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Consumers shifting to non-cash shopping, slowly

FE Online Report | Published: September 05, 2017 10:54:42 | Updated: October 22, 2017 20:45:55


Consumers in the country are slowing adopting non-cash means of shopping.

 

The trend is reflected in the growing transactions through the point-of-sale (POS) machines.

 

Latest statistics of the central bank showed that total transaction through the POS system stood at Tk 133.70 billion in the past fiscal year (FY17) while it was Tk 130.71 billion in FY16 and Tk 129.19 billion in FY15.

 

It also showed that around 60 per cent of POS transactions were made by using the debit card and the rest by using the credit card.

 

Customers have to swipe their debit or credit cards in the POS devices and thus transactions are settled electronically.

 

According to Bangladesh Bank data, currently there are 36,000 POS machines at different departmental stores, restaurants, hotels, clubs and other business services centres across the country.

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