Transaction volumes and total payments in November nearly doubled when compared with the same period last year.
This is feedback from PayFast, an online payment gateway owned by the DPO Group that facilitates online payments.
PayFast offers merchants a variety of payment methods including credit cards, Instant EFT, and debit cards, which gives it unique insight into payment volumes in South Africa.
The company said total online transaction volumes over the Black Friday weekend increased by 50% year-on-year.
PayFast founder and MD, Jonathan Smit said this year’s Black Friday spend surpassed the volumes we’ve seen in previous years.
This growth was partly a result of the rapid adoption of ecommerce during the COVID-19 pandemic and lockdown.
The increase in Black Friday weekend sales, however, only tells part of the story.
This year most big retailers, including Takealot, Makro, Game, and Incredible Connection, offered Black Friday specials throughout November.
This means a better measure of online Black Friday sales growth is a year-on-year comparison in November.
PayFast revealed that transaction volumes increased by 90% from November 2019 to November 2020.
Total payment volumes showed equally impressive growth, with an 89% increase from November 2019 to November 2020.
This clearly illustrates that Black Friday was much bigger this year than last year, which is a sign of the increased adoption of online shopping in South Africa.
Black Friday transaction volumes
The infographic below shows the increase in online transactions during Black Friday weekend in South Africa.