In a bid to facilitate financial transactions for customers using their mobile phones, make balance enquiries and avail other wide range of banking transactions, the Governor of Royal Monetary Authority (RMA), Dasho Penjore, launched T-Bank’s mobile application at Hotel Taj Tashi in Thimphu Tuesday.
Named TPAY, the mobile application allows customers to view their account balances, term deposits, loan details, transfer fund, pay utility bills, do mobile top up and load wallet. More services are further planned to be offered in the future.
Governor Dasho Penjor said the launch of T-Pay is a milestone for T-Bank and for RMA to move towards digitalization and engage practices with the financial sectors.
He said financial inclusion has become a powerful tool for RMA to engage everybody in the economic activity and that digitalization is the best platform to achieve financial inclusion.
“So from that perspective, RMA has established financial inclusion units, specialist units in Dzongkhags and in some gewogs. Inclusion is nothing but financial sectors to promote savings, credit and banking services,” he added.
The governor said digitalization has a long way to go In Bhutan given that the cheque system is the most popular in the country. He added that the value of the cheque cleared by RMA amounted to Nu 39bn in 2017.
Chief Executive Officer of T- Bank Pema Tshering said they launched the smart banking going by its vision to be a preferred bank providing personalized banking solutions with a passion for service excellence to all valued customers through use of smart technology by empowered employees.
He added that T-Bank also launched T Remit in collaboration with Prabhu money transfer in October 2017 so that Bhutanese traveling to the US, Australia and abroad can transfer their money from outside to Bhutan.
Pema Tshering said the progressive initiatives of T- Bank are a part of enabling IT environment system that is within the bank and society as per the direction and directive from the RMA.
Meanwhile, there will be no charges levied for registration and transactions while using TPAY. To use TPAY, one simply has to register for internet banking online services through their website, https://netbanking.tbank.bt or www.tbank.bt login internet banking. So after successful validation of information submitted, customers will receive their user id and password in their registered mobile or in email provided to the bank.
The application also allows transfer of fund from one account maintained with T Bank to another account also maintained with T Bank, transfer of fund to any other registered account with T Bank, and transfer of fund to another domestic bank account from T Bank account. Users can also pay utility bills to services providers like Bhutan Telecom, Tashi Cell and Bhutan Power Corporation Ltd.
The mobile application can also be used outside Bhutan provided that the customers have a secured internet access.
Yenten Thinley from Thimphu