Online transactions increased further in Poush and it is showing signs of more growth in Nepal. According to the latest stats from Nepal Rastra Bank, online transactions reached a mammoth NRs. 153 Billion which translates to 1 Kharab and 53 Arab in figures in Nepali currency.
The federal bank report comprised of various online payment modes such as mobile banking, internet banking, digital wallets, ConnectIPS, QR code scan, etc. The bank issues monthly reports on the payment system in Nepal that helps it analyze the choice of consumers for transactions.
Nepal government’s Digital Nepal Framework has encouraged many private and government firms to introduce an online payment system. From acquiring government services through Nagarik App to trading shares to utility payment on digital wallets or paying for fruits using QR code, Nepal is leapfrogging towards digital services.
As per the federal bank’s stats, the online medium was responsible for NRs. 138 Billion in Mangsir. It means the amount of transaction rose by NRs. 15 Billion over the last months’ total amount.
Among the mediums, Connect IPS was a major contributor to the latest bump. It alone accounted for 1 Kharab, 77 Crore within the month. It was utilized for 90 Arab, 14 Crore of transactions in Mangsir. It was used 1.2 million times in Mangsir and rose to 14,03,873 times.
|Digital Payment Medium||Transaction times in Mangsir||Total Amt. in Mangsir||Transaction times in Poush||Total Amt. in Poush|
|ConnectIPS||12,17,310||90,015 (MN)||14,03,873||1,00,779 (MN)|
|Mobile Banking||83,86,470||30,287 (MN)||86,81,369||33,153 (MN)|
|Wallets||99,29,969||8,987 (MN)||98,90,521||9,656 (MN)|
|QR Codes||3,43,574||1,256 (MN)||3,72,176||3,72,176 (MN)|
The data has also shown the increased usage of mobile banking. It was used for over 8.6 million times in Poush and accounted for NRs. 33,153 MN. The method counted for 8.3 million times in Mangsir.
Wallets also demonstrated growing popularity. While its no of the transaction showed decrease it was used for the higher transaction than that of Mangsir. Wallets were used over 9.9 million times in Mangsir and performed a transaction of NRs. 8,987 million which rose to NRs. 9,656 million this in Poush.
As for QR codes, they were utilized for over 3 lakhs, 43 times in Mangsir, and did a transaction of NRs. 1,256 million. In Poush it rose to over 3 lakhs 72 times and accounted for NRs. 3,72,176 million. This highlights the ever-growing reliance on QR codes for instant payment these days.
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The stats have shown the growing reliance of people on online gateways for transactions, from utility payments online to share trading, the digital platform is becoming the norm. In Post COVID-19 world, it has become more popular. Due to the convenience and instant nature of service online method of payment is slowly gripping the citizens. It looks ever more likely that digital transactions will grow rather than regress.