Kathmandu, May 27 -- The number of mobile banking users in Nepal has reached 29.4 million as of mid-March, according to the Economic Survey for the current fiscal year released on Wednesday. Internet banking users stood at 2.374 million during the same period.

The survey, presented by the Finance Minister Swarnim Wagle at the House of Representatives on Wednesday, shows a sharp rise in digital financial activity, with QR code-based transactions crossing Rs125 billion. Eight payment system operators and 21 payment service providers are currently in operation, the report said.

Digital connectivity has also expanded, with mobile telephone penetration reaching 103.2 percent and internet penetration rising to 145.7 percent. Fourth-generation...