Buying customer capital

A cashless economy in the making  August 2, 2010 – 08:04 am

Majority of business houses and customers in the capital prefer the traditional cash culture

Except for some hotels and a few handicraft stores where PoS services was in operation for years, majority of merchants and customers in the country have decided to stick with the old cash payment system.
PoS (Point of Sale) is an alternative means of payment which provides people with the option to make payments through their debit or credit cards.
As a first step towards creating a cashless economy driven by electronically facilitated sales transactions, Royal Monetary Authority (RMA) launched the PoS (point of sale) system a week ago.
Earlier it was only Bhutan National Bank (BNB) and Bank of Bhutan (BoB) that provided the PoS facility and customers could do transactions through debit cards only at PoS terminals of the respective banks.
Starting July 12 any individual with a debit or credit card of any bank can make payments on any bank’s PoS terminals. This interoperability of PoS terminals is the second phase of the overall Bhutan Financial Switch project.
While the banks are optimistic about the success of PoS system, almost

Source: The Bhutanese

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