FNB expects a return to popular categories like travel and entertainment this Black Friday as customers look to spend quality time with their families without restrictions.
“Over the past few years we’ve seen spending on digital and technology, groceries and home improvement gain popularity due to the climate change caused by the pandemic,” said Chris Labuschagne, CEO of FNB Card. “Black Friday represents a time when consumers can shop for items at great deals, and each year there is a trend of spending categories that are popular with consumers. “
Total spending by FNB card users in 2021 was R2.5 billion, up 15% year-on-year. The bank expects another surge this year as transactions are diverted towards digital payments as a safer and more convenient way of shopping.
“For those consumers who choose to shop Black Friday in brick-and-mortar stores, we expect a significant increase in the use of contactless device and card payments. Our customers also enjoy a range of convenient digital payment alternatives, housed under the FNB Pay umbrella in the FNB app, which can be used at any contactless POS device.”
Nollie Maoto, Chief Data and Analytics Officer at FNB Merchant Services, says: “E-commerce has continued its success story into 2022, with growth accelerating every year. Ahead of Black Friday week, e-commerce has already reached almost 90% of 2021 values and volumes, with the travel and accommodation sector already exceeding 2021 values by 10%.
“Black Friday and Cyber Monday have caused a noticeable surge over the past two years, so we expect e-commerce values and volumes to be around 40% higher as we head into Black Friday week .”
Black Friday can be rewarding for people who plan their purchases in advance, and some of the discounts can be useful to help customers save on quality items.
FNB advises customers to use their virtual cards for more secure online payments and to authorize online purchases through the FNB app. The Card Verification Value (CVV) security number on virtual FNB cards changes every hour, providing an additional layer of protection for customers. FNB also covers online purchases made with virtual FNB and RMB private bank cards with free Purchase Protect insurance. Customer purchases are covered up to R15,000 for 30 days after purchase. In the event of an accident, the insurance will pay for repairs or the purchase price of the item.