Skip to main content

BOB becomes primary member of MasterCard and Visa

Bank of Bhutan is now a primary member of Visa and MasterCard. This is expected to make easier payment options for BOB customers.  With the membership, which is first of its kind in the country, now BOB customers have the options to shop online and travel abroad without having to bear the risk of carrying cash and for increased convenience for the foreigners visiting Bhutan.

Visa and MasterCard are global payments technology companies whose principle business is to connect consumers, businesses, financial institutes and governments worldwide. They provide facilities to process transactions on behalf of financial institutions and customers. 

However, we should know that the companies neither issue cards nor extend credit facilities or set fees for the customers. They only provide financial institutions with company-branded payment products so that the financial institutions can use them to offer credit, debit, prepaid and cash-access programs to their customers.

Let’s do a simple illustration to make some concepts clear. For example, a foreigner comes to Bhutan and he has MasterCard or Visa, he can now use it in all BOB ATMs and all POS (point of sale) machines that will be distributed to shops and restaurants in towns and cities. This process is called acquiring. And the opposite process, where BOB issues credit cards to its customers, which they can use to shop online or make payment in other countries, is known as issuing. In other words, BOB extends credit facility to its customers.  

In 2010 BOB is expected to launch only acquiring business and issuing will be carried out next year.

Comments

  1. Will we be able to use our MasterCard in Bhutan from August?

    ReplyDelete

Post a Comment

So what do you think?

Popular posts from this blog

Utpal Academy - Bhutan's first All-girls High School

Academic Block Welcome to Bhutan’s first all-girls school. Isn’t that wonderful news to all our parents? Certainly, as a parent of a one-year old daughter I am excited about the coming of a school exclusively dedicated to the needs of girls. Our girls need special treatment, which we can for sure entrust the responsibility to Utal Academy, Paro. Dinning Hall I really like the name – Utpal – in Buddhist world, Utpal is another name for lotus flower, which is believed to grow from mud and yet blossoms into a beautiful and majestic flower. It stands for purity and many deities are depicted holding flower Utpal, more prominently Jestusn Dolma, the Goddess Tara. Symbolically, it also stands for the transformation of our girls. What an apt name for the school! Hostel Room The Principal’s message posted on the academy’s website promises providing our young women an “opportunity to participate fully in a wide range of extracurricular activities to develop skills and qualities that

Unblocking

  That in the end is what we make out of it. After all, a block is something everyone suffers once in a while, but they have overcome it by doing more and more regularly. Such is the power of practice – you can already feel it coming back. Such is the power of consistency - imagine how much better it would come out if we do it on a more regular basis.    I am a firm believer that we need practice but have failed more than once to keep up to that belief. Now I believe that everyone does this regularly. That's why, I need to invest more time and effort in honing this skill. I know I have deviated a lot from my original thought process, and I am aware of it. But I am also doing it with a purpose. And that's to say that I am going through a lot these days and have failed to express myself more effectively.  

Fighting RCSCE-phobia

Now that the orientation is over, graduates all over Bhutan would be hunting for information and scratching through all our history books. And in absence of readily available information, it is going to be so frustrating for many. There are are aspirants like Tashi.P Ganzin who are already seeking divine intervention- whether to appear or not to.  This is the biggest moment in a graduate’s life – it’s time to learn and relearn so many things about the home and the world. And they need good attention from their parents and relatives, guidance and advice from elders. I am sure all 1300 graduates who attended the NGOP may not appear RCSC Common examination, but we need to inspire and encourage those that brave the odds. Many of my friends are waiting to take the exam of their life – their future will either be made or broken when RCSC declares the results. And my full prayers and support are with them. They are terribly afraid of it to say the least. I heard while there are no prob