Nepal’s shift toward a digital economy accelerated in the last fiscal year, with electronic transactions reaching Rs 98.43 trillion, up 71% from Rs 57.47 trillion in FY 2023/24, according to Nepal Rastra Bank (NRB). Compared to Rs 34.42 trillion in FY 2020/21, digital payments have nearly tripled in five years.
Platforms Driving Growth
The bulk of settlements came through the Real Time Gross Settlement (RTGS) system, which handled Rs 74.9 trillion. Other channels also recorded significant activity:
- Electronic check clearing (ECC): Rs 6.2 trillion
- Faster payment systems: Rs 5.2 trillion
- Mobile banking: Rs 5 trillion
- Connect IPS: Rs 2.9 trillion
- Debit cards: Rs 2.9 trillion
- ATMs: Rs 1 trillion+
- QR payments: Rs 956 billion
- E-commerce platforms: Rs 266 billion
Shifting Habits and Seasonal Trends
NRB officials attribute the surge to the convenience and safety of digital payments compared to cash. Notably, large volumes are typically settled in the first and last months of the fiscal year. For instance, between mid-July and mid-August 2024, digital transactions reached Rs 126 billion, while Rs 119 billion was recorded in the final month of FY 2023/24.
The data underscores Nepal’s rapid adoption of digital financial systems, a trend expected to continue as mobile, QR, and e-commerce payments expand deeper into the economy.
