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Tech ObserverBangladeshIndustryBangladesh: Card transaction touches Tk 24,000 crore per month

Bangladesh: Card transaction touches Tk 24,000 crore per month

In Bangladesh, the use of banking electronic cards in shopping has seen a huge increase in midst of the Corona pandemic

In Bangladesh, the use of banking electronic cards in shopping has seen a huge increase in midst of the Corona pandemic

— In Bangladesh, the use of banking electronic cards in shopping has seen a huge increase in midst of the Corona epidemic. The number of transactions on the card is now one and a half times more than it was before Corona came.

Before the arrival of Corona, in March 2020, debit, credit, and pre-paid cards had a monthly turnover of Tk 14,000 to Tk 15,000 crore.

In March this year, it has increased to Tk 24 thousand crores. Of this, debit card transactions are a little over Tk 22,000 crore, while credit card transactions are a quarter of Tk 2,000 crore.

The number of credit cards is also low in terms of numbers. Although it increased by 8% amid Corona, which is below 20 lakhs.

However, the debit cards have increased significantly, as a percentage, it has increased by 15% or 31 lakh cards during the Corona period. Now almost all of the cards are able to operate transactions in the country.

However, due to the decline in foreign travel in Corona, foreign exchange transactions have also declined significantly.

Bank Asia Managing Director , said: “Since the outbreak of Corona, efforts have been made to encourage customers to engage in online banking. People's interest in digital transactions is increasing more than before.”

He said, “During Corona, new services have been provided to the customers to increase digital transactions. Online services have also increased. People have been able to take all kinds of benefits while sitting at home. All in all, digital transactions have increased in Corona. The overall impact has been on the use and transactions of the card.”

The private sector The City Bank is at the forefront of card services among domestic banks Masroor Arefin, managing director of the bank, said: “Many people are still reluctant to go to the branch for fear of corona.”

As a result, the use of alternative services is increasing. Card usage is increasing more than before.

However, going abroad has stopped, and foreigners are also coming less. For this reason, foreign currency transactions on cards have decreased. If air communication is fully operational, foreign transactions will be normal. ‘

Officials at various banks say many customers did not want to take the card before. Now many are leaning on the card. Banks have encouraged customers to use technology-based banking during Corona.

All state-owned and private sector banks are now offering technology-based banking services. These services include mobile banking, internet banking, online payment systems, online CIB reports, credit cards, debit cards, pre-paid cards, Visa cards, and ATMs of various technologies. Using these technologies, it is possible to withdraw and deposit money, distribute remittances, pay bills and pay salaries and allowances.

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