Monday, 15 July, 2024, Reg No- 06
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Visa posts over 25pc surge in Ramadan digital payments

Published : Thursday, 23 May, 2024 at 12:00 AM  Count : 90

Visa (NYSE: V), the global leader in digital payments, Wednesday announced that consumers in Bangladesh showed robust spending on ecommerce during Ramadan 2024.

Data shows that there has been healthy growth of over 25% in digital payments, particularly through cards, of which nearly 70% came through ecommerce, says a press release.

During Ramadan, retail spends picked up pace with consumers exercising their purchasing power and paying through both debit and credit cards.

A healthy growth in both online and in-store digital payments signals that people are opting for safer and more convenient transactions by using cards.

"It is exciting to see the speedy adoption of card payments by consumers. An increase in ecommerce spending accounted for nearly 70% of Ramadan spends.

We expect this momentum in digital payment usage to continue during Eid-ul-Azha and with the parallel growth of credit and debit card use, it underscores the confidence and trust people place in Visa," the press release quoted Sabbir Ahmed, Country Manager, Bangladesh, Nepal, & Bhutan, Visa, as saying on the post.

Visa Consulting & Analytics shared that during the holy period of Ramadan 2024, people transacted more online shopping. This year, the share of ecommerce in overall spends rose by 6 percentage points over 2023, with Visa cardholders spending most on travel, education, and utilities.

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