Absa has experienced a record-breaking start to Black Friday 2024, reporting a remarkable 20% increase in transactions compared to the same period in 2023.
By 8am, this year’s transaction volumes had already surpassed last year’s performance, with our maximum point-of-sale (POS) transactions processed at 454 per second, a testament to surging consumer activity this year.
The highest single transaction recorded so far is an impressive R638,000 spent on an international holiday booking, underscoring the robust purchasing power of South African consumers during this retail frenzy, especially for overseas travel planning.
Additionally, all cards processed through Absa’s acquiring franchise have seen a 16% year-on-year increase, outperforming 2023’s figures by mid-day. ATM withdrawals using Absa cards have risen by 20, reflecting heightened consumer demand for cash, while overall card transactions have surged by 26% year-on-year.
According to Absa’s internal data, transactional activity began to pick up momentum from as early as 6am, with the largest single purchase of R638,000 taking place at 11am. The bank anticipates a continued surge in transactions as shoppers take advantage of in-store card payments and online digital wallets throughout the day.
Resilient consumer spending
Tshipi Alexander, executive for card issuing and rewards at Absa Everyday Banking, highlights the strong consumer activity seen this Black Friday, attributing it to favourable timing and robust market dynamics.
“Black Friday continues to showcase the resilience of South Africa’s consumer market, and we are proud to support our customers with seamless, secure transactions and a massive Absa Rewards Black Friday for our customers.
“We anticipate significant spikes in activity later in the day as customers complete their workday, positioning this as a great comeback on last year’s muted Black Friday performance. Unlike previous years, where the event fell earlier than the largest payday of the 25th, this year aligns with payday for many consumers, driving higher spending power and a greater willingness to spend early this weekend.”
Secure payment growth
Alexander added that Absa is closely analysing transactional data to differentiate regular monthly payments and recurring debit orders from Black Friday-related activity, ensuring a clear picture of consumer behaviour during this retail milestone.
“This exceptional growth demonstrates the resilience of South African consumers, and the trust placed in Absa’s secure and efficient payment platforms.
“As shopping continues to gain momentum, Absa also advises customers to remain cautious when withdrawing large sums of money from ATMs and to rather consider leveraging debit and credit cards for spend, as well as secure online and mobile banking options to enhance safety and convenience during this high-spending period.
“Digital wallets are also the safest and fastest way to pay,” Alexander recommends.
