Nepal Clearing House Limited (NCHL) settled payments worth Rs 4,120 billion carried out via various online platforms in the first three months of the current fiscal year.
According to the company, the transaction volume recorded during mid-July and mid-October this year was doubled compared to the same period of the last fiscal year. The NCHL settled the aforementioned amount carried out through more than 17.1 million units of online trading made during the review period this year.
Digital transactions started taking a leap mainly after the outbreak of the COVID-19 pandemic last year, according to the record of Nepal Rastra Bank (NRB). Along with e-commerce platforms, many government offices have also been switching their payment systems from traditional cash-based mode to the online mechanisms.
According to the NCHL, it settled transactions of Rs 2,890 billion in exchange of over 4.15 million units of bank cheques via Electronic Cheque Clearing (ECC). Likewise, transaction volume of around Rs 550 billion was made in more than 3.28 million units of payments under NCHL-IPS platform. Similarly, there were payments worth Rs 690 billion made through 9.74 million units of transactions through Connect IPS, which was settled by the NCHL during the review period.