First Business News Portal in English from Nepal
KATHMANDU: With the onset of the COVID-19 pandemic, the global economy has been buzzing with digitization.
Although there has been a long-running debate about the need and potential for digitization in the economy, the need for it is growing stronger during the pandemic.
According to data released by Nepal Rastra Bank for the last three months, transactions made through QR code scan, e-commerce, POS and mobile banking, among others have increased tremendously.
According to the central bank, transactions through QR code have reached Rs 2.22 billion in the first three months of the current fiscal year.
According to statistics, there were 195,016 transactions in the first month of the current fiscal year, which amounted to Rs 589 million. In addition, a total of Rs 648 million was transacted through 179,150 transactions in the second month.
Similarly, a total of Rs 969 million was transacted through 265,125 transactions in the third month of the current fiscal year.
Due to the coronavirus pandemic, e-commerce business has also grown significantly. Since the lockdown on March 25, people have started opting more for online shopping. Consumers started ordering goods online as they could not go out due to the lockdown.
According to NRB, 168,627 transactions were made through e-commerce in the first month of the current fiscal year. Of which, the turnover was Rs 1.20 billion.
Meanwhile, e-commerce business declined a bit in the second month. According to statistics, the number of transactions in the second month decreased by almost 50 percent compared to the first month. In the second month, the number of e-commerce transactions was only 87,007 with turnover standing at Rs 561 million.
However, there was again an increase in e-commerce business in the third month. In the third month of the current fiscal year, a total of Rs 794 million was transacted through 113,052 e-commerce transactions.
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