Enthusiasm on digital payments, turnover of Rs 52 trillion in a month

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Enthusiasm on digital payments, turnover of Rs 52 trillion in a month

There has been an encouraging turnover last year as payments through various digital mediums have started in the country.

Between the efforts of various digital platforms of Nepal Clearing House (NCHAL), digital platforms of banks and mobile wallets, digital payments of Rs.

According to last year’s financial statement released by Nepal Rastra Bank on Thursday, the transaction was done through 15 different channels.

Various platforms of NCHAL have played the biggest role in digital business. There has been a large amount of electronic transactions from NCHL operated RTGS, ECC, Connect IPS, IPS.
Digital payment services brought by banks have increased in digital payments from mobile banking, mobile wallet, QR payment etc.

RTJS, which allows digital payments from banks to banks, has been a big business throughout the year. In July last year alone, there was an RTGS of Rs 35 trillion. In the previous year, RTGS had a turnover of Rs 1.567 trillion.

Transactions through IPS have also increased. The turnover was Rs 223.65 billion in July last year, but it has reached Rs 300 billion in July last year.

Similarly, ECC’s turnover has gone up from Rs 8 trillion to Rs 10 billion. The turnover from David Card has increased from Rs 25.89 billion to Rs 66.41 billion. Credit card, prepaid card, point of sale (POS) transactions have also increased.

Connect IPS turnover increased by 363 percent

Connect IPS, operated by NCA, has been a great success in electronic payments in the country.
The turnover of digital payments from Connect IPS has increased by 363 percent in one year.

As per the annual financial statement of the last fiscal year 2077/78 made public by Nepal Rastra Bank, the turnover from Connect IPS was Rs. 237.758 billion in July. In the same month last year, the transaction amount from Connect IPS was Rs 51.30 billion.

In the last month of the last fiscal year, the turnover from Connect IPS has reached its highest level so far. The turnover was Rs 158.25 billion in June, an increase of 50 percent to Rs 200 billion in July.

Mobile banking business grows 291 percent

Mobile banking business has increased by 291 percent in the last fiscal year. According to the financial statement of the last fiscal year made public by Nepal Rastra Bank, the mobile banking business has reached Rs. 73.72 billion in the last month of July. In the corresponding period of the previous year, mobile banking turnover was Rs. 18.83 billion.

In this regard, the mobile banking business has increased by 291 percent in a year. Mobile banking transactions have been on the rise as the corona infection has led to lockdowns and banks have reduced their physical presence as much as possible. Mobile banking business has grown rapidly every month of the last fiscal year.

More than Rs 3.5 billion monthly payment from QR payment

There have not been many QR-based payments in the country. Although it used to be fragmented at first, its use has become widespread in the last fiscal year.

Discussion and payment has increased after Nepal Rastra Bank started working by giving priority to QR payment. As per the financial statement of the last fiscal year made public by NRB, QR based payment of Rs. 3.65 billion has been made in July alone.

This payment is still too much. Although the NRB statement did not include the previous year’s statement, QR payment of Rs. 589 million was made in the first month of the last fiscal year. In this regard, QR payments have increased by 519 percent in a year. QR payment has increased every month of the last financial year.

Payment using the card decreased automatically

With the advent of various digital payment methods in the country, the number of people paying for purchases using cards has declined spontaneously.

The amount paid for purchasing goods using the card in July / July of the last fiscal year has been Rs. 296 million. While the amount purchased using the card in the first month of the last fiscal year was Rs 1.20 billion.

The number of transactions has also dropped from 168,000 in the first month of last year to 52,000 in the last month.
In this regard, the amount of goods purchased using the card has decreased by 75 percent within a year. Card payments fluctuate every month of last year. It has dropped to Rs 560 million in August from Rs 1 billion in July. In the following months, it has been increasing and it has gone up to Rs.

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Rabins Sharma Lamichhane

Rabins Sharma Lamichhane is the owner of RabinsXP who is constantly working for increasing the Internet of Things (IoT) in Nepal. He also builds android apps and crafts beautiful websites. He is also working with various social services. The main aim of Lamichhane is to digitally empower the citizens of Nepal and make the world spiritually sound better both in terms of technology and personal development. Rabins is also the first initiator of Digital Nepal.

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