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QR code transactions worth Rs 30 billion in a month

QR code transactions worth Rs 30 arab (billion) were made in a single month of Shrawan, FY 2080/81. As per the latest data from Nepal Rastra Bank (NRB), the record-breaking QR transactions were made at 1.12 crore different sessions.

According to the data, QR transactions were succesfully processed 1 crore, 12 lakhs, and 57 times in FY 2080/81 . This resulted in QR transactions of Rs 29 arab, 99 crores, and 60 lakhs. It’s a year-to-year increase of 15.17 arab from FY 2079/80. Last term, in Shrawan, 46 lakh and 72 thousand times QR transactions were made which translated to Rs 14.81 arab processed.

QR pay in Shrawan
FY 2080/81
QR pay in Shrawan
FY 2079/80
Rs 30 arabRs 14.81 arab

Straightforward, convenient, and not needing to carry cash has made QR payment very popular. FonePay, SmartQR and other PSOs’ services have helped proliferate electronic payments further across Nepal. In Nepal, people mostly use mobile banking apps and digital wallets to scan & pay via QR.

These days, we can find QR stands at various merchants- at stores, restaurants, groceries, cinemas, etc. The trend of QR payment has been growing hyperbolically since the Covid-19 lockdowns. NRB’s promotion and the growing internet and smartphone use have made QR transactions default payment mode for many. The regulatory bank has even promoted the idea of a digital currency to create a cashless economy.

In average, around Rs 21 arab transactions are made via QR scan.

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