Banking

MCB customers are increasingly turning to digital payments

29 Jul 2022

The use of digital payment methods is on the rise, confirming a shift towards cashlite. Due to the Covid-19 pandemic and the subsequent lockdowns, an increasing number of MCB customers have turned to these alternative methods to cash. Stephanie Ng Tseung, MCB's Head of Payments, hosted a press conference on Thursday 28 July 22, to discuss these trends and how the bank supports this paradigm shift.

Cash (which includes ATM withdrawals and cash payments) is gradually losing its appeal towards digital payment methods (payments at POS terminals, MCB Juice, and Internet Banking). For the financial year 2021, the cash to digital payments ratio of MCB customers was at parity, i.e. 50%. This represents a significant shift compared to the pre-pandemic period. In comparison, for financial year 2019, the cash to digital payments ratio stood at 65% and at 57% for financial year 2020.
 
On this occasion, Stephanie Ng Tseung also kicked off the MCB / Visa promotional campaign for the FIFA World Cup in Qatar. In line with this campaign, four MCB customers from Mauritius, two from Seychelles, and two from Madagascar could stand a chance of winning a trip to attend the Fifa World Cup. In the same breath, she announced that MCB will offset the CO2 emissions caused by its customers, to Qatar and back to their homeland.

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