Visa card spend rises 7pc y-o-y in festive season

Staff Correspondent | Updated at 11:46pm on August 12, 2018

Spend on Visa cards in Bangladesh during Ramadan and Eid-ul-Fitr this year increased 7 per cent while the number of transactions was up by 8 per cent in comparison with last year’s festive season, according to a recent report.
The payment trends released by Visa, a digital payment technology, showed that the average spending per Visa card also increased in the month of Ramadan compared to that of a regular month.
The report indicated that the card spend increased by as much as 60 per cent in the third week of Ramadan compared to a typical month.
According to the report, the number of shops of apparels and accessories, general retail goods, and electronics grew by 10 per cent, 3 per cent and 1 per cent respectively in Visa transactions during this Ramadan.
E-commerce transactions and spends saw 48 per cent growth contributing to 8 per cent of total sale volume during the period.
Airlines (20 per cent), education and government (15 per cent) and travel services (13 per cent) topped the e-commerce market segments by spend, said the report.
‘These spending patterns clearly highlight the Bangladeshi consumers’ preference for a cashless lifestyle,’ TR Ramachandran, group country manager of Visa (India and South Asia), said in a release.
He said that the convenience, security and ease of use offered by the cards would 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,’ Ramachandran hoped.