India slips to 4th spot on list for credit card transactions by Bangladeshis abroad
Although expenditure by Bangladeshis abroad via credit cards increases, it drops in India
Bangladesh's credit card transactions with India have taken a hit due to ongoing visa complications between the two nations.
According to a Bangladesh Bank report, India, which previously held the top spot for Bangladeshi credit card spending abroad, has now dropped to fourth place in the span of six months after the fall of the Sheikh Hasina-led government on 5 August 2024.
In December, the highest credit card transactions by Bangladeshis abroad were in the USA, followed by Thailand in second place and Singapore in third.
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Bangladeshis spent Tk491 crore abroad via credit cards in December. In the previous month, November, the expenditure was Tk432 crore.
Although the expenditure by Bangladeshis abroad via credit cards increased in December compared to November, it decreased in India.
In June, Bangladeshis spent Tk92 crore in India, which accounted for 17.56% of the total expenditure. During that month, India ranked first.
In October, Bangladeshis spent Tk53 crore in India, which accounted for 10.78% of the total transactions. During that month, Bangladeshis' ranking in India dropped to third.
The most recent data shows that in December, Bangladeshis spent Tk40 crore in India, which accounted for 8.13% of the total expenditure.
The head of the card division at a leading bank told TBS, "One reason for the decline in card transactions abroad in December 2024 compared to 2023 is the ongoing complications in obtaining visas for India. If not for this issue, transaction volumes would have been higher."
