Introduction

When compared to other countries in today’s globalized world, Bhutanese people and organizations face a tremendous obstacle when attempting to tap into the full potential offered by globalization. The absence of an effective gateway for international financial transactions is one of the most significant challenges that people and companies in Bhutan must contend with. In this article, we will investigate the effect that this problem has had on companies and people in Bhutan, as well as provide potential remedies to the problem.

Consequences of not having access to an adequate payment gateway

Because Bhutan does not have an effective international payment gateway, firms and people here are unable to do many internet transactions. This restricts their capacity to conduct business. This makes it more difficult for them to take part in the global economy and seize the many opportunities that the internet presents, such as selling locally made products or participating in the digital economy. Additionally, this makes it more difficult for them to take advantage of the many benefits that the internet provides.

This implies that they are losing out on a massive prospective consumer base as well as the opportunity to offer their products to an audience from all over the world.

Receiving foreign payments is more challenging for companies and people in Bhutan since the country does not have a reliable payment gateway. This is a considerable obstacle for companies who have their sights set on expanding their operations to other countries.

Recommendations

Intervention on the part of the government 

This might involve giving funds for the creation of a payment gateway, granting tax advantages to enterprises who create payment gateways, and establishing a regulatory framework that is supportive of the industry.

Partnerships with international payment gateways 

Even while BNB (Stripe) and BOB (WorldLine) have implemented these channels, BNB’s system is limited to serving only tour companies like Best of Bhutan Tours, and BOB’s is infamous for being painfully sluggish and rife with issues. It is necessary to explore and put into place a wider variety of systems.

It is equally important to promote the usage of digital wallets, such as PayPal and Google Wallet, among Bhutanese companies and people. These digital wallets may be used to perform online transactions and can also be utilized to accept foreign payments.

Conclusion

The absence of an adequate payment gateway in Bhutan is making it more difficult for organizations and people to fully capitalize on the opportunities presented by globalization. The government of Bhutan, corporations, and individual citizens all need to take action to solve this problem and come up with solutions that would enable Bhutan to take part in the global economy. Bhutan has the potential to become a world leader in the digital economy and capitalize on the numerous benefits that the internet has to offer if the country adopts the appropriate strategy.