September 26: Electronic transactions through digital wallets has been increasing lately. The latest data of Nepal Rastra Bank (NRB) has shown that the digital transaction has increased in recent days.

In the first month of the current fiscal year, transactions through wallets have surpassed the monthly average of previous fiscal year. Based on the total transaction amount of last year, the average monthly turnover through the e-wallet is Rs 9.53 billion. However, the average turnover through e-wallets in July was Rs 14.52 billion.

Transaction through e-wallet last June was Rs 12.79 billion while it was Rs 8.35 billion in May. The data has confirmed that the transaction amount through digital wallet has been increasing recently. Last year, the total amount of transactions through e-wallets was worth Rs 114.43 billion.

Nepal Rastra Bank’s Payment System Department Chief Bhuvan Kandel said that the transaction amount through wallet has been increasing recently.  

The use of electronic payment has also increased during the pandemic. As a result, wallet transactions are on the rise, according to stakeholders. Digital wallet is a means of electronic payment and transaction.

Currently, there are 22 digital wallet companies in Nepal. Earlier, the number of such services providers was very few. Previously, wallets were used only for limited purposes. However, now it has many services including depositing money in a bank account, paying internet/water/electricity bills, air tickets, movie tickets, mobile recharge among others.

As a result, the business of digital wallet is also developing, says Bhuvan Kandel, executive director of Nepal Rastra Bank. He also says that digital wallet is safer than other means of transaction. "Customers can deposit the required amount from their bank account into their wallet and spend accordingly," he said.