Electronic Transactions In Nepal Increases During Lockdown
June 20, 2020 | Investopaper
Although the shutdown has had a negative impact on various sectors, electronic payment transactions have increased. In the 10 months report of the current fiscal year released by Nepal Rastra Bank recently, the transaction amount and number of all types of electronic payments have increased. According to the report, the number of ATM transactions has increased from 10,37,901 in Chaitra 2076 to more than 30,20,000 in Baisakh 2077. Similarly, it has reached 25,20,517 in Jestha 2077.
Similarly, the transaction amount has also increased. The turnover was Rs 9.05 billion in Chaitra last year, which has grown to Rs 23.15 billion in Baisakh, 2077.
The number of people taking mobile banking services has also increased as they have not been able to leave their homes due to the lockdown. In Chaitra 2076, 32,82,318 people had availed such facility while in Baisakh, this number has increased to 49,60,277. The report states that more than 42,000 people used mobile banking services in Jestha as well.
The transaction amount has also increased significantly through the use of such services. The turnover from mobile banking was Rs 5.39 billion last Chaitra, while in Jestha, 2077 it was more than Rs 12.28 billion. However, turnover of Internet Banking, Real Time Gross Settlement (ATGS) and Electronic Check Clearance (ECC) declined during the review period.
Transactions through IPS have increased slightly in Baisakh compared to Chaitra. Payments through the recently developed Connect IPS for banking transactions have increased. The report states that the turnover was Rs 13.81 billion last Chaitra and has increased to Rs 23.15 billion in Baisakh.
Recently, NRB has also increased the limit of electronic transactions for encouraging such transactions.
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