In the previous three months, online payments, such as QR-based payments, wallets, mobile banking, and e-commerce payments, have expanded dramatically.
According to the Payment Systems Department of the Nepal Rastra Bank (NRB), online payments grew steadily during the months of Shrawan (mid-July to mid-August), Bhadra (mid-August to mid-September), and Ashwin (mid-September to mid-October) of the Nepali calendar.
QR-based payments totaled Rs. 6.09 billion in Ashwin, Rs. 5.85 billion in Bhadra, and Rs. 5.05 billion in Shrawan.
The central bank has launched a nationwide push to promote QR-based payments in a variety of industries, including groceries, veggies, restaurants, and the service industry.
Similarly, in the last three months, POS payments have climbed to Rs. 4.84 billion from Rs. 3.51 billion. Wallet payments grew by over a billion rupees as well.
It increased from Rs. 14 billion in Shrawan to Rs. 15.18 billion at the end of Ashwin. Various mobile wallet applications processed approximately 13.56 million transactions.
Similarly, mobile banking had a 15-billion-rupee increase in Ashwin, with payments totaling Rs. 87.7 billion, up from Rs. 72.8 billion two months prior.
Online card payments, on the other hand, accounted for only Rs. 455 million.
ConnectIPS has grown to become the largest online payment platform, according to the NRB
In Shrawan, the amount paid via ConnectIPS was Rs. 232.54 billion.
Apart from banks and financial organizations, Nepal has ten payment system operators (PSOs) and 28 payment system providers (PSPs). By mid-October, the number of PSP agents had risen to 10,030.
In mid-July, it was 9,699 people. In the country, 1.02 million people use wallets, 1.23 million people use online banking, 15.15 million people use mobile banking, and 688,606 people use ConnectIPS.