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Tuesday, July 23, 2024

FNB sees 25% increase in Black Friday volumes by midday

Between midnight and 10am, spend by FNB’s card holders were up 30% in values and 25% in volumes.

Their total systems transactions per second peaked at 3442.

Overall, the total number of transactions processed through their payment systems were just over 5 million by midday.

As expected brick and mortar Black Friday activity has rebounded with volumes having increased 53% by midday compared to the previous year, when consumers were still shopping with face masks due to the Covid-19 pandemic.

FNB are also seeing a continued increase in e-Commerce transactions as some consumers opt to shop online instead of going into brick-and-mortar stores. By midday e-Commerce transaction volumes had increased by 40%. e-Commerce has continued its success story into 2022, with every year seeing growth accelerated. Leading up to the week of Black Friday e-commerce was already at nearly 90% of 2021 values and volumes, with the travel and accommodation sectors already exceeding 2021’s value by 10%.

Furthermore, FNB has seen a return to popular categories like clothing and non-perishable items, travel and groceries. This is based on total spend seen thus far.

FNB are delighted to see many of their customers using their wide range of convenient and safer payment alternatives, such as Virtual Cards.

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