Financial transactions, including payments, via QR codes on the rise in Nepal

Published On: December 15, 2023 08:45 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Dec 15: Digital transactions and payments have been on the rise in Nepal of late.

Recent data from the Nepal Rastra Bank (NRB) covering the first four months of the current fiscal year indicates a growing preference for digital transactions and payments.

Lately, not only in the federal capital city of Kathmandu, but also in tea shops in rural areas, digital transactions and payments have started.

In the main cities of the country, including the Kathmandu Valley, there is an increase in digital transactions and payments, not only in everyday local businesses like tea shops, vegetable shops, grocery shops, but also in big shopping malls.

In recent times, QR code i.e. 'quick response payment' service and mobile wallet are also becoming increasingly popular among the general public.

According to NRB, QR code was not started in June-July 2019/20. In June-July of the year 2020/21, the transaction was started with the QR code. That year there were 855,566 transactions.

During that period, payment of Rs 3.65 billion was made through QR codes. However, there has been a significant increase in the amount of transactions and payments made through QR codes during the three years since the start of transactions through QR codes.

According to the NRB, 8,729,939 transactions were carried out through QR codes in October-November 2023. In these months, transactions worth Rs 32.17 billion were made through QR codes.

In the months of September and October of the fiscal year 2023/24, the highest i.e. 11.8 million transactions through QR codes were recorded.

During that period, payments made through QR codes stood at Rs 36.21 billion. Similarly, in June-July of 2021/22, 4.29 million transactions were carried out through QR codes.

The total payment made through QR codes in these two months stood at Rs 14.52 billion. Similarly, 4.8 million transactions were conducted in the months of September and October of the fiscal year 2022/23. During that period, the payments made through QR codes stood at Rs 17.33 billion.

Similarly, in the months of October and November of the fiscal year 2022/23, a total amount of Rs 16.14 billion was transacted through QR codes. During that period, 4.6 million transactions were carried out through QR codes.