Contactless or tap-to-pay transactions in Bangladesh have surged to 13% of all Visa-facilitated payments in 2024, more than doubling from the previous year, according to the Visa Trends Report.
The report highlights that domestic contactless payments alone have tripled, driven by the increased adoption of both credit and debit contactless cards.
The findings underscore a significant shift in consumer behaviour towards digital transactions, with online and contactless payments experiencing robust growth both locally and across borders.
Visa recorded a 14% increase in overall spending and a 17% rise in transactions in 2024 compared to 2023.
While in-store payments grew, online transactions remained the primary driver of this expansion.
Domestic spending was largely fuelled by e-commerce, while international transactions saw notable increases in both online purchases and in-store payments.
"Our latest analysis highlights Bangladesh’s rapid transition towards digital and contactless payments across all segments – credit and debit cards, online and in-store transactions, and both domestic and international usage," said Sabbir Ahmed, Visa’s country manager for Bangladesh, Nepal, and Bhutan.
"With the expertise of our Visa Consulting and Analytics team, we remain committed to providing secure digital payment solutions to consumers, businesses, and clients across Bangladesh."
Businesses also displayed a heightened adoption of digital payments, with a 50% surge in card-based spending.
Notably, business credit card transactions soared by over 135%, both in terms of spending volume and the number of transactions.
Nearly half of all domestic spending originated from digital wallet top-ups.
Other major spending categories included travel services, pharmaceuticals, and healthcare.
On the other hand, cross-border payments were largely driven by education, business-to-business (B2B) transactions, food and grocery purchases, and government services.
A deeper analysis by Visa revealed that over 90% of cross-border spending by Bangladeshis was concentrated in just 20 countries.
The top five destinations—India, the United States, the United Kingdom, Thailand, and the United Arab Emirates—accounted for more than half of the total international expenditure.
Bangladeshis spent the most in-store in India, Thailand, the United States, the United Arab Emirates, and Singapore.
Although India remained the leading destination for cross-border spending, it witnessed a 10% decline compared to the previous year.
In contrast, Thailand experienced a more than 20% increase, largely propelled by medical tourism.
Healthcare spending by Bangladeshis in Thailand surged by nearly 25%, while pharmacy-related expenses rose by over 35%.
Other notable international spending destinations included Malaysia, Mainland China, and Vietnam.
Within Bangladesh, Dhaka remained the epicentre of digital transactions, accounting for 75% of total spending and 80% of transactions in 2024.
The capital saw a 20% rise in spending, with 60% of consumers preferring online payments.
Other cities witnessing significant growth in digital transactions included Gazipur, Rajshahi, Rangpur, and Mymensingh.
