December 10: There has been a considerable rise in the number of electronic payment in online business (e-commerce). Although e-commerce has already been popular for quite some time, payments were still made in cash. However, lately, payments have also been increasing through electronic means.

According to the data obtained from the Department of Payment Systems of Nepal Rastra Bank, electronic payments have been increasing progressively since last May. Not only the amount, but the number of transactions has also increased during the review period.

From mid-May to mid-June last year, payments of Rs 161 million were made through electronic means. By September, it had increased to Rs 455 million.

During last May, the number of payments made online while purchasing goods was 38,613. By September, 76,357 such payments were made.

In the past, although most of the customers bought goods online, they used to make payments through cash. NRB spokesperson Dev Kumar Dhakal says that the trend of making payments online has increased recently in contrast to previous years. “Now, the common people are changing their habits. They tend to stop carrying cash. They try to make online payments whenever it’s possible,” he said, adding “This is the reason why online payments are increasing.”

He says Covid-19 has made electronic payments take a big leap. “Because of the Covid-19 pandemic, people are starting to use technology,” said Dhakal adding, “There are various digital wallets in operation currently. Banks are also making mobile banking more effective, aiding in the surge of electronic payments.”