South Africans showed they still have an appetite for retail spend, with data from omnichannel payment solutions provider Ecentric Payment System’s 2022 Black Friday Payment Gateway Dashboard showing big increases in both transactions volume and value, when compared to 2021.
By 1pm on Cyber Monday, total transaction value had grown 305,36% compared to the same time the year before. This was not isolated to Cyber Monday, as the transaction value growth on midnight after a full Black Friday was 212,11% more than the year before.
Total transaction volume by 1pm on Cyber Monday had grown by 59,36% over the previous year by midday, having grown 119,73% by midnight after a full Black Friday.
Wesley Fetter, product manager at Ecentric Payment Systems, says it was encouraging to see the growth pan out as expected across industries. “Our customers represent various verticals, including fast moving consumer goods, financial services, hospitality, healthcare and more, and it is heartening to see trade volume and value grow so substantially despite the difficult economic conditions.”
The biggest single purchase Ecentric redorded on Black Friday was an R82 020 transaction, while the biggest single purchase on Cyber Monday was valued at R300 000. The quickest transaction on Black Friday took just 75 milliseconds, while the fastest transaction on Cyber Monday was 136 milliseconds.