FOR IMMEDIATE RELEASE:
Name: Mr. Passang Norbu
Organization: Bank of Bhutan Ltd.
Telephone No.: +975-2- 334333 (ext. 0015) / 17603469
E-mail Address: [email protected]
Web Address: www.bob.bt
Nation gets it’s own “Scan to Pay” Platform and online loan application
Thimphu, September 15, 2017 – Keeping with our commitment of bringing new age convenient banking products to the market, Bank of Bhutan (BoB) introduced the nation’s first QR payment functionality – “Scan to Pay” – available through the bank’s popular mobile banking application, mBoB and online loan application. The ‘Scan to Pay’ feature enables merchants with BoB accounts to accept electronic payments through mBoB without the need for an Electronic Data Capture (EDC) or a Point of Sale (POS) machine. This is done through Quick Response (QR) code where any customer using mBoB can simply scan the QR code displayed at bank’s authorized merchants to pay for their purchases directly from their BoB account. Authentication is done through the QR code, which is generated by the system and linked to the mBoB merchant’s bank account. The transaction is completed with enhanced security features protecting the customers’ account details.
The new “Scan to Pay” will be available on mBoB once the customer updates the mobile banking application through Apple and Google Play mobile app stores. This update will be made available to clients from September 15th onwards. By the end of the year, the bank targets to add 200+ mBoB merchants to its ecosystem.
Online loan application provides the facility to customers to apply for loan through BoB’s website and also later through mBOB anytime, anywhere. A customer can apply for certain loans from any region and have the option of selecting the branch from where they want to avail the facility. After submission of the application, the customer will receive an email alert or SMS, advising him/her to visit the bank to complete the documentation formalities if everything is in order. This will greatly improve our turn-around-time (TAT) for simple loans and also for the customers. The feature will be available through mBoB from 28th September.
mBoB users will have to update the application to avail these new services.
The CEO, during an interview, said that “The Bank of Bhutan has embraced technology to serve its clients faster and also do more with less. The bank emphasizes on intuitive user experience for these new age products for easy adoption. QR based Scan to Pay is an excellent example by which one can pay merchants in 3 simple steps through the mBoB app. The online loan application facility for simple, salary-based loans will make the loan process fast and efficient. If all the formalities and requisite documents are submitted completely, the loan will be processed and approved and will only require the customer to visit the bank to sign the documents. This facility will set the standards for customer service in the country. ”
Established in 1968 through a Royal Charter the Bank of Bhutan is the oldest and largest bank in the Kingdom with presence in all Dzongkhags through a network of 36 branch offices and 11 extension counters. The Bank launched its Mobile and Agency Banking App (mBoB) on May 15, 2015 and as of now has over 50,000 registered users in the country.. The Bank is owned by Druk Holding and Investments (the investment arm of the Royal Government of Bhutan) and the State Bank of India, the largest public sector bank in India in an 80:20 ratio.
For more information, please contact our PR & Media focal person at [email protected]