CAPE TOWN – FNB expects a 15 percent increase in the total number of transactions during the Black Friday and Cyber Monday weekend between 29 November and 02 December, the lender said in a statement on Tuesday.
FNB said over the past three years, the bank had seen a substantial increase in transaction volumes for the period between Black Friday and Cyber Monday. In 2018, Black Friday transaction volumes grew by 16 percent compared with 2017.
While Black Friday may have originally started in the US, its worldwide popularity has soared in recent years with countries across the globe getting in on the action. Research has shown that the Black Friday phenomenon has grown faster in South Africa than any other country in the world.
Online retail is projected to reach 1.4 percent of total retail in South Africa, based on an estimated R1 trillion to be spent via traditional channels in 2018, according to findings of the Online Retail in South Africa 2019 study, conducted by World Wide Worx with the support of Visa and Platinum Seed.
Thokozani Dlamini, FNB Merchant Services chief executive said the total number of transactions processed through their payment system over the course of the Black Friday weekend in 2018 were 10 million on Friday, 8 million on Saturday, 5.9 million on Sunday and 6 million on Cyber Monday.