KATHMANDU, Sept 5: Financial transactions through Quick Response (QR) code almost doubled in the last fiscal year (FY), with a growing number of people opting for the platform for payments.
According to Nepal Rastra Bank (NRB), the transactions through QR code stood at Rs 958.38 billion in the FY 2024/25. In the previous FY, the amount was recorded at Rs 499.79 billion.
Along with the turnover amount, the number of transactions also increased by 86 percent during the review period. The NRB records show that the system carried out 315,742,000 transactions last FY, up from 169,346,000 in the previous year.
Volume of electronic transactions decline despite rise in numbe...
Likewise, the transactions via Real Time Gross Settlement (RTGS) also increased by 94.44 percent to Rs 74.901 trillion. A total of 842,122 units of settlements were carried out by using RTGS, the system that is used to settle large amounts of payments.
According to the NRB, the transaction amounts through prepaid cards soared 66.46 percent to Rs 12.55 billion. Mobile banking use grew 45 percent to Rs 5.018 trillion.
The volume of overall electronic transactions increased 71 percent. The amount sent via electronic platforms soared to Rs 98.428 trillion, up from Rs 57.478 trillion in the review period.
Wallet users carried out transactions worth Rs 506.31 billion, up by 67.26 percent compared to the amount in the previous FY. Likewise, payments through e-commerce increased by 53 percent to Rs 13.53 billion.
Kiran Pandit, spokesperson for the NRB, said the rising number of users for cashless transactions has led to increased business for the related platforms. “Convenience for settling payments in small amounts, quick settlement and safety concerns have affected the sentiments of the users in this regard,” he added.
