TURKISH CENTER  for ASIA PACIFIC STUDIES

Digital Economy in Asia: The Case of Nepal 

The Turkish Center for Asia Pacific Studies - April 7, 2026

Dr. Bamadev Sigdel 
APAC Non-Resident Distinguished Fellow, e-mail: bamadevsigdel@gmail.com

Digitization serves as a powerful equalizer, creating opportunities for countries to leapfrog traditional development stages and enhance the economic and social well-being of their populations. Numerous examples highlight how improved access to knowledge and services has accelerated inclusive economic development (Monetary Authority of Singapore [MAS], 2021).

The growing attention industries and policymakers are giving to the digital economy stems from its expansive and transformative nature. As internet-enabled technologies, data analytics, and AI-driven innovations continue to power the creation of new products and services, they raise expectations for both overall economic growth and industry-level advancements (Kim, 2020).

Increased participation in regional trade, investment, labour movement, and information flows is expected to bring significant economic development opportunities for regional economies, while improving cooperation on a wide array of global issues. Concomitantly, the rise of the digital economy over the past few decades, and its enhanced role during the COVID-19 pandemic, have highlighted digitization as not only one of the world’s most powerful engines for growth and innovation, but also as a key component of resilient and sustainable 21st-century economies (Romão et al., 2021).

Digital platforms are the driving force of future economic growth, and they rely on several enabling technologies. Digital infrastructure serves as the foundation of these platforms, as they can mediate peer-to-peer services while eliminating intermediaries or trade barriers through digital modes that facilitate transactions in goods, services, and data (Asian Development Bank [ADB], 2021).

The World Economic Forum (WEF) and Boston Consulting Group (BCG) reported in 2015 that the global digital economy was growing at a double-digit rate, particularly in Asia. The United Nations Conference on Trade and Development (UNCTAD) reported that global business-to-business (B2B) sales exceeded US$15 trillion in 2013, with about three-quarters of sales occurring in China, Japan, the United States, and the United Kingdom. Business-to-consumer (B2C) sales totalled US$1.2 trillion in 2013, with Asia and Oceania as the most prominent regions. Their global share of B2C sales increased from 28 percent in 2013 to 37 percent in 2018 (Kim et al., 2020).

By the end of 2023, 5.6 billion people (69 per cent of the global population) had subscribed to mobile services, representing an increase of 1.6 billion people since 2015. Growth in mobile internet penetration has been even faster. By the end of 2023, 58 percent of the world’s population used mobile internet, equating to 4.7 billion users—an increase of 2.1 billion since 2015 (GSMA, 2024).

ASEAN’s strong and vibrant economy, favourable demographics, ICT investments, and ongoing economic integration have laid the foundation for the region to become a global leader in the digital economy. The ASEAN digital economy currently generates approximately US$150 billion in revenue annually. If ASEAN were a single country, with a combined GDP of US$2.5 trillion, it would rank among the largest economies in the world, behind only the United States, China, Japan, Germany, the United Kingdom, and France (Qxiata, 2021).

China’s digital economy has maintained steady growth and has made significant progress across various sectors, advancing high-quality digital development. E-commerce and fintech are major components of the digital economy, in which Asia leads. China accounted for less than 1 percent of global e-commerce retail transaction value about a decade ago, but that share has grown to more than 40 percent (Sedik & Saadi, 2018).

The value-added sales of China’s digital economy expanded from RMB 2.6 trillion in 2005 to RMB 35.8 trillion in 2019. The share of the digital economy in China’s GDP stood at 36.2 percent in 2019 (China Academy of Information and Communication Technology [CAICT], 2020). According to the White Paper on Development of China’s Digital Economy (2021), the proportion of China’s digital economy in GDP increased steadily from 14.2 percent in 2005 to 38.6 percent in 2020 (Zhang et al., 2021).

Countries in the South Asian region recognise the important role of digitization in the economy. Digital technologies promote inclusion, improve public service delivery, create jobs, and stimulate economic growth. However, the full potential of digitization in South Asia remains untapped. In most countries, only about one-third of the population subscribes to mobile internet services, except in Maldives (57 percent) and Sri Lanka (50 percent). Internet connectivity for adults aged 18 and older in South Asia increased from 44 percent to 63 percent, but over one-third of the population still lacks adequate access (UNICEF Regional Office for South Asia [ROSA], 2024).

The rise of the new techno-economic paradigm has influenced nearly every sector of business, trade, and services through digitisation. The increasing sophistication of connectivity and networking tools has significantly enhanced modes of communication (Sarkar et al., 2021). However, most available evidence on digital economies focuses on high-income countries, with relatively little attention given to economies at the global margin (Graham, 2019). South-East and South Asian countries have great potential in the digital economy. They generally maintain high economic growth rates, have large markets, a young population, and a reasonable level of ICT utilization (Kim, 2020).

In India, the appetite for technology is growing, and the country is viewed as a major destination for digital products and services. According to the McKinsey Global Institute, businesses in India are transforming toward the digital economy at a pace trailing only Indonesia. India is the second-fastest-growing market for digital customers. In 2018, India had 560 million internet subscribers, second only to China. Digital applications across agriculture, education, energy, financial services, healthcare, logistics, retail, and government services are expected to create between US$10 billion and US$150 billion of incremental economic value by 2025 (Radu, 2019). India has made remarkable strides in digitalizing its economy in recent years. It has the World’s second-largest mobile and Internet Network by number of users. It has rolled out 5G faster than other countries. Of the estimated 8.36 billion mobile cellular subscriptions worldwide, 1.78 billion are in China, followed by 1.14 billion in India (Mishra et al., 2024).

Asia is rapidly becoming the global centre of digital innovation. The region accounts for nearly half of the world’s 2.8 billion internet users and is already the largest e-commerce market. By 2025, technologies such as mobile internet, the Internet of Things (IoT), cloud computing, 3D printing, and advanced robotics are expected to contribute significantly to GDP growth by 30 percent in South-East Asia, 20 percent in India, and 22 percent in China (Bahi, 2015).

Digital adaptation accelerated due to the COVID-19 pandemic. In 2020, 40 million people in the six largest Asian digital economies went online for the first time, increasing the region’s online population to 70 percent. Moving forward, the digital economy is expected to play a crucial role in sustaining the momentum of national growth. Even at its early stage, Vietnam’s digital economy demonstrates significant potential, driven by government support, rapid digital adoption by the population, and the pandemic’s acceleration of digital trends. With the approval of the National Digital Transformation Programme in 2020, Vietnam has been actively improving its internet infrastructure, expanding 5G accessibility, digitizing government operations, and applying technology across various socio-economic sectors. By 2030, the Vietnamese government anticipates that the digital economy will contribute 30 percent of the country’s GDP, an ambitious target given that it currently accounts for 8.2 percent of GDP (Nguyen & Vu, 2021).

The Government of Pakistan launched the “Digital Pakistan Vision” in December 2019, aiming to enhance connectivity, improve digital infrastructure, increase digital skills, and promote innovation and technological entrepreneurship (Ministry of Information Technology and Telecommunication [MoITT], 2023). By 2023, the mobile industry in Pakistan is expected to contribute approximately USD 24 billion to the economy, representing 6.6 percent of GDP. Pakistan is emerging as a mobile economy, with digital technologies beginning to transform daily life and work. For many citizens, digital platforms have become the primary channel for accessing public and private services, particularly in retail, transport, and banking. However, the country still faces a significant coverage gap, with mobile broadband available in fewer than half of all connections. Pakistan scored 39.8 on the GSMA Mobile Connectivity Index, compared to the South Asia regional average of 45.7 (GSMA, 2020). For the government, IT adaptation enables equitable, remote, paperless, and cashless access to public services (Rasool, 2020).

According to the Digital Riser Report (2020), Sri Lanka was the top digital riser in South Asia, followed by Bangladesh and Nepal. Sri Lana began digitalizing its economy long ago, supported by a relatively high literacy rate. Its progress is guided by the National Digital Policy for Sri Lanka 2020–2025, which seeks sustained development and growth for the digital economy (Bhuiyan, 2022). Bangladesh has recognized ICT as a key driver for future economic growth and aims to leverage the opportunities of the digital age. Through the “Digital Bangladesh” initiative, the government is promoting a digital ecosystem, prioritizing the ICT sector, and facilitating business growth for domestic and international outsourcing. Bangladesh has focused on low-value ICT outsourcing, serving companies in the United States, Europe, and South Asia (Zahid, 2021). As of February 2019, Bangladesh had approximately 92 million internet users, a 54 percent penetration rate, and 28 million Facebook users (Inan & Islam, 2021). By 2021, the country had around 170 million mobile connections and 19 million unique mobile subscribers (Okeleke, 2021).

  Digital Economic Outreach and Policy Review of Nepal

Nepal is building the foundation of digital infrastructure through policy, regulation, infrastructure development, and skills enhancement under the “Digital Nepal Framework” and related initiatives. These efforts aim to enable citizens to access and use basic digital services, particularly in the telecommunications and financial sectors (United Nations Capital Development Fund [UNCDF], 2021).

Digital Nepal enhances the vision of contributing to economic growth by providing alternative solutions to traditional methods and identifying opportunities for Nepal to participate in the global economy. The framework focuses on sectors such as digital foundations, agriculture, health, education, energy, tourism, finance, and urban infrastructure (Pant, 2022).

Digital connectivity in Nepal has improved considerably due to the rapid adoption of mobile internet. The Digital Nepal Framework (2019) identifies several actions to improve digital connectivity, including:

Recognizing internet access as a fundamental right of citizens
Improving spectrum availability to enhance service coverage and quality
Taking leadership in driving 5G adoption in South Asia
Establishing a nationwide fibre-optic network

Nepal is a landlocked developing country, and according to the International Telecommunication Union (ITU), less than 20 percent of its population was online compared to 87 percent in developed countries (Gautam, 2020). The Government of Nepal recognises digitisation as a cornerstone for building an equitable and empowered society. Digital transformation is considered a key enabler of growth, resilience, and inclusive development (Government of Nepal [GoN], 2024). However, establishing a digital economy is not easy for a country like Nepal. It requires substantial resources, equipment, and skilled human capital, which remain limited. Despite weaknesses, gradual improvements in Nepal’s digital landscape deserve recognition. In 2020, out of the 393 million women worldwide who lacked access to smartphones, 207 million were in South Asia. In Nepal, women are 20 percent less likely to use the internet than men (Ale, 2021).

Mobile penetration in Nepal exceeds 100 percent, and internet penetration has reached approximately 63 percent. According to the Nepal Telecommunications Authority, 2.25 million new internet users were added in 2017 alone (Ministry of Communication and Information Technology [MoCIT], 2018). By late 2024, the data published by Nepal Telecommunication Corporation shows population penetration of voice services stood at 45.88 percent, while mobile broadband penetration reached 89.55 percent. In 2023, mobile banking users in Nepal increased to 24.65 million. Nepal Telecom expanded fiber internet services to all 77 districts, marking a significant milestone in expanding digital access (Digital Rights Nepal [DRN], 2025).

According to Nepal Rastra Bank, 60.9 percent of Nepal’s population holds a bank account. Growth in digital banking and payments has been driven by increased smartphone affordability, internet penetration in rural areas, cost-effectiveness, and the convenience of anytime-anywhere banking services (Tamang et al., 2021).

The surge in digital banking and payments is attributed to several factors: affordable smartphones, internet penetration in rural areas, cost-effective digital banking, and anytime-anywhere access to financial services. Social media platforms, such as Facebook and Viber, are widely used not only for socialisation but increasingly for business interactions (Marasini, 2019).

In Nepal, the percentage of individuals using the internet was reported at 34 percent in 2019, according to the World Bank’s development indicators. Internet users are defined as individuals who have accessed the internet from any location in the last three months (Trading Economics, 2021). Currently, approximately 62 percent of the population is connected to the internet. Social media platforms such as Facebook and Viber are widely used for socialisation. They are not only used for person-to-person communication but are also gradually being adopted by businesses to connect with customers (Marasini, 2019). To boost the digital economy, the government must provide accessible electronic channels to the population, which, in turn, stimulates economic growth. In addition to computer access and digital skills, literacy levels play a major role. Infrastructure integration and data accumulation are also key elements of a thriving digital economy (AIDIA, 2020).

Nevertheless, inequalities in access to infrastructure, electricity, and digital literacy continue to create a digital divide between urban and rural communities. While digitisation of government systems improves access for some, it may exacerbate inequalities for others (Dennison, 2021). Regulators have faced common constraints in developing a digital payment ecosystem, including limited organisational capacity, geographical challenges, and poor infrastructure, often resulting in short-term interventions (Mahusin & Prilliadi, 2025).

The central bank, Nepal Rastra Bank, has been proactive in promoting and deepening digital activity in the country. Monetary policies have prioritised digital payments and e-banking practices to strengthen the economy. The implementation of the National Payment Switch and QR code payment systems has played a vital role in boosting the digital economy. Furthermore, the central bank has focused on facilitating international payment gateway services, including the announcement of prepaid dollar cards to support such services. Key policies, such as the National Information and Communications Technology (ICT) Policy, provide a vision for transforming Nepal by leveraging the ICT sector. The Nepal Broadband Policy seeks to expand broadband availability nationwide, while the Retail Payment Strategy establishes the foundation for safe and efficient payment systems. The Digital Nepal Framework (2019) outlined eight sectors and 80 digital initiatives, including hard infrastructure projects such as a nationwide fibre broadband network, 5G deployment, and the establishment of a special economic zone for ICT sector development (Hao, 2019). The Digital Nepal Programme is estimated to deliver an economic impact worth 800 million rupees (US $7.23 million) by 2022, with the IT-enabled services and business process outsourcing sector liberalised to allow 100% foreign direct investment, and the telecommunications sector permitting up to 80% FDI.

 Digital Activities and Their Issues in Nepal

Despite its potential, Nepal is lagging in fully localising e-commerce as a business tool compared to many Asian countries and its immediate neighbours. However, private sector providers have been actively promoting digital development (Marasini, 2022). Ride-sharing applications such as InDrive and Pathao, payment platforms such as eSewa, IME Pay, and Khalti, and online shopping platforms such as Daraz and Muncha.com have become important alternatives for transforming domestic businesses.

Currently, over a dozen digital wallets and e-payment systems are operational, and around 40 new applications are under review by the Central Bank of Nepal, which began regulating such services in 2009. The digital wallet eSewa is the pioneering online payment gateway in Nepal, with the largest subscriber base, surpassing two million users and 25,000 merchants (Sharma, 2020). By 2017, Khalti emerged as Nepal’s second most preferred e-wallet, partnering with over 40 banks (Shah, 2021). IME Pay, a product of IME Digital Solutions, now has more than 100 banking partners and over 2,500 agents (Haruel, 2021). Other digital wallets, including Prabhu Pay, G-Pay, and I-Pay, are also gaining popularity among Nepali users. Data shows that by June 2021, there were 1,078,600 active users of mobile banking in Nepal, with 1,359,100 registered users. Internet banking had 772,000 active users and 1,122,888 registered users (Bantawa & Rai, 2021).

Digital marketing in Nepal uses four major social media platforms: Facebook, Instagram, TikTok, and LinkedIn. By 2022, the number of users on these platforms reached 58,000, 16,000, 5,000, and 15,000, respectively (Khadka, 2023). Nepali people are increasingly adopting online payment systems. QR code-based payments, initiated by Phone Pay Payment Service Limited and other providers such as IME Digital Solution Limited, Q Pay Private Limited, and Sparrow Pay Private Limited, provide low-cost and convenient transaction methods. Banks and financial institutions provide mobile and internet banking services, enabling users to conduct electronic fund transfers, QR payments, utility payments, and debit/credit card transactions (Mastran, 2021).

The COVID-19 pandemic accelerated Nepal’s digital adoption. During the lockdown (March 2020–July 2021), 780,000 people subscribed to mobile banking, with 255,000 making their first-ever transactions. Average daily transaction volume increased by 68 percent, while Phone Pay and direct interbank fund transfer (IBFT) counts grew by 196 percent (Rayamajhi, 2022). However, digitization in Nepal faces challenges. Sound infrastructure, compatible policies, digital literacy, pace of economic growth, and socio-cultural factors affect the expansion of digital activities. While mobile phone use is widespread, the understanding of digital financial services among rural populations is limited. Farmers, artisans, and others often cannot properly use digital wallets or eSewa, missing economic benefits.

The Nepal Living Standards Survey (NLSS) 2022/23 reports persistent digital divides: only 9.5 percent of households below the poverty line have internet access, with overall internet penetration at 39.7 percent, slightly up from 37.8 percent in 2021. Urban areas, especially Kathmandu Valley (79.3%), have better connectivity than rural regions (17.4%) (eKantipur, n.d.).
 
 Conclusion

Digitalization in the economy transforms the socio-economic status of the population positively. Internet access through mobile services, AI, and other digital technologies enhances efficiency across agriculture, industry, and service sectors. Digital technology also improves economies of scale, reducing demand and supply costs. The COVID-19 pandemic accelerated digital activities worldwide, enabling economies to survive despite reduced labor in agriculture, industry, and services. Developing countries in the Global South have not fully exploited digital tools for production compared to developed countries in the Global North. Digitization supports inclusive economic growth.

Globally, the digital economy has grown rapidly over the decades. By the end of 2023, mobile internet penetration reached 58 percent, equating to 4.7 billion users—an increase of 2.1 billion since 2015. The ASEAN digital economy generated US$150 billion in 2021. China accounts for over 40 percent of global e-commerce retail transactions, and the share of its digital economy in GDP reached 36.2 percent in 2020. South Asian countries are also prioritizing digitization. In most South Asian nations, only about one-third of the population subscribes to mobile internet services, except in the Maldives (57%) and Sri Lanka (50%). Connectivity among adults aged 15 and above has improved from 44 percent to 63 percent, though a significant portion remains unconnected.

India is the second-fastest-growing market for digital consumers, with 1.14 billion mobile subscriptions, following China (1.78 billion). Vietnam, under its National Digital Transformation Programme, aims for a digital economy contributing 30 percent of GDP by 2030. South-East Asia’s online population reached 70 percent during the COVID-19 pandemic, with projected internet economy growth to US$1 trillion by 2030. Pakistan is pursuing digitization through its “Digital Pakistan Vision 2019,” aiming to enhance connectivity, digital infrastructure, skills, innovation, and entrepreneurship. Its mobile industry is expected to contribute US$24 billion to GDP, representing 6.6 percent. Sri Lanka and Bangladesh are advancing digital economies through national policies such as “National Digital Policy for Sri Lanka 2020–2025” and “Digital Bangladesh,” promoting ICT and digital ecosystems.

Nepal is committed to digitising its economy through the Digital Nepal Framework, which was announced in 2019. The framework aims to contribute to economic growth by offering alternative solutions to traditional methods and creating opportunities for Nepal to participate in the global economy. The country recognises digitisation as a cornerstone for building an equitable and empowered society. Nepal has made significant progress in digital adaptation compared to its neighbours, achieving 100% mobile penetration and 63% internet penetration. Data from the Nepal Telecommunications Corporation (NTC) indicate that population penetration for voice services is 45.88%, while mobile broadband services reach 89.55%. Mobile banking users in Nepal totalled 24.45 million in 2023. According to the Central Bank, 60.9% of the population has a bank account, and approximately 62% are connected to the internet. By 2022, users of Facebook, Instagram, TikTok, and LinkedIn numbered 58,000, 16,000, 5,000, and 15,000, respectively. More than a dozen digital wallets and e-payment systems are operational in Nepal, primarily supporting commercial transactions.

The COVID-19 pandemic also prompted Nepal to accelerate the pace of digitization to sustain its economic activities. During the lockdown period (March 2020 – July 2021), a total of 780,000 people subscribed to mobile banking, according to F1 Soft International’s records in partnership with banks. Mobile banking and PhonePay usage grew rapidly during the lockdown, allowing the service sector to survive by adopting appropriate digital tools.

Despite the widespread ownership of mobile devices, many individuals remain unaware of the commercial and economic benefits these technologies offer. Farmers, artisans, and rural populations, in particular, often struggle to effectively use digital wallets and platforms like e-Sewa due to a lack of proper orientation and knowledge about these tools. As a result, they miss opportunities to leverage digital technologies for economic gain. Furthermore, the concentration of digital activities in urban areas and among elite groups limits the broader impact of digitization efforts. To bridge this gap, inclusive digitization initiatives are essential to mitigate the digital divide.

The success of a digital economy depends on several factors, including robust infrastructure, well-aligned policies, technical expertise, education, economic growth, and socio-cultural considerations. For a digital economy to truly benefit the public, it must be designed to be inclusive and accessible to all.

Digital transformation requires the collaboration of multiple stakeholders, including coordinated government efforts and investments across sectors. Providing financial and digital education, as well as guidance from service providers, is a critical step toward building a fully digitized economy. Without addressing the digital divide, development will remain uneven, perpetuating existing inequalities. Moreover, effective digitization can enhance economic integration among South Asian countries, fostering faster regional growth and unlocking new opportunities for collaboration and shared prosperity.

 
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