Black Friday online transactions surge, due to cashless transactions
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THIS past Friday, shoppers were riding the Black Friday wave with full force with an increase in online transaction volumes compared with last year’s transaction values for the day.
Data released by online payment gateway PayFast indicated that this year’s total online transaction volumes increased by 34%, with a 30% increase in overall total purchase values.
The data also indicated that online sales of electronic items such as TVs, consoles, and appliances were on the rise, with QR code payments doubling since last year.
The largest transaction value for the day was R169 855, according to PayFast’s live payment dashboard that monitored transactions made on the day. Head of Technology at PayFast, Jonathan Page, said consumers grew more comfortable with cashless transactions in light of the long-term shift in consumer behaviour as a result of the pandemic.
“QR code payments more than doubled on Black Friday 2021. This highlights the increasing number of consumers who are growing comfortable with cashless transactions – as well as how critical it is for businesses, whether they are brick-and-mortar or e-commerce-based, to accommodate any scenario of sale.
“With big online retailers like Takealot launching campaigns such as the Blue Dot Countdown sale, Black Friday has become a month-long online shopping event, rather than a once-off in-store day.
“Despite this, e-commerce activity spiked on Black Friday and transactions peaked between 9am and 10am, with many shoppers already making purchases just after midnight,” said Page.
FNB also indicated that its clients made purchases in excess of R2.5 billion on Black Friday, showing an increase of 15% compared with 2020.
FNB chief executive Jacques Celliers said that given the result, he is excited to see consumers and businesses actively taking part in economic activity despite the challenges posed by the Covid-19 pandemic.
"Our stats showed heightened shopping activity beyond Black Friday, with transactions for the month of November up 25% compared with the same month in 2020.
“With more shopping activity expected during Cyber Monday, we encourage our customers to continue using their eBucks to stretch their wallets as they have done over the past 20 years.
“Our customers can also save by taking advantage of the discounted deals on our eBucks Shop and Connect Devices," said Celliers. | Weekend Argus