Pop quiz: If you’re in Bangladesh on business, are you better off carrying a credit card or cash? The answer is both. International hotels and high-end shops in Bangladesh will likely accept cards, but there are plenty of places outside the big city where cash still reigns. And, Bangladesh isn’t the only place where payment situations can get a bit tricky. In India, for example, newer payment methods like UPI (United Payments Interface) aren’t useful to most foreign business travelers on short stays. That’s because users need an Indian bank account and local mobile number to enable them.
Business travelers might encounter payment security and acceptance issues in other places, too. Paying in South Asia, a report in the Principles of Payment series, was written to help business travelers and travel managers navigate unfamiliar payment environments across the region.
Why this report matters
Card acceptance and security aren’t as streamlined in South Asia as it is in other global destinations. Managing payments can be challenging for new and veteran business traveler alike. The region’s payment ecosystems vary widely by country. International card acceptance can be inconsistent outside major cities, and card fraud risks persist. India leads with a near cashless economy driven by innovations like UPI and contactless cards, while cash remains king in Pakistan and Bangladesh. From closed currencies in Sri Lanka to foreign exchange restrictions in Bangladesh, managing travel budgets requires education.
Knowing when and where to exchange currency can save money and avoid hassle. If you’re a travel manager with staff traveling to South Asia, encourage your travelers to download this report for details on:
- What makes South Asia’s payment landscape so unique
- How and when to buy local currencies
- Where to get the best exchange rates and avoid hidden fees
- Payment pitfalls to avoid (when to use cards vs. when to use cash)
- Tips for preventing card crimes and why travelers shouldn’t always trust ATMs
- Rules for declaring currency
- What to do with excess cash when departing certain countries
Paying in South Asia
As international travel rebounds, South Asia is emerging as a key destination for business travelers, with projected annual growth in arrivals reaching 8.4% through 2029. Is your team ready for the unique payment landscapes in India, Bangladesh, Pakistan, or Sri Lanka?
