Visa’s latest report reveals a significant shift toward digital payments in Bangladesh, with a notable rise in online and contactless transactions. In 2024, spending by Bangladeshi cardholders on Visa’s network rose by 14%, while the number of transactions increased by 17% compared to 2023.
However, this growth remains concentrated in Dhaka, where around 75% of electronic consumer spending and 80% of digital transactions occur. The capital city saw a 20% growth in spending, with 60% of consumers preferring online payments. Other cities, such as Gazipur, Rajshahi, Rangpur, and Mymensingh, also experienced growth in digital payments.
The rise in digital payments is primarily driven by online transactions, particularly in the e-commerce sector. Domestic spending has been fueled by the increasing use of credit and debit cards, while international transactions have grown in both in-store and online cross-border payments.
Visa’s country manager for Bangladesh, Nepal, and Bhutan, Sabbir Ahmed, noted that the analysis signals a rapid shift towards digital and contactless payments across credit and debit cards, both online and in-store. He also highlighted a 50% increase in card spending by businesses, with a remarkable surge in business credit card usage, up by over 135% in spending and transactions.
The adoption of contactless payments has doubled, with domestic contactless payments tripling. Travel services, discount stores, drugstores, and healthcare spending led domestic spending, while cross-border payments were driven by education, business-to-business transactions, food, grocery, and government services.
Visa also analyzed cross-border spending, revealing that over 90% of Bangladeshis’ spending was concentrated in 20 countries. India, the USA, the UK, Thailand, and the UAE were the top destinations for Bangladeshi Visa card users. Notably, Thailand saw a 20% rise in spending, mainly due to medical tourism, with a 25% growth in healthcare spending.
