Coronavirus Crisis Caused Decline In Credit Cards Spending By 38%

Due to the Coronavirus crisis, Kuwait witnessed a significant decline in credit card spending during the first 9 months of 2020. Total transaction of KD 762.7 million was recorded, a decrease of 38% from 2019. During the same period in 2019, spending of KD.1.22 billion was recorded according to the Central Bank of Kuwait data, Al Anbaa daily reported.

Despite this significant annual decline in credit card transactions during the first 9 months of 2020, a significant increase during the third quarter of the year was observed when compared to the second quarter, which witnessed a state of complete economic closure in Kuwait and most countries of the world.

During the third quarter of 2020, citizens and residents’ spending on credit cards increased to 273.6 million dinars, recording a jump of 83% and a value of KD 124 million, compared to the second quarter of KD 150 million, due to the return of economic activities to gradual work with the beginning of the third quarter of 2020.

According to the daily, the citizens’ and residents ’spending through credit cards during the third quarter appears to be about KD 172 million through POS devices inside Kuwait and KD 26.6 million outside Kuwait. So the total of their transactions is through POS devices inside and outside Kuwait in the third quarter is about KD 198.7 million, a jump of 121% compared to the second quarter of 90 million dinars only.

With regard to ATM transactions inside Kuwait, the money withdrawn by citizens and residents in cash through credit cards inside Kuwait reached KD 72.4 million, while the withdrawn value of money withdrawn is around KD 2.5 million, bringing the total of credit card is withdrawn transactions inside and outside Kuwait to KD. 75 million in the third quarter, an increase of 25% compared to 60 million dinars during the second quarter of 2020.

 

SOURCE : TIMES KUWAIT

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