12 November 2019: Over the past three years, FNB has 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% compared to 2017. The total number of transactions processed through the banks payment system over the course of the Black Friday weekend were 10 million on Friday, 8 million on Saturday, 5.9 million on Sunday and 6 million on Cyber Monday.
This year FNB anticipate a 15% increase in the total number of transactions between 29 November and 02 December.
Historically, both Card Present (CP) and Card Not Present (CNP) transactions, which include both Online and in App purchases increased during this period.
CP transactions are expected to reflect the majority of consumer spend, Online and App purchases, have shown strong growth in recent years in line with the increase and adoption of e-retailing in South Africa and globally.
For example, when comparing the last two Black Fridays, CNP grew at 26% year-on-year, while CP grew by 14% year-on-year. Merchants like Takealot continue to be one of the top 10 merchants for FNB customers to spend on Black Friday, accompanied by the eBucks shop which offers consumers significant discounts.
As a proactive strategy to maximise sales from shoppers seeking to take advantage of Black Friday deals, the bank has noted that some Retailers are now spreading specials over two or three days prior to Black Friday, in order to manage the volumes.
The bank is are confident that Black Friday and Cyber Monday 2019 will be a success and that they have sufficient capacity to process the expected transaction volumes over this period.
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