Transaction value rose by 8.4 per cent y/y to R2.5 billion ($183 million) on Black Friday
Is the South African economy on the rise again? [Xinhua]
Although Black Friday and Cyber Monday are American shopping “inventions”, South Africans did not follow American behavior slavishly as in the US, Cyber Monday had a higher online transaction value than Black Friday, whereas in South Africa Black Friday was more popular than Cyber Monday.
In another sign of the recovery in the South African economy, the value of transactions on Black Friday rose by 8.4 per cent year-on-year (y/y) or more than 3.5 per cent faster than inflation to R2.5 billion according to figures released by BankservAfrica, Africa’s largest automated payments clearing house. The volume processed was twice the daily average.
“The sheer size and value of the transactions processed during Black Friday, and the growth experienced on 2016’s figures, reflects the success of this annual shopper’s day,” said Chris Hamilton, CEO of BankservAfrica.
According to BankservAfrica’s figures, 260,552 transactions were cleared on Black Friday compared with Cyber Monday’s 129 458. The most expensive transaction for Black Friday was valued at just over R1 million. For Cyber Monday, this was R663 041.
By Helmo Preuss in Cape Town for The BRICS Post
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