December 4: It is the end of one era and the beginning of another. It is the end of a cash-driven society and the beginning of a cashless society.

The Bhutan National Bank (BNB) is introducing a system whereby customers will be able to purchase goods using their ATM or debit cards.

Initially the service will be available only in a few shops in Thimphu.

From Thursday, the ATM or debit cards issued by the BNB can be used to buy goods from some of the shops in Thimphu.

On a pilot basis, the BNB has identified six shops in the capital where the debit cards can be used to purchase goods. Customer will not be charged anything by way of fee but shops where the service is available will have to pay Nu. 9 to Nu. 100 as fee for every transaction depending on the amount of the transaction.

BNB debit card holders can make a purchase of about Nu. 100 to Nu. 30,000 in a day now but in the future the BNB will be looking at the possibility of raising the ceiling to Nu. 50,000.

Namgay Phuntsho, the Manager of BNB’s IT department said if successful the project will help transform Bhutan into a cashless society.

Initially the service will be available only in Bhutan but in the future BNB debit card holders will also be able to purchase goods and services in neighbouring countries like Nepal and India.