Bangladesh is experiencing a significant surge in digital payments, with both online and contactless transactions seeing substantial growth. Visa’s 2024 report reveals a 14% increase in spending and a 17% rise in transactions across its network compared to 2023, signaling a shift towards a more digital payment landscape.
Despite the national growth, the digital payment trend remains largely concentrated in Dhaka, where 75% of electronic consumer spending and 80% of digital transactions occur. The capital saw a 20% increase in spending, with 60% of consumers opting for online payments. Other cities like Gazipur, Rajshahi, Rangpur, and Mymensingh also reported growth in digital payment usage.
Sabbir Ahmed, Visa’s country manager for Bangladesh, Nepal, and Bhutan, noted that online payments continue to drive growth, particularly in e-commerce. International spending also increased, with notable growth in both in-store physical payments and online cross-border purchases. Visa also highlighted a 50% yearly rise in card spending by businesses, indicating increased digital adoption by companies.
The rise of tap-to-pay or contactless transactions has been particularly notable, with usage doubling, and domestic contactless payments tripling. Spending in Bangladesh was led by sectors such as travel services, discount stores, healthcare, and food and groceries.
Visa’s analysis also revealed that cross-border spending by Bangladeshi card users is highly concentrated in 20 countries, with India, the USA, the UK, Thailand, and the UAE being the top destinations. Notably, healthcare spending in Thailand increased by 25%, driven by medical tourism.
Visa’s report underlines the growing digital economy in Bangladesh, fueled by the expanding adoption of digital payment methods across both consumer and business sectors.
