Home FEATURED Enthusiasm in digital payments, 52.5 billion transactions in a month

Enthusiasm in digital payments, 52.5 billion transactions in a month

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The last year has seen exciting business when payments are being made through various digital means in Mulukuk.

Between the efforts of various digital platforms of Nepal Clearing House (NCHAL), digital platforms of banks, mobile wallets, in the last month of the last fiscal year 2077/78, digital payments worth 52 billion 66 billion 672 million rupees have been made in the country.

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

NCHAL’s various platforms have played the biggest role in digital transactions. A large amount of electronic transactions have been done through RTGS, ACC, Connect IPS, IPS operated by NCHL.

Digital payment services introduced by banks have increased in digital payment through mobile banking, mobile wallet, QR Payment Guy.

During the year, there has been a huge business through RTJS, where digital payments can be made from bank to bank. Last year in June only 35 billion RTGS was done. In June of the year before that, 15 trillion 67 billion was transacted through RTGS.

Transactions through IPS have also increased. In the month of June of last year, there was a turnover of 2 trillion 23 billion 65 million 51 million, and by the end of June last year, it has reached almost 3 trillion.

Likewise, the turnover of ECC has also increased from about 8 billion to about 10 billion. Transactions through David card have increased from 25 billion 89 crores to 66 billion 41 crores. Credit card, prepaid card, point of sale (POS) transactions have also increased.

Connect IPS turnover increased by 363 percent

Connect IPS, run by NCA, has achieved great success in electronic payments in the country. Digital payment transactions through Connect IPS have increased by 363 percent in one year.

According to the annual financial statement of the last fiscal year 2077/78 published by Nepal Rastra Bank, in the month of June, there was a transaction of 2 trillion 37 billion 758 million through Connect IPS. In the same month last year, the transaction amount through Connect IPS was equal to 51 billion 306 million rupees.

In June, the last month of the last financial year, the business through Connect IPS has reached the highest level so far. The turnover of 1 trillion 58 billion 254 million in the month of May increased by 50 percent to 2 trillion in the month of June.

Mobile banking business increased by 291 percent

Mobile banking transactions have increased by 291 percent in the last financial year. According to the financial statement of the last financial year published by Nepal Rastra Bank, mobile banking transactions reached 73.72 billion 99 million rupees in the month of June. While in the same period of the previous year, the mobile banking transaction was 18 billion 839 million rupees.

In this way, it is seen that there has been an increase of 291 percent in mobile banking transactions in a year. With the lockdown and banks reducing their physical presence as much as possible due to the corona infection, mobile banking transactions have increased. Mobile banking transactions have increased rapidly every month of the last financial year.

More than 3.5 billion payments per month through QR Payments

QR-based payments have not started in the country. Although it was sporadic at first, its use has become widespread in the last financial year.

After Nepal Rastra Bank started working with QR payment as a priority, its discussion and payment has increased. According to the financial statements of the last financial year published by the National Bank, in the month of June only 3 billion 65 million 10 million rupees were paid based on kuar.

This payment is the most so far. Although there is no previous year’s details in the statement of Rashtra Bank, in the first month of the last financial year, QR payment of Rs.

In this way, QR payment has increased by 519 percent in one year. QR payment has increased every month of the last financial year.

Paying by card is automatically reduced

When various means of digital payment are coming in the country, the number of people paying for shopping using cards has decreased.

In the month of June of the last financial year, the amount paid to buy goods using the card was 296 million rupees. While in the first month of the last financial year, the amount of shopping using the card was 1 billion 20 million 10 million rupees.

The number of transactions in the first month of last year was 168,000 and has dropped to 52,000 in the last month.
In this way, the amount of goods purchased using cards has decreased by 75 percent within a year. The payment amount from the card fluctuates every month of the last year.

1 billion was paid in July, but it fell to 56 million in August. In the following months, it further decreased and in February it exceeded 1. Then it decreased by itself to 161.1 million.

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