A significant increase in purchases in Arab society ahead of Ramadan: credit card expenses rose by 43.47%

A significant increase in purchases in Arab society ahead of Ramadan: The amount of credit card expenses in the ten largest Arab localities rose this year by 43.47% in the week before the holiday compared to the corresponding week last year, according to data from the automatic banking services company that operates the national credit card payment system.
The total expenditure on credit cards in the ten largest Arab localities in Israel in the week before the start of Ramadan (between 6 and 12 April 2021) reached NIS 85.583 million this year, compared with NIS 59.652 million in the week before Ramadan last year (16 to 22 April 2020).
These are the localities: Nazareth, Umm al-Fahm, Deir al-Assad, Rahat, Taibeh, Tira, Baqa al-Gharbiya, Qalansawa, Sakhnin and Majdal Krum. The data refer to expenses on credit cards at terminals in the businesses in these localities, which make use of credit.
Last year, at the height of the Corona crisis, street shops were open, but the malls were closed. At the same time, the inspection was conducted within localities and local businesses, most of which were apparently also open during the corresponding period last year.
The transition between a highly profitable cash payment sector and credit card payment has accelerated in the past year. According to the ISA: "The jump in spending ahead of Ramadan is a combination of opening up the economy, removing restrictions, along with continuing the trend of increasing the use of credit cards over other means of payment."
In relation to credit card expenses in the entire economy, compared with the two periods, the increase in credit expenses in the Arab sector is 55.33% higher than the increase in the total amount of credit card expenses in Israel.
Between 6 and 12 April 2021, expenses were recorded in the amount of NIS 7.018 billion, compared with NIS 5.487 billion between 16 and 22 April 2020, an increase of 27.9% in credit card expenses throughout the economy.