The recent stats released by the federal bank has revealed the frequency of QR Code-based payment has risen in Nepal. With encouragement from the government, many banks have initiated this digital payment method. As the stats indicate, the number of digital transactions over QR codes will only increase over time.
The government has been promoting the digital transaction for years now. Nabil Bank launched its QR code payment system back in February 2018 which displaced the physical Point-of-Sales and the QR payment users are steadily increasing.
QR Code Based Transactions Popular Than Ever
The figures released by Nepal Rastra Bank show that in Kartik 2,41,818 times the QR code was scanned while it rose to 343574 times. That means the transaction frequency increased by 310 MN in just a month.
|Month||QR Code Payment Frequency||Total Transaction Amount (Million Nrs.)|
The central bank is trying to implement the wireless system according to international norms. It is working on optimizing the system to keep particular details of the transaction on its server. Such as when someone scans the QR code to pay, the time, location, amount, IDs of both the consumer and the merchant their details would be kept on the server. This will enable the bank to search for a particular transaction and retrieve the details.
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Why Are People Choosing QR Code Payment Method?
People are attracted to this QR code payment because it is convenient and super easy. It also rids you of carrying money to buy something. Anywhere you can buy anything if QR pay is facilitated. You can buy anything on the go. During the Covid-19 pandemic, the norm of social distance has emphasized such digital payments further.
Currently, the QR code is used at the supermarket, drug stores, grocery stores, hotels, and restaurants. The way it is expanding it will soon become a mainstream mode of transactions.
Are you also using QR code for transactions? Let us know your experience in comments below.