Banking giant, FNB, said that it noticed an increase in Black Friday 2019 transactions. There was noticeable jump in volumes when compared with Black Friday 2018.
Between midnight and 14h00 on Friday, the total number of transactions processed through FNB’s Merchant Acquiring Systems were 7.4 million. In 2018, it was 5.6 million.
This represents a 40% increase in transaction volumes compared to the same period last year. Transactions processed through the bank’s Merchant Acquiring Systems peaked at an average of 306 transactions per second (TPS).
CEO of FNB Merchant Services, Thokozani Dlamini says, “while transactional volumes will normalise later in the day. Last minute shopping may lead to intermittent spikes in volumes until retailers close their doors.
“Online merchants have the luxury of opening until midnight while traditional retailers may consider opening for longer than usual to accommodate the after-hours rush.”
Black Friday 2019 shoppers spent at online retailers
Online merchants like Takealot, Zando and eBucks Shop were amongst the top online retailers. Here FNB customers bought discounted goods and services.
Cilliers Kriel, CEO of FNB Credit Card, says, “overall, we expect card present transactions to make up the majority of card spend by close of business.
“However, there’s a firm indication that South Africa’s consumers are growing accustomed to shopping online. As the day draws to a close, we encourage customers to shop wisely by sticking to their budgets to accommodate the longer festive season period.”