages the general public to make use of this facility at fuel stations for efficiency and convenience. The government and the corporate sectors are also encouraged to avail of this facility for pool vehicle to reduce irregularities arising from using fuel-books.
“Every transaction such as service charge or tax, or the volume of petrol and diesel sold are recorded digitally for the government,” Governor Penjore said. “We would now be able to determine all this data.”
He added the service would promote transparency in government organisations and also help curb the misuse of cash in the business firms.
BoB Fuel Card is a payment card issued to government agencies, corporations and other offices to be used for fueling their pool vehicles at fuel stations.
The PoS service is enabled through the Bhutan Financial Switch, a centralised payment platform that allows interoperability of Credit, Debit/ ATM Cards among the member banks.
The PoS at the station has now made easy to pay from any kind of ATM cards. The functioning of the PoS will rely on the quality of the Internet connection.
The Bank of Bhutan distributed the PoS machines for free to the five fuel stations in the capital. The staff at the fuel stations has been trained to use the portable PoS. The service will be extended across the country.