Mobile Banking And Internet Banking In Nepal
With the growth of internet penetration globally and in the context of Nepal. The number of Mobile Banking and Internet Banking Users is Increased Rapidly. This Increase could be because of the facilities that it provides. First of all, let us have a general introduction about the Mobile Banking and Internet Banking. First of all, what is Mobile Banking? Well, Mobile Banking is the service provided by financial institution to perform financial transaction remotely using a mobile device like smart phones and tablets. Mobile Banking can be performed with SMS or Mobile Apps. Similarly, Internet Banking is the service provided by Financial Institution to perform financial transactions through the bank website. We will need Computers/Laptops for Internet Banking. Actually, Mobile banking is a sub-set of Internet Banking. For example, in the context of Nepal almost all the commercial banks and many other financial institutions are using Mobile Banking and Internet Banking. Let us take an example of Siddhartha Bank which provides the Facility of both Mobile Banking and Internet Banking. Now, for mobile banking you will need a Mobile Application for Siddhartha Bank from PlayStore/AppStore. Whereas for Internet Banking we will need to enter the URL for Internet Banking in your Browser.
Now, moving on let us have a look at the current status of Internet Banking and Mobile Banking in Nepal. Well, as per the report from NRB (Nepal Rastra Bank) Mobile Banking and Internet Banking Users have raised in the recent years. The data From NRB shows that the Number of Mobile Banking Users in 2073 was 17,54,566, which was raised to 26,69,732 in 2074, 50,86,069 in 2075 and 83,47,187 in 2076. Similarly the number of Internet Banking users has raised from 5,15,465 in 2073 to 7,83,751 in 2074, to 8,34,302 in 2075, to 9,17,344. (source: https://www.nrb.org.np/). Clearly, we can see that the use of mobile banking and internet banking has increased drastically in the past 4 years period and is likely to increase in the upcoming years.
Moreover As per the rules of Nepal Rastra Bank currently as of published date The maximum amount that can be transfered from any wallet to Bank is Rs. 25000 in a day and Maximum upto Rs. 50000 in a month.
(To be Contd...)