Cashless payment on rise

Transactions through the plastic cards have marked a significant rise at different shopping complexes and business outlets in the city ahead of the upcoming Eid-ul-Fitre, traders said.

Some of the traders saw double of the cashless payment in this peak season of the shopping compared to that of general time, they said.

Some others said that such transactions at their outlets rose by several occasions, indicating the increasing popularity and usage of debit and credit cards of different brands in giving their payments.

The cardholders are now feeling more convenient in using their cards instead of carrying cash with them; the banks are also reinforcing their marketing for the cards and giving different offers against cashless transactions, driving the increased usage of debit and credit cards, businesses said.

"The payment through plastic cards at our outlet rose to Tk 80-90 thousand per day during the ongoing holy Ramadan month from Tk 40-45 thousand in earlier time," Mizanur Rahman, assistant manager of Apex Shoe outlet at Farmgate in the city, told the FE.

Most of the cardholders now feel 'comfortable' with the cashless payment as carrying of plastic cards instead of cash is convenient, Mr Rahman said. He, however, reserved his rights to disclose the total sales amount in both cash and cards.

A few years later, the cashless payment will dominate in the country's payment sector, the official forecasted based on his daily experiences with the issue.

An official of Leatherex, another shoe vendor, said that they saw increase of the card-payment several occasions higher than that of other time at its outlet located in the Kazi Nazrul Islam Avenue in the city.

Md Zahidul Islam, manager at the Leatherex outlet, said, "About 70-75 per cent of the total sales payment at our outlet is being paid through the plastic cards."

"As sales as well as transactions were notably increased ahead of the Eid, payment over the cards was also raised," Mr Islam added.

An official of Richman, a men's wear vendor, said, "Payment of the total sales through the cards at their outlet at Bashundhara City shopping mall rose to 60 per cent ahead of the Eid from 40 per cent during the days before holy month Ramadan."

Mr Kabir, manager of the Richman outlet, further said that most of the cardholders are feeling expedient with the cashless payment.

Jordan Club, another merchant of especially kid's wears, however, recorded 7-8 per cent of its total sales payment in plastic cards at its outlet in the Bashundhara City mall, a salesman at the outlet said.

When contacted, Amir Hossain Majumder, Head of Cards of the Prime Bank Ltd, told the FE, "Transactions and payments through the Prime Bank's plastic cards became double ahead of the Eid-ul-Fitre compared to that of the days before the holy Ramadan month."

"We are giving various types of special offers to encourage our cardholders to use the plastic cards more and more," Mr Majumder said, adding that Prime Bank launched cards of three separate brands -- Master, VISA and JCB.

"We saw the highest number of transactions and payment through plastic cards in the holy month Ramadan," he added.

Taufiq Hassan, Head of Cards of the BRAC Bank Ltd, said that the well-off people normally shop a month ahead of the Eid. As such, "Transaction through our BRAC Bank's cards rose by Tk 40 million in June than that in May."