Bank card usage surges, reaching 11.8 billion dinars in Q1 expenditure

Banks are embracing advances in artificial intelligence and aligning with the ongoing technological revolution through significant digital transformations. This change was reflected in the extraordinary growth in online banking transactions that occurred in the first quarter of this year, indicating strong user demand and supporting the accelerated digital transformation approach.

The entire amount spent on digital platforms, including internal points of sale and websites, came to 9.257 billion dinars out of 11.880 billion, or 78 percent of the total. With 4.763 billion spent digitally, domestic website portals accounted for the largest portion of total operations. This represents a growth rate of 14.6 percent, with a noteworthy increase of 608 million from the same period last year. Furthermore, during the first quarter of this year, 4.494 billion were spent through various domestic points of sale, representing a 4% increase over the same period in 2023.

On the other hand, “cash” withdrawals made using bank devices decreased by 4.6 percent in the first quarter to 124 million, from 2.745 billion in the same period in 2023.

Globally, the amount spent on foreign websites increased at a rate of 22.2 percent, amounting to about 326.6 million in the first quarter of this year. Nevertheless, foreign currency withdrawals fell by 18.6% to $61.6 million. In the first quarter of this year, there were 294.9 million points of sale overseas, a 2.2 percent decrease from the previous year.

The rise in popularity of digital services is ascribed to their superior security standards, adaptability, user-friendliness, and range of features, which propel ongoing expansion in electronic payment transactions at the expense of declining cash withdrawals. Furthermore, a move away from traditional bank card usage toward digital services has been prompted by the growth of e-commerce businesses licensed by the Central Bank, which operate under strict oversight and employ sophisticated business models. This has allowed for the best possible bank account management with increased flexibility.

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