Standard Bank: Double digit increase in Black Friday transactions

South African consumers taking advantage of Black Friday deals have made the massive shift to digital and contactless payments according to Standard Bank transaction data over the past weekend. Standard Bank, South Africa’s largest card issuer, saw double digit volumes of transactions increase in both card not present and contactless payments over the Black Friday weekend, extending the growth trend in digital payments spurred on by the impact of COVID-19 restrictions.

COVID-19 preventative measures meant that many consumers opted for digital payment options when making their purchases, significantly boosting ecommerce. The ongoing adoption of these alternate payment methods by consumers speaks to the convenience and safety of these digital payment options.

Over the course of the Black Friday weekend, online purchases by Standard Bank customers increased almost 19% when compared to the previous year, exceeding the 15% growth recorded in 2021.

Customers using contactless payments and tapping their cards at a point of sale has seen a surge in usage of more than 31% when compared to the previous Black Friday weekend, topping the 25% growth the previous year.

Ethel Nyembe, Standard Bank Head of Group Card says: “Customers are seeing the value that digital payments offer. Safety and convenience are the key factors that have led to the fantastic growth trends we are seeing in online and contactless payments. And this convenience is continuing to evolve.”

Standard Bank saw a 20% increase in the number of transactions processed over the weekend when compared to the year before, and a 22.5% increase in the value of purchases over the same period. Volumes increased to 8.6 million transactions processed over the weekend. Today is Cyber Monday, where online retailers offer their customers discounts, and customers are expected continue to spend on selected purchases.

Nyembe says, “Customers have been very selective this year. The high interest rate environment, continued muted growth in the economy, and valuable lessons learnt from previous economic shock cycles have made consumers far more selective and cautious when taking on debt. We continue to urge customers to shop responsibly as we exit the Black Friday weekend and head into the festive season.”

Standard Bank encourages its consumers to continue to adopt alternate payment options. These have been proven to offer greater convenience. While this festive season offers many South Africans the opportunity to unwind and reflect on a very tough year, consumers are urged to spend responsibly, and safely as criminals never take a break. And where possible, support local businesses.