Mobile banking is becoming more popular in Nepal, with more people using their phones for payments than ever before. According to Nepal Rastra Bank, payments through mobile banking have jumped 28.52% compared to the same time last year.
How much are people spending from mobile banking?
In the last fiscal year, by the end of Bhadra, payments through mobile banking reached NPR 3,64,27,70,00,000 (around 3.64 trillion). This year, the number has grown to NPR 4,68,15,40,00,000 (around 4.68 trillion) for the same period.
User numbers are also rising. Last year, 2,52,07,122 people used mobile banking by the end of Bhadra. This year, 2,82,40,106 users are registered.
While the number of transactions in Bhadra slightly increased compared to Shrawan, the total payment amount in Bhadra was a little lower than Shrawan. Last month, in Shrawan, there were 2,79,88,708 mobile banking users.
In the first two months of the current fiscal year, mobile banking recorded 6,25,89,264 transactions. In Shrawan alone, there were 6,31,74,594 transactions, showing a small drop in Bhadra.
In Bhadra, 2,82,40,106 users made 6,25,89,264 transactions totaling NPR 4,68,15,40,00,000. In Shrawan, 2,79,88,708 users made 6,31,74,594 transactions worth NPR 4,74,94,40,00,000. The payment amount is slightly lower in Bhadra, but mobile banking continues to grow in importance.
With more people in Nepal using smartphones every day, mobile banking is quickly becoming the preferred way to pay, and the number of transactions is expected to keep rising.
