‘The use of electronic payment should be increased, eventually: leading Cashless Transaction’

Bhuvan Kadel,Executive Director of Nepal Rastra Bank:

Nepal Rastra Bank has been formulating various policies on electronic payment from last 5- 7 years, Where, NRB has formulating through paper.After the formulation of “Payment and Exemption Act 2075” the “Payment and Exemption Rules 2077” has also come up again. Then there is the permission policy, integrated instruction, QR code guidelines and different technology has also come.The design of infrastructure to be done on behalf of NRB has also been completed. As this is a continuous process, other formats will be develop as required.

NRB has almost complete the legal and policy infrastructures required for the promotion of electronic payments. On the other hand, it is also promoting other bodies in a market. So legally we have to lay a clear foundation. The way we have been moving forward in digitization. Lastly in this way, if we keep moving forward, we will get success closer than we thought.


                                                                       ‘Boom in Electronic Payments’

Even though we don’t call it ‘cashless’ now it means a cashless.  To use cash by gradually reducing the use of cash, which have imagined that should be happen. After the recent arrival of Governor Mr. Adhikari a leap has been made in electronic payment.  There has been a kind of boom in electronic payment. If we look at a current scenario, we can see some progress in some electronic payment from 200% to 300%.

That’s why we are also moving the same direction and goals. Only, NRB is not here, different stakeholder are also there.  There are the bank and financial institution from the Government of Nepal, which provide technology and work together.

The most important things is the common citizen, because they themselves reduce the cash transaction, move forward through electronic payments.  He said that if we change our behaviors, we will surely get success in electronic payment up coming days.

Payment services have main important role.  For example, banking, financial sectors has given services. Financial electronic transaction has been through mobile banking, internet banking get these services, which charges cost.

Here, agencies networking have also play important role. If they moving forward through agencies networking is good for them. Likewise, mobile technology or telephone can take advantage has been said by him.

In the case of no Wi-Fi cheap and access to the net slow and cheap rate will be increase. We have to made electronic payment environment in every corporate. Electronic transaction will also increase if the set the stander that they only do transaction with customer with electronic account.

Anyone who has access to payment, or payment should be able to pay electronically. That kind of option should be available. So the corporate business sector, private sector has also change to promote and practice.


                                                         ‘Advantages’ of Electronic payments’

The specific benefit of utilizing less cash that we need to consume less time.   Don’t utilized cash only utilized electronic payment, self-people can get benefits at first.   At first, if we use this we should not have to worried from Corona, secondly,  the giver gives and taker took  can be recorded. Yesterday, I have given and taken? That doesn’t matter. That will be recorded safely. While using cash there is a fair of tearing cash.  The printing of new note cost the government budget from the National Bank. After electronic payment system time will be save. There is no fare of counterfeit note. Thus, it is very transparent and recycle, we urge to everyone to do electronic transaction confidence. Once digital transaction system is done it itself data base created. What kind of business is heading on? All these system are recorded into data base which can help to build up.


Next, it also help our other economic activities. This lead to transparency when the cash flow was low, stay directly benefit where, not loss can be occur.

The country and the society that does not least transaction. Which has develop the electronic payment medium. The country index has been seen above the over all. They are front at corporate governance. They have also front in happiness index.


                                                      ‘This is one an opportunity’

Electronic payment is an opportunity. This system shows how the nation moves forward in this way. When you buy a product, according you will payment it. It does not cost anything. Go bank or take out cash through ATM, the nation have to bare those cost, and that person have also bear that, that process is too long.  Therefore, as long this available we have payment more and more through electronic transaction. The state policy is to move towards digital technology. We need to address the short coming and move forward with electronic payment. It also a huge responsibility of every good citizen.

As a matter of policy, NRB has given permission to payment service provider to bank and financial institution. NRB also regulating, supervising and supervision. When there is a problem it is erase to complain because of huge, which is foe us. This is for good governance, cash less transaction has been reached fast or slow in every countries.



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