Credit card spending by Bangladeshis in India has nosedived, while transactions in Thailand and Singapore are climbing steadily, reveals the latest data from Bangladesh Bank reportedly. This striking trend is tied to India’s restrictive visa policies, which have slashed the number of Bangladeshi tourists and patients visiting its cities.
In October 2023, Bangladeshi credit card spending in India plunged over 40% year-on-year, dropping from Tk 90.2 crore to Tk 53.8 crore. India’s share of overseas credit card transactions by Bangladeshis fell sharply, from 16.5% to 10.78% over the same period. In contrast, countries like Thailand and Singapore are emerging as top destinations for Bangladeshi spending.
Historically a dominant player, India’s position as the leading destination for Bangladeshi credit card spending began to waver in July 2024 when the United States took the top spot. The situation worsened in October, when Indian High Commissioner Pranay Verma announced that tourist visas for Bangladeshis would remain suspended, with visas being granted only for emergency cases. This policy, coupled with strict conditions for medical visas, has deterred many would-be travelers.
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Industry insiders report that visits to India have dropped by nearly 90%. Syed Mohammad Kamal, Mastercard’s country manager for Bangladesh, noted that tourists who once frequented Kolkata are now heading to Cox’s Bazar, while those eyeing Mumbai or other Indian cities are opting for destinations like Thailand, Singapore, and Nepal.
Thailand, now the second-most popular destination for Bangladeshi credit card usage abroad, witnessed spending rise from Tk 42 crore in September to Tk 57 crore in October. Singapore followed closely, with credit card spending surging from Tk 30 crore to Tk 43 crore during the same period.
Bangladesh Bank’s report, “An Overview of Credit Cards Usage Pattern Within and Outside Bangladesh,” underscores this shift. It highlights that while international transactions climbed 18.56% month-over-month to Tk 498 crore in October, domestic credit card spending also grew, rising 7.41% to Tk 28.66 crore.
Additionally, credit card transactions by foreign entities within Bangladesh grew 15.89%, reaching Tk 129 crore in October. These trends collectively signal a changing landscape in how Bangladeshis are spending both at home and abroad, driven by shifting travel preferences and geopolitical factors.
As India tightens its borders, Thailand and Singapore are becoming the new hubs for Bangladeshi travelers—offering not just opportunities for medical treatment but also vibrant alternatives for tourism.
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