Cashless transactions on the rise, according to MCB

MCB has announced that a growing number of its clients is adopting cashless transactions. It has told Week-End newspaper that, during the last two months of 2021, it noted a 24% increase in the number of cashless transactions compared to the same period in 2020.

Conversely, during the same period, it has noted a drop of 5% in withdrawals through ATMs.

Cashless purchases for groceries took the lion share (32%). It has also noted an increase in cashless purchases of furniture and interior decoration accessories (+39%) and healthcare (+53%).

The number of users of its Juice application who made a mobile payment at a merchant doubled, while the value of purchases rose by 134% compared to last year.

The penetration rate of contactless payments increased by 42% in Nov-Dec 2021. The number of clients who carried out this type of transaction increased by 37%.

Some 77% of transactions were effected by clients under the age of 55.

Stéphanie Ng Tseung, Head of Cards of the MCB said the bank will pursue its strategy of innovation in digital payments.