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Savings certificates still lucrative despite rate cut
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Contactless cards gaining traction amid Covid, digital push
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Brac Bank partners with five new remittance exchange companies
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Cash takes back seat as Covid drives card use
The use of both credit and debit cards went up heavily in March as people purchased more products and services through digital means amid the recent resurgence of Covid-19.
Total card loans held by lenders stood at Tk 1,783 crore in March, up 18 per cent from a month ago and 57 per cent year-on-year, data from Bangladesh Bank shows.
The growth in March was also the highest in the last seven months since September last year as the previous highest growth was 24 per cent in August.
Clients dependency on debit cards increased substantially in March as the figure stood at Tk 22,000 crore, up 22 per cent from that a month earlier and 45.33 per cent year-on-year.
Sensible credit card use offers perks
The consumption behaviour of Bangladesh s growing middle class has made credit cards popular in recent years with a number of banks offering a wide range of discounts and cashback facilities on purchases.
The plastic cards have been synced with a large number of shops, enabling payments for different goods and services to be made in the form of equated monthly instalments (EMI).
An EMI is a fixed amount of money paid by a borrower to a lender at a specified date each calendar month. This means a credit cardholder can avail a fridge or television whenever required in a much easier manner than through other modes of payment.