Digital transaction increased significantly during Coronavirus lockdown in Nepal
"Electronic transaction is found have been increasing as a result of the lockdown imposed by the government to stem the spread of the Coronavirus."
The electronic transaction is found have been increasing as a result of the lockdown imposed by the government to stem the spread of the Coronavirus. As of the second week of the lockdown, e-transaction worth Rs. 35.6 billion has been recorded, according to Nepal Clearing House Limited. The transaction was worth Rs. 18.6 billion in the first week of the lockdown. The NCHL has been using five national payment systems including the NHCL-ECC, NCHL-IPS, Connect IPS, Connect RTGS and NPI. Almost all the banks including the central bank, Nepal Rastra Bank are affiliated to the system.
Among the systems, electronic cheque clearing (NCHL-ECC) and Inter-banking payment system (NCHL-IPS) will provide clearing until the situation turns normal. Likewise, the NHCL-ECC clears the cheque collected by 1:30 every day and the NCHL-IPL of the payment order received until 1:00 pm, and the clearance is done on the same day. Those received after the deadline are cleared the next day.
The NCHL's connect IPS provides mobile and e-banking business and transaction round-the-clock through its mobile application and website and that of the particular banks.
E-wallets mostly used to top-up mobiles, cable and internet during the Coronavirus lockdown
A countrywide lockdown to stop the spread of the coronavirus, e-wallets have become the best option for people to top-up the balance in their mobile phones. As per service providers, use of digital wallets has increased significantly. People are unable to go outside to purchase recharge cards and even the related Telecom providers are unable to supply recharge cards in the market. Hence, the digital wallet has become the best option for mobile top-up.
Likewise, people are also using the digital wallet for payment of cable television and internet bills. Moreover, e-wallets service providers creating awareness among people regarding the significance of digital wallet to go cashless. Banks and other government and private sector offices are all encouraging online payment to maintain social distance.
Meanwhile, some internet service providers have also provided internet service even after the subscription time has expired as people are unable to go outside to pay bills.
The major part of the digital transaction has been somehow affected due to the lockdown. Yet, people are becoming more aware, which could be beneficial in the coming days. The increasing threat of coronavirus, the Nepal Government has also recommended citizens to go cashless and use digital platforms for financial transactions.
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Rishi Raj Singh
