Use of bank cards for retail payments falls to 6-year low

Use of bank cards in the purchase of goods and services has fallen to a six-year low as consumers increasingly use alternatives such as cash and mobile money payments.

The value of credit and debit card transactions in the ten months to October 2024 fell to Sh465.4 billion from Sh533.4 billion in the same period last year, according to Central Bank of Kenya (CBK) data.