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Mobile banking transaction grows 85%, internet banking low

The recent data shows that mobile banking transactions have grown significantly in one year. As per the report by Nepal Rastra Bank (NRB), mobile banking data increased by an enthralling 85% in 12 months. Other digital transaction methods also drew in positive data except internet banking. Find them all below.

Electronic payment, especially through mobile banking and digital transactions, has shared a huge upsurge since COVID-19. The latest data reflects their continuous influence on the digital economy of Nepal.

Do read: Top 5 Digital Wallets in Nepal: Updated (2022)

Mobile banking transaction dominates digital payment

As per NRB, in Ashoj only, mobile banking accounted for transactions worth Rs 1 trillion, 62 billion, 13 crores, and 70 lakhs, an astounding growth from the last FY’s same period. In Ashoj FY 078/79, Rs 87 billion, 73 crores, and 20 lakhs were transacted through mobile banking.

nepal bank mobile banking app
Representative image
Mobile banking transaction
in Ashoj FY 079/80
Mobile banking transaction
in Ashoj FY 078/79
Difference
Rs 1,62,13,70,00,000Rs 87,73,20,00,000Rs 74,405,000,000↑

On the other hand, digital wallets have also increased their transaction traffic this year. In Ashoj of fiscal year 078/79, transactions worth Rs 15 billion, 18 crores, and 70 lakhs were registered through digital wallets. This FY in the same month, a total of 16 billion, 56 crores, 80 lakhs was recorded meaning over Rs 1.38 billion year-to-year growth.

Digital wallets transaction
in Ashoj FY 079/80
Digital wallets transaction
in Ashoj FY 078/79
Difference
Rs 16,56,80,00,000Rs 15,18,70,00,000Rs 1,38,10,00,000↑

Also read: Mobile Banking vs Internet Banking, Which One is Better?

Transactions via QR code register a massive increase

Similarly, transactions via QR code scans also drew positive stats. Last Ashoj, Rs 6 billion, 9 crores, 70 lakh transactions were made through QR Scan & Pay. This year in the same month, it increased to Rs 17 billion, 33 crores, and 70 lakh transactions. This translated to a huge surge of over 11.24 billion transactions in the year-to-year comparison.

QR code
QR code transaction
in Ashoj FY 079/80
QR code transaction
in Ashoj FY 078/79
Difference
Rs 17,33,70,00,000Rs 6,09,70,00,000Rs 11,24,00,00,000↑

Internet banking lowers in Ashoj, 079/80

Internet banking meanwhile saw a decrease in transactions over the past 12 months. In Ashoj FY 078/79, worth Rs 13 billion, 34 crores, and 40 lakhs were transacted through internet banking. The amount decreased to Rs 11 billion, 95 crores, and 90 lakhs this year in the same month. Check out: Mobile Banking vs Internet Banking, Which One is Better?

Internet banking transaction
in Ashoj FY 079/80
Internet banking transaction
in Ashoj FY 078/79
Difference
Rs 11,95,90,00,000Rs 13,34,40,00,000Rs 1,38,50,00,000↓

Which mode of transaction is your favorite and why? You can share with us below in the comments.

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