Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Transactions through domestic and international credit cards in Bangladesh witnessed a downswing in November 2024 compared to the previous month.
Domestic transactions dropped to Tk 27.93 billion, which was 2.55 per cent down from Tk 28.66 billion in October 2024, according to a latest report of the Bangladesh Bank (BB).
Similarly, international transactions conducted outside the country decreased significantly by 13.57 per cent to Tk 4.31 billion in November compared to Tk 4.98 billion in October, reads the report.
In contrast, transactions using credit cards issued by foreign entities but utilised within Bangladesh saw a sharp rise of 56.93 per cent, increasing to Tk 2.02 billion in November from Tk 1.29 billion in October.
Credit card transactions at department stores decreased to Tk 13.33 billion in November from more than Tk 14 billion in October.
The BB shows a majority of the transactions, 70.83 per cent, took place using VISA, 18.45 per cent using Mastercard and 10.56 per cent using AMEX cards.
The remaining transactions were made through other cards in November 2024.
Credit cardholders engaging in cross-border transactions mostly utilised their cards at department stores abroad, accounting for 29.02 per cent of transactions.
Other notable categories included retail outlet services (17.67 per cent), drug and pharmacies (10.48 per cent), transportation (9.05 per cent), clothing stores (8.01 per cent), business services (7.36 per cent) and others (18.40 per cent).
According to the BB data, inward credit card usage witnessed a significant increase in November compared to that of the preceding month. Credit cards issued by other countries but used within Bangladesh recorded a maximum amount of transactions in department stores, which was 36.64 per cent of all transactions during the period.
Additionally, cash withdrawals made up 26.98 per cent while transactions in transportation constituted 17.56 per cent. The remaining sectors collectively contributed 18.82 per cent to the total amount of transactions.
The majority of transactions among foreign nationals were conducted by individuals holding credit cards issued by the USA, accounting for 27.07 per cent of the total transactions.
Other significant contributions were made by India (9.58 per cent), individuals with cards from the UK (9.50 per cent), Australia (3.88 per cent), Singapore (3.13 per cent), the UAE (3.12 per cent), China (3.10 per cent), Japan (2.80 per cent), Canada (2.78 per cent), Hong Kong (2.54 per cent), Germany (2.23 per cent), Italy (2.06 per cent), South Korea (2.02 per cent) and other countries (26.19 per cent).