Reports emanating from online payment processing service PayFast, has hinted that the 2020 edition of Black Friday sales accelerated online transactions by 50% surpassing its 2019 edition.
PayFast is an e-transaction platform that provides quick, easy and safe transactions that ensure successful online transactions in the current global digital economy.
The brand affords merchants access to a variety of payment methods which helps customers to use credit cards, Instant EFT, debit cards, Mobicred, and Scode.
PayFast released a data which records a 283% increase in total payment volumes on this years’ Black Friday surpassed high payment totals that is witnessed on a regular payday.
Managing Director and Founder of PayFast, Jonathan Smit in an official press release highlighted that COVID-19 has accelerated the African eCommerce ecosystem and as Black Friday approached, customers had already taken to online shops to benefit from the various discount sales deals.
He further stated that; “This year’s Black Friday spending surpassed the volumes we’ve seen in previous years.
The rapid adoption of eCommerce throughout 2020 has meant that we’ve seen more people adopting online shopping especially amid fears of COVID-19 second wave.”
PayFast has it that, the highest transaction for the day was reportedly R299 950. Customers that took to online shopping to avoid the spread of the virus spent on average R1,243 per basket which is a notable increase compared to the average basket value in 2020 which costs about R803. Smit also said that customers chose online shopping for essential commodities.
“Alongside big-ticket items like TVs and gaming consoles, more purchases were made online for items that are traditionally brick-and-mortar, and retail store focused, like cosmetics toiletries, and essentials.” He said
Payment methods
Mobile devices so far have proven to be the most utilised device as 66% of buyers used their mobile phones to process online payments on Black Friday, validating the buyer trends amid the ongoing COVID-19 pandemic.
Smit also mentioned the inherent benefits of mobile payment systems and how Black Friday brought opportunities for businesses to test their online platforms.
He said’ “Smartphone usage means you can shop literally from anywhere, any time. We’re seeing merchants and payment methods better cater towards the demand for mobile too, as buyer trends indicate the increased usage of mobile devices, over the last six months retailers have adapted to the digital shift in the economy and have invested in their online platforms to improve the experience of first-time shoppers.
“Also, Black Friday has offered a more considered and improved customer experience across board.
The lockdown was a good test for many eCommerce businesses, with lessons carried into this peak period.” He said
In 2020, 66% of transactions that took place on Black Friday were done through the use of cards. Alternative payment methods continue to vary as innovative payment solutions are created to permit accessibility during this uncertain time.
The PayFast boss believes that alternative payment methods are on the rise as consumers are becoming increasingly comfortable with online shopping especially as Instant EFT, QR codes, and mobile wallets are becoming more popular among consumers
Featured Image: aroged
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