The number of new credit cards issued by commercial banks in Nepal has grown to 20,278 from January 2013 to 2014, according to Nepal Rastra Bank (NRB).
At the end of mid-January 2014, the total number of credit cards issued by commercial banks was 54,064.
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The credit cards issue growth was contrasting in mid-January 2012, when the number of card issued was down by 5,117.
The major credit cards issuers in Nepal are Standard Chartered, Nabil Bank, Himalayan Bank and Nepal Investment Bank.
Standard Chartered Bank Nepal corporate affairs head, Diwakar Poudel, was quoted by ekantipur.com as saying that growing urbanisation and an increasing card culture among the people had helped credit card issuance to rise lately.
"We have been promoting the card culture here, and encourage people who take hire purchase loans and home loans to obtain credit cards too," Poudel added.
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By GlobalDataNepal Investment Bank Limited (NIBL) deputy general manager, Rajan Amatya, said an increase in the number of banks offering credit cards might be the reason why the number of credit cards issued has surged over the last one year.
The increase in the card culture in the country has also resulted in the increase of number of debit cards issued.
