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Online purchases with cards witnessed a 3.8-percent rise in August last than that of the previous month of July.
Consumers spent over Tk 148.09 billion on products and services in August compared to July's Tk 142.66 billion, as per data released by Bangladesh Bank.
Stakeholders were expecting further growth in both number and volume of transactions, especially considering the recent boom in the e-commerce industry following a string of scams.
The number of transactions through bank cards showed 2.32 per cent increase during the period under review.
In August, the number of transactions through bank cards rose to over 4.64 million from 4.54 million in July.
E-commerce in Bangladesh relies on debit and credit card transactions, commonly abbreviated as electronic commerce or eCommerce.
Bangladesh has emerged as a promising market for global e-commerce giants due to its thriving online shopping community, large youthful population, and widespread internet access.
A recent study has highlighted the country's potential for substantial growth in e-commerce transactions, attributing this trend to the unprecedented rise in internet usage.
The study, based on a consistent 10-percent exponential growth in e-commerce transactions each quarter in recent years, forecasts a promising future for the industry.
Additionally, the UNCTAD B2C (business to consumers) E-Commerce Index of 2016 revealed that Bangladesh ranks among the top 10 economies in terms of the difference between the predicted and actual share of internet users engaging in online purchases.
This statistic further underscores the country's position as a significant player in the global e-commerce landscape.
Abdul Wahed Tomal, general secretary of the e-Commerce Association of Bangladesh (e-CAB), pointed out that mobile financial services offer a more convenient and seamless experience compared to traditional bank cards, which has slightly hindered the expected growth of e-commerce.
He emphasised that, for trust and transaction security, a majority of customers still favour the cash-on-delivery option.
Cash-on-delivery involves using physical currency, whereas pay on delivery can either be made in cash or by providing a credit card number upon receiving the product.
Tomal highlighted that the adoption of card payments, as well as the penetration of cards, is advancing at a slow pace and currently falls behind the accessibility of Mobile Financial Services (MFS) to the general population.
He stated that efforts should be made to expand card usage in the days ahead.
Mati ul Hasan, Additional Managing Director (AMD) of Mercantile Bank Limited, said: "The growth should be more. But a decline in travel to India over the last six months has impacted it a little bit."
He emphasised the need for enhancing card issuance as a strategy to boost the anticipated growth of e-commerce.
Mr Hasan also suggested launching more products to further expedite this growth.
Syed Mahbubur Rahman, Managing Director and CEO of Mutual Trust Bank Ltd, highlighted the convenience and time-saving aspects of online purchases made through bank cards, emphasising that people prefer this method over visiting physical shops.
He also noted the current growth in e-commerce transactions via bank cards, attributing it to the necessity of using cards for higher-priced essential commodities.