Friday, March 1, 2024
No menu items!

FNB Customers reach R3b spending peak on black Friday

Must Read

FNB customers once again hit R3 billion in purchases on Black Friday, in line with last year’s highest spend peak.

FNB saw a positive shift in usage of the FNB Virtual Card, with a 94% year on year increase in customer spend over Black Friday weekend.

Robust Increase Transactions

Additionally, while Black Friday transactions remained flat, strong growth was seen over Saturday and Sunday, with a robust 9.7% increase in transactions made by FNB customers compared to prior year.

Senzo Nsibande, CEO of FNB Card says, ” While consumers have been financially burdened by inflation and high interest rates over the past year, we’ve seen strong volumes and value spent over this time despite the slow start on Friday morning.

“As expected, the most popular spend categories, included travel, groceries, and digital technology. This uptake mirrors the ongoing appetite for travel by South Africans as the travel category showed a 17% increase this year.”

Customer Preference for Virtual Transactions

Ashley Saffy, Head of Spend and Customer Value Management at FNB Card, notes that “Consumers have increasingly shown a strong preference for safer and more convenient payments, with virtual card, online spend and digital wallets spend increasing significantly to prior year.

“Over Black Friday weekend, 54% of all instore transactions were contactless, which increased by 10% year on year. Online spend also performed well this weekend, with 24% of all spend online.

“For credit card specifically, 45% of customer spend was online, which has increased by 7% since prior year. It is fantastic to see this growth as our customers are becoming more familiar with the benefits of using more digital and modern payments.”

FNB Encourages use of Virtual Cards for Safer Transactions

With Black Friday giving way to the start of the holiday season spending, FNB urges its customers to continue using their Virtual Cards for safer online transactions and to approve online purchases through the FNB App to avoid fraud over this time.

The Card Verification Value (CVV) security number for FNB Virtual Cards changes regularly, which adds an additional layer of security when transaction online.

FNB also offers complimentary Purchase Protect insurance for up to R15,000 for 30 days post online purchases made with a FNB or RMB Private Bank Virtual Card.

Benefit from FNB’s App Features

Nsibande encourages customers to be vigilant when shopping online this festive season. FNB Customers can also access the Nav>> Smart Budgeting functionality on the FNB App to manage, set up and track their budgets.

Lastly, they can also maximise benefits such as eBucks rewards to make their money go further over the holiday season in areas such as fuel, travel, and grocery.

- Advertisement -

Ericsson & MTN Collaborate for Digital Skills & Sustainability

Ericsson and MTN Group have unveiled a Memorandum of Understanding (MoU) at the Mobile World Congress Barcelona 2024 in...
Latest News
- Advertisement -

More Articles Like This

- Advertisement -