KATHMANDU, Nov 27: The payment through digital means surged 36 percent in one month between mid-September and mid-October this year compared to the same period of the last fiscal year.
The records with Nepal Rastra Bank (NRB) show that the retail purchases via digital platforms during the festive season grew by a notable ratio. These included the payments made through debit card, credit card, prepaid card, internet banking, mobile banking, wallet, QR payment, point of sale, ATM cash withdrawal and ecommerce, among others.
According to the NRB, the total transaction through the digital means was recorded at Rs 751.86 billion in the third month of the current FY. In the same period of FY 2023/24, the amount stood at Rs 553.70 billion.
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The rise in digital payment is a result of a large number of people opting for cashless transactions in recent days. According to the NRB officials, the central bank’s decision not to issue new notes for Dashain, while its initiation for promoting purchase through the digital payments during the festivals also led to a significant increase in the transaction through the digital means.
The Fourth Strategic Plan 2022-2026 of the NRB talks about promoting digital payments and driving innovations as one of the key objectives of its Payment Systems Department. To modernize the retail payment system in Nepal, NRB has also enforced the Retail Payment Strategy, 2019 which has aimed for expanding digital retail payment systems, promoting access to the digital platforms and promoting oversight.
During the review months, there was a notable increase in the use of RTGS, wallet, QR-based payments, mobile banking and connectIPS in particular. According to the NRB, QR-based payments surged to Rs 70.42 billion from Rs 36.21 billion.
The RTGS transaction increased to Rs 4.68 trillion from Rs 2.75 trillion. Likewise, wallet based transactions surged to Rs 40.54 billion from Rs 22.79 billion, mobile banking increased to Rs 401.24 billion from Rs 277.82 billion and connectIPS increased to Rs 617.29 billion from Rs 477.91 billion.
