FNB sees a record increase in Black Friday transaction volumes

FNB sees a record increase in Black Friday transaction volumes

Transaction volumes increased 40% by 14h00

29 November 2019: Between midnight and 14h00, the total number of transactions processed through FNB’s Merchant Acquiring Systems were 7.4 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). 

CEO of FNB Merchant Services, Thokozani Dlamini says, “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.”

Online merchants like Takealot, Zando and eBucks Shop were amongst the top online retailers where FNB customers bought discounted goods and services.

Cilliers Kriel, CEO of FNB Credit Card says, “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.”

INFO SUPPLIED BY FNB Corporate Communications: fnbmedia@fnb.co.za

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