Bangladeshis swipe more: Credit card spending spikes at home, abroad
Credit card use in Bangladesh recorded a sharp rise in October, with both domestic transactions and spending by Bangladeshis overseas increasing significantly compared to the previous month, says the Bangladesh Bank.
According to its latest report, transactions within the country, expenditures by Bangladeshis traveling overseas and spending by foreigners within Bangladesh all showed an uptrend.
The central bank's data reveals that Bangladeshis spent Tk 534.02 crore using credit cards abroad in October, up from Tk 494.02 crore in September. This marks a significant increase of approximately Tk 40 crore within a single month.
The United States remained on top in credit card expenditures by Bangladeshis.
A breakdown of the top countries includes- USA Tk 72.06 crore, Thailand Tk 56.03 crore, UK Tk 52.02 crore, Singapore Tk 45.02 crore, India Tk 32.06 crore and Saudi Arabia Tk 31 crore. Other notable spending was recorded in Malaysia, the Netherlands, Canada, the UAE, China and Australia.
There was also a boost in credit card usage by foreign nationals visiting or residing in Bangladesh.
In September, they spent Tk 175.09 crore via credit cards, which rose to Tk 199.07 crore in October-an increase of roughly Tk 24 crore.
The US citizens topped the list of foreign spenders in Bangladesh, accounting for Tk 44.02 crore in October. They were followed by citizens of the United Kingdom Tk 21 crore and India Tk 18 crore.
The domestic credit card market also showed robust growth. Transactions within the country rose from Tk 3,395 crore in September to Tk 3,471 crore in October. This reflects an increase of Tk 76 crore in domestic consumer spending via credit cards in just 30 days.
Economic analysts and the Bangladesh Bank report suggest that this upward trend is a strong indicator of increasing consumer confidence and heightened dynamism in both local and international financial transactions.
The rise in overseas spending specifically points towards a recovery in international travel and global commerce participation by Bangladeshi cardholders, said the report.
Source: UNB