Usage of credit and debit cards are getting much popular day by day in our country and considering this issue, different banking institutions are providing different discount offers continuously. Just in a single day, couple of discount offers, up to 17%-37%, has been circulated in the Daily Prothom Alo by three different banks. Among them, City Bank is offering 37% discount in their cards since 1st Ramadan, in order to make eid shopping easier. On the eve of eid, mobile phone operator Banglalink and Mutual Trust Bank have jointly introduced Mastercard service for the first time in our country. Besides, Mutual Trust Bank has already announced 10%-15% discount offer in their cards on the occasion of Ramadan. Apart from this, Pubali Bank Limited is offering for shopping on 17% interest rate through their credit cards.
During the 1990’s, the growing popularity of electronic banking made the use of non-cash transactions popular in technologically advanced countries of the world. Considering the issue, in order to present the potentiality of digital transaction in Bangladesh and make the way to fulfill the dream of Digital Bangladesh smoother, RallyRound organized ‘Digital Transaction Summit 2017’ at Lakeshore Hotel, Dhaka on April 18, 2017 from which we come to know that if digital transactions are increased in our country, it will help to expand digital business as well as enhance country’s all kinds of digital transformation. In that ratio, Bangladesh is currently having more than 50 million internet users and only 1,550,101 consumers are using internet banking. Bangladesh has 8.5 lakh digital transactions per month and the value of the transaction is 5890 crore. By the end of 2016, the number of card users reached only 9.3 million in our country out of 40 million account holders. The daily card transaction is about 4 lakh. But, still, there is the opportunity for cards.
It is a fact that 94.5% cards are using only withdrawal cash from ATM mean plastic to cash and that is not the consequential usages of card. These caused the limitation of its use and growth of digital transaction in our country. Despite of having some drawbacks still in this sector, we do have much scopes of working to enhance the usage of card as digital transaction by driving away all the limitations.
77%, out of 1000 card users in Dhaka, prefer cards more than others for secured digital transaction. It is really inspiring that 172 million card transactions were recorded in the year of 2016 and its financial value was BDT 1.25 trillion. In our country, 43% digital business owners encourage card to transaction and 47% women entrepreneurs want special cards for their own which shows really a good sign.
Besides, the age of 47% card users is in between 18-25 years and 44% of online purchases are done by the young students of our country which is highly appreciating. All these show us a bright future of card transactions in our country.
We all, now, can experience that gradually the usage of card as digital transaction is getting much popular in Bangladesh. This is because the way to purchase through digital transaction has been made very easy and both cost and time saving. Besides, as consumers, we can enjoy different discount offers in case of purchasing through using cards. And so, it is high time for banks to move onward for boosting the digital economy in Bangladesh.