Digital Payments Getting More and More Popular

Banking Khabar/ The popularity of digital payments is increasing in Nepal. According to the latest data of Nepal Rastra Bank, there has been a significant increase in the use of mobile wallets in the last 1 year.

In the last financial year 2080/81, the number of wallet users increased by 23.86 percent. In the previous fiscal year 2079/80, the number of wallet users was 18 million 941 thousand 793 and in the last year it has increased to 23 million 461 thousand 107.

According to the data, in the year under review, transactions worth 31 billion 302 million rupees were made through the wallet. Last year such turnover was 20 billion 326 million rupees. Compared to the previous year, the transaction through wallet has increased by 54 percent in the year under review.

QR-based payments have also seen significant growth in the past year. The number of transactions made through QR has increased by 113.20 percent leading to 28 million 25 thousand while the total transaction amount has increased by 104.77 percent leading to 61 billion 737 million rupees.

Similarly, till Ashadh 2081, RTGS system transactions increased by 116.28 percent amounting to 6.4 trillion 51 billion 161 million rupees. In the month of Ashadh 2080, there was a turnover of 2.9 trillion 83 billion 930 million rupees.

Similarly, the number of mobile banking users increased by 58.03 percent i.e. over 24.6 million in the year under review. In the previous year, the number of mobile banking users was 21.3 million 63 thousand 989. The amount transacted through mobile banking has increased by 60.16 percent i.e. 373 billion 978 million rupees.

During the review period, the number of internet banking users reached 1.9 million 19 thousand 322. Last year, internet banking users were 1.8 million 56 thousand 195. During that time, transactions worth 17 billion 738 million rupees were made through internet banking.

There has also been an increase in ATM transactions. In Ashadh 2080, there were more than 110 million 42 thousand transactions, and in Ashadh 2081, this number increased by 1.58 percent i.e more than 110 million 200 thousand. The total amount also increased by 4.94 percent and reached 91 billion 261 million rupees.