Durban - Yes, I know Black Friday was last week but did you know someone tried to spend R628 million on stuff? Crazy right? Well, here’s a summary of what went down last week.
Hundreds of people indulged in some Black Friday specials. While most malls were quieter than usual on Black Friday, online shoppers loaded virtual shopping carts to their hearts' content.
According to online payment platform, Ozow, the largest failed transaction it had was for R628 million, which was declined due to insufficient funds
"Although we believe this transaction was most likely an error, you can never be sure over Black Friday. In the same vein, another customer attempted to process an R817 000 transaction four times. Each attempt was declined, but not for lack of trying from the customer – they really wanted the product," said an Ozow spokesperson.
Payfast, also an online payment service, said this year’s total online transaction volumes increased by a further 34% – as well as a 30% increase in total purchase values overall – highlighting a long-term shift in consumer behaviour as a result of the pandemic.
"Over the past two years, consumers have become accustomed to the convenience offered by online shopping, especially when it comes to digital bargain-hunting and contactless payment options. For Black Friday, this translates to a bigger focus on the customer journey, from browsing and checkout, all the way through to delivery," said Jonathan Page, head of technology at PayFast
Founder and CEO of fintech Payflex, which offers an interest-free buy now pay later payment solution, Paul Behrmann, said online sales this Black Friday and Cyber Monday were triple those recorded in 2021, driven overwhelmingly by SA’s women shoppers.
He said this showcased how much more comfortable South Africans were with online shopping, especially interest-free payment options.
Meanwhile, according to FNB, its customers spent close to R80 million in eBucks through its digital platform and eBucks partners – an increase of 40% compared to the same period in 2020. FNB said on Black Friday, its card holders spent in excess of R2.5 billion, up 15% compared to 2020. Black Friday spending on its Speedpoints increased by 19% year-on-year, with transactions worth over R2 billion.
According to Standard Bank, one shopper swiped their card 79 times! The bank said the most expensive transaction was R450 010. It recorded a 61% increase in virtual card transactions.
IOL