Nepal Rastra Bank Encourages Electronic Transactions through QR Code and Debit/Credit Cards

In a recent announcement, the Nepal Rastra Bank (NRB) has issued a new notification urging citizens to conduct electronic banking transactions to save time and cost by leveraging modern technology. The notice emphasizes that payments of revenue, tax, application fees, customs, and other fees can now be made electronically from the comfort of one's home. The transactions can be made free of charge and at a low fee by using QR code or debit/credit cards.

The NRB has highlighted the advantages of electronic transactions, such as the elimination of the need to carry physical cash, reduced risk of theft and loss of money, and the reduction of the use of notes. The use of electronic transactions is expected to help in cutting down the cost of printing and managing notes.

To ensure that citizens have a smooth experience with electronic transactions, the National Bank has requested them to seek information from their respective banks or financial institutions. The notice also stresses the importance of being cautious and alert against frauds that can happen during digital transactions. The NRB advises citizens not to share their personal IDs, passwords, and pin codes with anyone.

This latest notification from the Nepal Rastra Bank is a clear indication of the growing emphasis on digital payments and the adoption of modern technology in the country. It is hoped that this move will encourage more people to embrace digital transactions and reduce their reliance on cash.