FNB
FNB
  • First National Bank has recorded a massive spike in Black Friday buying compared to 2018.
  • Between midnight and 14:00, the total number of transactions processed through FNB’s merchant acquiring systems was 7.8 million, compared to 5.6 million in 2018.
  • The top online retailers where FNB customers bought discounted goods and services included online merchants like Takealot, Zando, and FNB's own eBucks Shop.
  • Follow our LIVE BLACK FRIDAY coverage here.

First National Bank has recorded a massive 40% increase in Black Friday transaction volumes this year.

Between midnight and 14:00, the total number of transactions processed through FNB’s merchant acquiring systems were 7.8 million compared to 5.6 million in 2018.

This represents a 40% increase in transaction volumes compared to the same period last year.

Transactions processed through the bank’s merchant acquiring systems peaked at an average of 306 transactions per second (TPS), the bank said.

“While transactional volumes will normalise later in the day, last minute shopping may lead to intermittent spikes in volumes until retailers close their doors. Online merchants have the luxury of opening until midnight while traditional retailers may consider opening for longer than usual to accommodate the after-hours rush,” said Thokozani Dlamini, CEO of FNB Merchant Services, in a statement.

The top online retailers where FNB customers bought discounted goods and services included online merchants like Takealot, Zando, and FNB's own eBucks Shop.

“Overall, we expect card present transactions to make up the majority of card spend by close of business, however there’s a firm indication that South Africa’s consumers are growing accustomed to shopping online. As the day draws to a close, we encourage customers to shop wisely by sticking to their budgets to accommodate the longer festive season period, ” said Cilliers Kriel, CEO of FNB Credit Card, in a statement.

Compiled by Estrelita Moses.

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