Lockdown, prohibitory order give a boost to cashless transactions

KATHMANDU: With the spread of the second wave of the coronavirus pandemic in the country, cashless transactions have increased significantly.

Digital transactions amounting Rs 3.686 trillion weren made in the past one month alone, according to Nepal Rastra Bank (NRB). This includes the transactions made through RTGS, wallet, ATM, debit cards, IPS, Connect IPS, mobile and internet banking and other digital devices.

The NRB said that transactions worth Rs 70 billion were made through the ATMs in the past month. Transactions via internet banking increased by 231 percent. Transactions amounting Rs 2.177 trillion were made through the Real Time Gross Settlement (RTGS) system launched by the central bank itself. Transactions worth Rs 900 billion, were, however settled through cheques.

Nischal Adhikari, director of the payment system department of the NRB, said that digital business has boomed amidst the coronavirus epidemic. He said, “People have attracted toward digital transactions owing to COVID-19 fears.”

Wallet services including eSewa, Khalti, IME Pay and others reported a transaction of Rs 11 billion in the past one month. In Mid-July last year, such a transaction was only Rs 7 billion. Mobile banking increased by 164 percent.

The QR code system, which the central bank has been promoting recently, has also attracted a lot of customers. Payments through QR codes increased by 362 percent. About Rs 3 billion is being transacted through QR code in a month, according to the NRB.

Fiscal Nepal |
Wednesday May 19, 2021, 01:48:16 PM |

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