According to payment trends released by Visa, the global leader in digital payments technology, Bangladeshi consumers spent significantly more during this year’s festive season of Ramadan and Eid in comparison to 2017.
The report shows that spends on Visa cards in Bangladesh during Ramadan and Eid 2018 increased by 7%, whereas the number of transactions were up by over 8% as compared to the festive season last year.
The average spending per Visa card also increased in the month of Ramadan as compared to that of a normal month. The report indicated that spends increased by as much as 60% during the third week of Ramadan compared to a typical month.
TR Ramachandran, Group Country Manager, India & South Asia, Visa said, “These spending patterns clearly highlight the Bangladeshi consumer’s preference for a cashless lifestyle. The convenience, security and ease of use that cards offer will help consumers easily transition into a digital ecosystem. We expect the introduction of Visa’s new contactless Tap-and-Pay cards to further enhance the digital experience for both consumers and merchants alike”
Shops of apparel and accessories, general retail goods and electronics grew by 10%, 3% and 1% respectively in Visa transactions during Ramadan 2018. E-commerce transactions and spends saw high growth of 48% growth contributing to 8% of total sales volume during this period. Airlines (20%), Education and Government (15%) and Travel Services (13%) topped the e-commerce market segments by spend, said the report.
The Ramadan report also indicates that international usage of Visa card took a step ahead by growing by 11% in 2018 in comparison to the festival spend in 2017. Travel services, hotels and airlines merchant segments contributed to bulk of international spends clearly demonstrating that Visa cards are the preferred mode of payments for Bangladeshis when they travel abroad.
Visa continues to make steady progress toward providing more people in more places the opportunity to transact on the Visa network. The network’s flexibility enables Visa to meet the growing demand for electronic payments around the world connecting Visa’s products and services that cover all the areas in Bangladesh and the world. Introduction of Visa’s state of the art contactless Tap and Pay cards are expected to further accelerate the pace of adoption of cards amongst Bangladeshi consumers in times to come.