Himal Press 
KATHMANDU: Nepal’s digital payment ecosystem continued its rapid expansion in fiscal year 2024/25, led by a huge growth in QR code-based payments, the Nepal Rastra Bank (NRB) said in its recent report.
The latest Payment Systems Oversight Report of the central bank states that wider access to payment systems has significantly boosted the use of digital payment instruments, including e-wallets, mobile banking, internet banking, QR codes and payment cards.
The number of transactions processed through faster payment systems increased by 34.6% in 2024/25 compared with the previous fiscal year, while their total value rose by 33.7%.
According to the report, QR code-based payments emerged as the country’s most widely used digital payment instrument during the review period. The volume of QR transactions jumped 92.5%, while their value increased by 91.8%.
“Due to its convenience and wider acceptance, the number of merchants having QR in Nepal reached around 2.9 million in 2024/25, making it one of the easiest modes of payments for customers,” the NRB said in its report. “BFIs have also used the same platform to offer QR code-based payment services. Most payment service providers (PSPs) have also started QR code-based payment services through their respective mobile applications.”
Although debit and credit card payments continued to grow, the pace of expansion moderated in recent years, the report said.
Meanwhile, the use of prepaid cards rebounded strongly during the fiscal year following a decline during the COVID-19 pandemic. The number of prepaid card transactions increased by 40.7%, while their value rose 66.5%. According to the central bank, the growth was largely driven by the recovery of the tourism sector following the lifting of international travel restrictions.
Online card payments also recorded robust growth. Their transaction volume increased by 39.9%, while transaction value climbed 53.5% from the previous fiscal year.
The report also highlighted continued growth in large-value payment infrastructure. The number of transactions processed through the Real-Time Gross Settlement (RTGS) system increased by 4% during the review period, while the total value of those transactions surged by 94.4%.
Electronic Check Clearing (ECC) transactions also increased, with the number of transactions rising 5.1% and their value growing 6.6% over the previous fiscal year.
However, the growth of check usage is slowing as digital financial services become more widespread across the country, according to the report.
