Transactions through QR codes tripled in one year

Published On: May 2, 2023 01:45 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, May 2: Financial transactions through Quick Response Based Payments (QR Codes) have tripled in a single year.

According to Nepal Rastra Bank (NRB), during the period up to mid-March 2022, there were 2.38 million transactions through QR codes. During the last one year, such transactions increased almost three times to 6.75 million. Not only the number of transactions through QR codes, but also the transaction amount has increased three times.

The NRB states that during the period up to mid-March 2022, transactions worth Rs 7.76 billion were paid through QR codes. At present, during the period up to mid-March of 2023, Rs 20.77 billion was spent through QR codes. It seems that the public’s interest in digital payments is increasing rapidly in Nepal in the post COVID-19 pandemic period.

Similarly, during mid-March 2022, Rs 16.59 billion was traded through mobile wallets, but in the same period this year (mid-March 2023), Rs 18.15 billion was traded through mobile wallets.

According to the central bank, in the period up to mid-March 2022, there was a transaction of Rs 13.73 billion through internet banking, but in the same period of the current year, the internet banking transaction does not seem to have increased significantly. During that period, a turnover of Rs 13.86 billion was made.

In recent times, there has been a massive increase in digital transactions including payments from tea shops, vegetable shops, and grocery shops to general bakeries in the main cities of the country including the Kathmandu Valley. Digital transactions worth Rs 13.6 trillion took place in Nepal in a period of 23 months.

According to the central bank, from mid-April 2021 to mid-March 2023, transactions worth Rs 13.6 trillion were made through various means including mobile banking, internet banking, wallet and QR code payment, point sale and e-commerce.