Rs 5 Billion in Cashless Transactions by MCB Clients during Black Friday and Christmas”

There is a growing shift toward digital payment methods, as highlighted in a recent presentation by Stephanie Ng Tseung, Head of Payments at the Mauritius Commercial Bank (MCB). Sharing insights into consumer behaviour during the 2024 festive season, she revealed that MCB clients recorded Rs 5 billion in cashless transactions between November 1 and December 24. The data provides an overview of spending trends during key events like Black Friday and Christmas, highlighting the adoption of digital tools such as contactless payments, mobile apps, and QR codes. With over 12.7 million transactions recorded, these figures reflect the evolving payment habits of MCB’s clients. Stephanie Ng Tseung’s analysis offers a snapshot of how digital payment solutions are being utilized, influenced by factors such as accessibility, convenience, and changing consumer preferences.

“During the last Black Friday period, 316 000 distinct clients of the MCB have been transacting, reflecting a 23% increase compared to 2023. During the Christmas shopping period, there were 371 000 clients transacting, showing a 9% rise from the previous year,” stated Stephanie Ng Tseung, Head of Payments at Mauritius Commercial Bank (MCB), replying to a question of BIZWEEK following her presentation, last Thursday, on cashless transactions by MCB clients for Black Friday and Christmas.

The presentation covered consumer behaviours, spending patterns, and the growing adoption of digital payment methods. Between November 1 and December 24, 2024, MCB recorded 12.7 million digital transactions, amounting to Rs 5 billion in purchases. The two busiest days were Black Friday, November 29, with 355,000 transactions, and Christmas Eve, December 24, with 414,000 transactions.

Stephanie Ng Tseung emphasized the growing prominence of Black Friday in Mauritius: “In 2024, Black Friday truly became a part of Mauritian culture, with a 56% growth in transactions compared to the previous year.” The total spending on Black Friday reached nearly Rs 2 billion, with an average transaction value of Rs 1,900. Key spending categories included electronics, home furnishings, and clothing. 87% of transactions were conducted in physical stores, while online shopping accounted for 13%, showing an annual growth of +133%. International platforms like Temu, Shein, and AliExpress were particularly popular among Mauritians.

QR payments are expanding rapidly, and I believe they will become a key pillar of Mauritius’ payment ecosystem.

The Christmas period (December 20-25) also saw robust activity, with 414,000 transactions, reflecting a 29% increase from the previous year. Total spending reached Rs 3 billion, with an average transaction value of Rs 1,800. Unlike Black Friday, Christmas spending focused more on clothing, dining, and leisure activities. Stephanie Ng Tseung thus remarked that “the spending patterns for Black Friday and Christmas are distinct. Black Friday emphasizes electronics and furnishings, while Christmas prioritizes clothing and dining.“

Travel Trends during the Festive Season

Mauritians also took advantage of the festive season for international travel. France, the UAE, and India were the top destinations, with Thailand and Malaysia joining the Top Ten for the first time. Stephanie Ng Tseung also highlighted the growing importance of medical tourism: “India ranks first in average spend per traveller, driven by medical expenses, which now feature among the top three spending categories.”

Dubai remained a favourite for duty-free shopping and jewellery purchases, while European destinations attracted spending on clothing and dining. Thailand and Malaysia saw high expenditures on electronics and retail.

A Cashlite Economy in the Making

MCB’s data highlights a steady shift toward digital payments, as cash usage continues to decline. Stephanie Ng Tseung explained: “In 2024, 94,000 new clients began using digital payment methods for the first time, reflecting a growing trend toward cashlite transactions.“

Contactless payments, introduced by MCB in 2018, now account for 44% of all transactions, with 28 million transactions recorded in 2024. “Contactless payments are now firmly embedded in consumer behaviour, driven by both convenience and increased merchant adoption,” Stephanie Ng Tseung noted.

MCB also introduced digitalized Visa cards for mobile wallets, paving the way for further adoption of contactless technology.

The Growing Popularity of QR Code Payments

QR code payments have more than doubled, with small businesses and micro-enterprises leading the charge due to the low-cost setup. Stephanie Ng Tseung described this development as a game changer: “QR payments are expanding rapidly, and I believe they will become a key pillar of Mauritius’ payment ecosystem.”

Indeed, Mauritius stands out as a hybrid economy, embracing both card-based and QR code payments. Stephanie Ng Tseung explained: “Unlike Europe, where cards dominate, or Asia, where QR codes are prevalent, Mauritius is uniquely positioned to support both systems, reflecting the diversity of its population.”

Key Insights beyond the Festive Season

MCB’s observatory has identified broader trends shaping payment habits in Mauritius. Over the past five years, the country has seen a steady decline in cash transactions, with digital payments growing at an annual rate of +13%. Stephanie Ng Tseung elaborated: “While we may not become completely cashless, it’s clear that cash is losing ground. This transition is supported by education initiatives, increased acceptance points, and innovative technologies like Maucas QR.”

Mauritians are increasingly adopting mobile payments, with QR codes serving as an affordable and efficient alternative. The ecosystem for QR payments continues to grow, with collaboration among banks, merchants, and technology providers.