Kathmandu. Mobile banking, digital wallets and QR codes have generated a turnover of over Rs 186 billion in the first two months of the current fiscal year. According to the data released by NRB for the first two months of the current fiscal year 2078/79, more than Rs. 186.57 billion has been transacted through these platforms.
Cashless transactions of more than Rs 39.39 billion have been made through digital wallets and QR codes alone. According to the micro economic data released by NRB, 30.40 percent of the total turnover of 2077/78 has been done through these channels in the first two months of the current FY. This fact confirms the recent increase in cashless transactions among the general public.
During FY 2077/78, a total of Rs. 613.71 billion was transacted through mobile banking, digital wallet and QR code. According to the NRB, the highest number of transactions had been made through mobile wallet more than 124.9 million times. Similarly, transactions have been made more than 117.7 million times through mobile banking and 5.581 million times through QR code.
In the two months of the current fiscal year, 55.57 million transactions have been made. This is 22.38 percent of the total number of transactions last fiscal year. This includes mobile banking services provided by banks as well as payment services provided by service providers including E-Sewa, Khalti, IME Pay, Prabhu Pay, Fone Pay etc and other transactions through mobile apps and QR codes.
What is cashless transaction?
The process of transferring money from one’s account to the account of another person or organization through internet or sms is called digital transaction. As it does not use cash, it is also called cashless transaction too.
Transactions are possible without cash by paying for any goods and services through digital payment services such as mobile banking, internet banking, digital wallet (including eService) or QR code (including Fonepay).
Suppose, you have not carried a single penny in your pocket. But you went to a shop, a hospital, a school or a government office. And there, if you have to pay while shopping or receiving services, you can also pay through your debit, credit card, mobile banking app or other payment service provider’s app.