Absa has seen a drastic shift towards digital transactions and e-commerce in South Africa as people look for more convenient ways of transacting during the national lockdown. Photo: Supplied
Absa has seen a drastic shift towards digital transactions and e-commerce in South Africa as people look for more convenient ways of transacting during the national lockdown. Photo: Supplied

Lockdown e-commerce trends to continue into Black Friday - Absa

By Staff Reporter Time of article published Nov 3, 2020

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DURBAN - Absa has seen a drastic shift towards digital transactions and e-commerce in South Africa as people look for more convenient ways of transacting during the national lockdown.

The trend is set to continue as the country braces itself for the first Black Friday since the national lockdown and Covid-19 pandemic.

“From the merchants that Absa processes, we noted a year-on-year 200 percent increase in e-commerce (card not present) transaction volumes between January and August 2020. Contactless payments also doubled since May, growth which was largely underpinned by exponential increases across groceries, general merchandise & rapid payments,” said Cowyk Fox, Managing Executive: Everyday Banking, Absa Retail and Business Bank.

Based on industry movements, and Absa-specific insights, Black Friday 2020 is expected to see renewed appetite from consumers for safer, digital ways to transact. Since April 2020, the number of Absa retail customers performing e-commerce transactions, with their cards not present has doubled. Online shopping and e-hailing have dominated this growth.

“With the average customer spending 50 percent more time online, nearly a quarter of South Africans already shopping online more frequently, and 66 percent of people preferring electronic payments over cash notes, don’t be fooled by fewer feet in-store this Black Friday – we expect transactional volumes to remain strong, albeit shifting towards digital quite significantly. Contactless payments are also expected to dominate for those that prefer the physical retail experience,” added Fox.

To maximise the Black Friday experience for customers, Absa will be rolling out a campaign with a difference. Absa customers can look forward to exciting Black Friday competitions and promotions the entire month.

Don’t let fraud ruin Black Friday - useful tips to avoid falling victim to fraud

  • Despite the expected surge in online shopping, 46 percent of Absa cardholders remain concerned about transacting online. Being sensible when it comes to combatting digital fraud remains a priority.
  • Transacting online is a safe process, but customers must be vigilant, and never disclose their “keys to the safe”. The threat might present itself as an employee of the bank and will request consumers to disclose the “keys to the safe” or approve a transaction to reverse fraudulent transactions. Never fall victim to such scams. Keep your “keys to the safe” to yourself and only approve transactions you’re initiating.

So how does one avoid falling victim to scams/schemes?

For every claim made by fraudsters, we suggest the following response:

Photo: Absa

BUSINESS REPORT ONLINE

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