Transactions through digital payment systems on the rise: NRB

KATHMANDU, March 18: Payments through QR codes have shot up lately, Nepal Rastra Bank (NRB) has said. Over Rs 500 million was transacted through payments via QR codes in a period of just one month (From January 14 to February 12, 2021). 

According to a report unveiled by the NRB, transactions worth Rs 1.71 billion were made through payments via QR codes during January 14-February 12, 2021 against Rs 1.24 billion in the preceding month. 

The month recorded 535,790 transactions against 372,176 in the preceding month. Digital payments through connectIPS, mobile banking, internet banking and mobile wallets have increased lately.  

Over Rs 163.87 billion was transacted through digital payments using connectIPS, mobile banking, internet banking, QR codes and mobile wallets during January 14-February 12, 2021 against Rs 153.17 billion from December 16, 2020-January 13, 2021. 

According to the data compiled by the bank, transactions worth more than Rs 104.39 billion were made from January 14, 2021 to February 12, 2021 through connect IPS.  Connect IPS was used for 1.545 million times during the period. 

Similarly, transactions worth over Rs 385.970 million were done through mobile banking from January 14, 2021 to February 12, 2021 while Rs 33.15 billion was transacted from December 16, 2020 to January 13, 2021.  

E-banking was used 31,482 times from January 14 to February 12 making the transactions worth more than Rs 9.22 billion. Transactions through Wallet increased from January 14 to February 12 to Rs 9.94 billion against Rs 9.65 billion from December 16, 2020 to January 13, 2021. 

Transactions worth Rs 843 million were made through e-commerce from December 16, 2020 to January 13, 2021 and it increased to Rs 932 million from January 14 to February 12, 2021.

(with inputs from RSS)