Credit card transactions by Bangladeshis in India have declined due to ongoing visa complications between the two countries, according to a Bangladesh Bank report.
Previously the top destination for Bangladeshi credit card spending abroad, India has now dropped to fourth place within six months following the political transition in Bangladesh on August 5, 2024.
In December, the highest credit card spending by Bangladeshis was recorded in the United States, followed by Thailand and Singapore in second and third place, respectively.
Bangladeshis spent Tk491 crore abroad via credit cards in December, an increase from Tk432 crore in November. However, spending in India continued to decline.
In June, Bangladeshis spent Tk92 crore in India, accounting for 17.56% of total international transactions, making it the top destination at the time.
By October, spending in India had dropped to Tk53 crore (10.78% of total transactions), pushing the country to third place.
The latest data shows that in December, Bangladeshi credit card transactions in India fell further to Tk40 crore, making up just 8.13% of total spending abroad.
Following Bangladesh’s political shift last August, India imposed stricter visa requirements for Bangladeshis. The resulting decline in travel to India has also impacted credit card transactions.
