Credit card transactions hit record high in October

A file photo shows a salesperson swiping a customer’s credit card through a point-of-sale machine in the capital, Dhaka. Credit card transactions hit an all-time high of Tk 1,964.3 crore in October amid growing reliance by part of the population on these cards amid economic shocks induced by Covid . – Photo New Age

Credit card transactions hit an all-time high of Tk 1,964.3 crore in October amid growing reliance by part of the population on these cards amid Covid-induced economic shocks.

Not only the use of credit cards but also the number of cards issued has grown tremendously since the Covid epidemic in the country.

In addition to the economic shocks induced by the pandemic, the adoption of digital payments has improved considerably since the Covid epidemic.

Data from a Bangladesh bank showed credit card transactions reached Tk 1,964.3 crore in October 2021, the highest after Tk 1,934.9 crore in June 2021.

Transactions in October were 41.21% or Tk 583.1 crore above the Tk 1,381.2 crore of transactions for the same month in 2020.

In January-October this year, credit card transactions increased 51%, or Tk 5,763 crore year-on-year.

In the first 10 months of 2021, credit card transactions reached Tk 17,014.8 crore compared to Tk 11,250.9 crore in the corresponding period of the previous year.

Besides the sharp increase in transactions, the number of cards issued increased by 36.08% or 8.49 lakh from October 2020 to October 2021.

The number of cards increased to 32.04 lakh in October 2021 compared to 23.54 lakh in the same month of the previous year.

Bankers said the growth in e-commerce business was the main reason for the significant growth in credit card transactions.

The country’s e-commerce businesses have seen significant growth after the coronavirus outbreak.

In October 2021, e-commerce transactions climbed to Tk 743 crore, 3.52 times higher than Tk 211 crore of transactions in October 2019.

Apart from credit cards, the number of debit and prepaid cards reached 2.57 crore and 4.54 lakh respectively in October.

In the month, debit card transactions reached Tk 23,126.3 crore, up 39.91% or Tk 6,597.1 crore from Tk 16,529.2 crore in the same month of the year last.

Transactions through prepaid cards reached 201.2 crore Tk in October 2021 compared to 179.4 crore Tk in the same month last year.

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