Eid spend via Visa rises 7pc

Spending by Visa card users rose 7 percent during 2018's Ramadan and Eid-ul-Fitr compared to the previous year, the global leader in digital payments technology found the data after analysing the payment trends.

The number of transactions also increased by more than 8 percent in 2018 compared to the festive season last year, Visa said in a statement yesterday.

The average spending per Visa card also rose in the fasting month compared to a normal month. The report indicated that spending increased as much as 60 percent in the third week of Ramadan compared to a typical month.

“These spending patterns clearly highlight the Bangladeshi consumer's preference for a cashless lifestyle,” said TR Ramachandran, group country manager of Visa for India and South Asia.

He said the convenience, security and ease of use that cards offer will help consumers for their easy 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.”

Visa transactions in shops of apparel and accessories, general retail goods and electronics grew by 10 percent, 3 percent and 1 percent respectively in Ramadan. E-commerce transactions and spending grew 48 percent, contributing 8 percent to the total sales volume during the period.

Airlines (20 percent), education and government (15 percent) and travel services (13 percent) topped the e-commerce market segments by spending, according to the report.

The report also indicated that the international usage of Visa card grew 11 percent in 2018 in comparison to the festival spend in 2017.

Travel services, hotels and airlines merchant segments contributed to the bulk of international spending, clearly demonstrating that Visa cards are the preferred mode of payments for Bangladeshis when they travel abroad, according to the statement.