20 August 2024, Kathmandu
Nepal Sees Record-Breaking Electronic Transactions
Nepal witnessed a historic milestone in June 2080/81, with the highest-ever electronic transactions recorded in a single month. According to data released by Nepal Rastra Bank, transactions worth NPR 88 trillion 33 billion 94 million were processed through various electronic systems, marking the highest turnover in the country’s history.
In June alone, an astounding 1.373 billion transactions were conducted electronically, setting a new benchmark for digital transactions in Nepal. This remarkable surge surpasses the previous record of NPR 62 trillion 27 billion 64 million, which was achieved in June of the financial year 2078/79.
The latest figures also highlight a significant month-over-month increase. In May 2080/81, electronic transactions amounted to NPR 54 trillion 14 billion 82 million. Comparatively, June saw an increase of NPR 34 trillion 18 billion, demonstrating the rapid growth and adoption of digital payment systems in Nepal.
Nepal Rastra Bank reports that electronic transactions in Nepal are carried out through a range of systems, including RTGS, wallets, ATMs, IPS, mobile banking, ECC, Connect IPS, debit and credit cards, prepaid cards, internet banking, branchless banking, QR-based payments, POS, and e-commerce platforms. Among these, the RTGS system, designed for high-value transactions, accounted for the majority of the turnover.
Throughout the financial year 2080/81, a total of NPR 592 trillion 15 billion 677 million was transacted electronically, with June being the most active month. Conversely, the month of Kartik recorded the lowest electronic transactions, totaling NPR 35 trillion 46 billion 73 million.
The consistent growth in electronic transactions underscores the increasing reliance on digital payment systems in Nepal. As the country continues to embrace technological advancements, these figures are expected to rise, further solidifying Nepal’s digital economy.
Nepal Sees Record-Breaking Electronic Transactions