After the political shift in Bangladesh, significant changes have been observed in the country’s economic and social spheres. As part of this transformation, there has been a notable shift in the usage patterns of credit cards by Bangladeshis. Recent data indicate that while credit card usage has declined in India, it has increased in Thailand and Singapore.
One of the main reasons for the growing popularity of credit cards is the reduced risk associated with carrying cash and their convenience during international travel. With the rise of international transactions and digital payment options, travelers are increasingly relying on credit cards. Previously, India held the second position in terms of credit card usage by Bangladeshis, but this position is now occupied by Thailand.
According to a recent report from the Bangladesh Bank, Bangladeshi credit card usage is highest in the United States. Thailand now holds the second position, while India has dropped to third. In October, Bangladeshi spending via credit cards in Thailand increased from 1.6 billion BDT to 5.7 billion BDT. In September, this figure stood at 4.2 billion BDT.
Complications related to travel and medical services in India have contributed to the decline in credit card usage there. Conversely, Bangladeshis now prefer Thailand, Malaysia, and Singapore for medical and other services.
In October, total spending by Bangladeshis using credit cards domestically amounted to 286.6 billion BDT, while international spending reached 49.9 billion BDT. A total of 14.1 billion BDT was spent in the United States and Thailand. Credit card usage in Singapore has also seen a significant increase. Spending in Singapore rose from 3.0 billion BDT in September to 4.3 billion BDT in October.
Cash withdrawals using credit cards have also increased. In September, cash withdrawals amounted to 3.8 billion BDT, rising to 4.68 billion BDT in October.
Among the various types of credit cards, Visa remains the most widely used due to its global acceptance. It is followed by Mastercard and other cards.
Overall, the accessibility of digital payments and international transactions has heightened the interest of Bangladeshis in using credit cards. This trend in credit card usage for travel, medical services, and education is expected to grow further in the future.
