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Growth of Digital Payment Slows Down

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Growth of Digital Payment Slows Down
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January 6: The growth of digital payment has slowed down since November. According to a report prepared by Nepal Rastra Bank, digital transactions done through wallet, mobile banking, internet banking, connectIPS have declined in November compared to October in the current fiscal year.  

In October, transactions worth Rs 87.73 billion were made through mobile banking while in November such transactions stood at Rs 78.15 billion. Likewise, transactions worth Rs 239.14 billion were completed through connectIPS, a drop from Rs 203.03 billion. Similarly, the payment through digital wallet has dropped to Rs 13.94 billion in November from Rs 14.42 billion in September. Similarly, transactions through QR code, internet banking, IPS and other online payment gateways also declined in November.

A total of 13.5 million transactions were made through mobile wallets in October while it dropped to 13.3 million in November. Similarly, 137 million transactions were made through mobile banking in October which dropped to 12.6 million  in November.

NRB said that the number of transactions made through digital payments has declined. Digital wallet, mobile banking, internet banking and connect IPS are the major means for online payments which saw a decline in November. The transaction could have declined in the month of December as well but data is not available yet. 

Dr. Gunakar Bhatta, spokesperson of NRB said that the number of digital payment transactions has declined lately but they are yet to conduct a study on what led to the slowdown. "Until September, festivals had led to an increase in the digital payments so it might have declined owing to absence of any such occasions," he said. 

 

 

 

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