According to data from Nepal Rastra Bank, the central bank, digital payment transactions through mobile banking, e-wallets, and QR-based payments increased sharply between mid-October and mid-November compared to last year.
Mobile banking transactions rose to Rs374.66 billion from Rs218.3 billion. E-wallet transactions grew to Rs37.31 billion from Rs20.24 billion, and QR-based payments surged from Rs32.01 billion to Rs66.87 billion. Cross-border QR code payments increased to Rs156 million from Rs139 million in the review period. The Kathmandu Post
Payment Systems Indicators: Asoj, 2081 (Mid-October 2024) — excerpts from Nepal Rastra Bank indicators:
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Mobile Banking: 28,903,872 32,772,839 45,669,301 43,149,869 44,048,146 — Total Amount (NPR in Million): 233,446 277,824 373,978 364,277 401,241
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Wallet: 20,822,861 22,622,170 32,105,917 29,133,148 28,925,434 — Total Amount (NPR in Million): 20,326 22,796 38,147 40,340 40,548
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QR-Based Payments: 9,766,216 11,883,100 20,825,615 21,575,152 20,497,044 — Total Amount (NPR in Million): 30,148 36,215 61,737 61,395 70,428
“In the past three fiscal years, the total number of digital payment transactions has increased by 43.5 percent. The total transaction value grew by an average 23.7 percent over the years,” the central bank report notes. The report shows that from the fiscal year 2021–22 to FY2023–24, QR code-based payments saw an average annual increase of 230 percent in transaction volume. In terms of transaction value, QR payments grew 210 percent year on year. The Kathmandu Post
“Kiran Pandit, acting executive director of the Payment Systems Department at Nepal Rastra Bank,” said: “This indicates a healthy adoption of QR code payment systems. People prefer QR payments to ATM transactions for convenience. Adoption is growing steadily because it’s fast, convenient, and processed in real time.” The Kathmandu Post
More on cross-border QR payments:
“More than 875,000 merchants in Nepal can seamlessly accept cross-border mobile payments from travelers from Asia and beyond.”
The launch of cross-border payments between NEPALPAY QR and Alipay+ enables travellers from 10 countries and regions — including the Chinese mainland, Hong Kong SAR China, Macao SAR China, Singapore, Malaysia, the Philippines, Mongolia, Thailand, South Korea, and Italy — to use their home payment apps, including leading e-wallets and bank apps, to pay at merchants associated with the interoperable NEPALPAY QR network.
NCHL and Ant International announced the launch at the Singapore Fintech Festival 2024. Partners enabled for use in Nepal via NEPALPAY QR include Alipay, AlipayHK, Tinaba (Italy), MPay (Macao SAR), Touch 'n Go eWallet and MyPB (Malaysia), Hipay (Mongolia), GCash (the Philippines), Changi Pay and OCBC Digital (Singapore), Naver Pay and Toss Pay (South Korea), and TrueMoney (Thailand). NCHL
Join the Discussion
- What impact could the rapid rise in mobile banking, e-wallets and QR payments have on Nepal’s cash economy and small merchants?
- Do you agree with the media and central bank’s coverage of digital payments’ growth — is adoption as broad as the numbers suggest?
- How should policymakers and service providers address gaps such as rural connectivity, high data costs and consumer protection?
- What lessons can Nepal share with neighbouring countries on cross-border QR integration and tourism-ready digital payments?