March 19: The business through QR transaction is increasing in recent years. QR transactions have increased notably after the Nepal Rastra Bank (NRB) implemented a system of free payment through QR code.
Nowadays, payments are made through QR for buying vegetables to paying college fees, paying insurance fees, making offerings to temples among others.
According to the central bank, financial transactions through QR code in the first seven months of the current fiscal year stood at Rs 117.46 billion. The transaction this year is 179.21 percent more than that in the same period of last fiscal year.
During the corresponding period of last fiscal year, the turnover from QR transactions was Rs 42.7 billion. In the fiscal year 2077/78, the turnover from QR was Rs 20.28 billion.
Guru Prasad Paudel, executive director of the Payments System Department of the NRB, says that the business is increasing after the central bank implemented the policy of free payment through QR.
“At present, more than 1.6 million merchants have QR stands across the country. Therefore, it seems that in the near future, the business through QR will increase even more,” he said.
Manoj Mehta, Chief Executive Officer of My-Pay, says that although the business through QR has increased, most of the businesses are concentrated only in the Kathmandu Valley.
Therefore, he argues that it is necessary to bring a policy that all kinds of payments made in government offices should be made only through QR to encourage business through QR throughout the country.
As the internet is mandatory to pay through QR, users are forced to pay using the mobile data at a high cost.
“Therefore, it seems that if we give some concessions on the Internet when making payments through QR, the business will increase,'' says Mehta.