South African banking giant, Absa has revealed that the highest single transaction that it had recorded was worth R638,000 which was spent on an international holiday booking.
Absa it had experienced a record-breaking start to Black Friday 2024, with a 20% rise in transaction in comparison to the same period in 2023.
By 8am, bank transaction volumes for 2024 exceeded the performance from 2023, with the maximum point-of-sale transactions processed at 454 per second, a sign that South African consumer activity soaring in 2024.
Transactional activity started to pick up momentum from as early as 6am while the largest single purchase of R638,000 took place at 11am, according to Absa's internal data.
Absa anticipates that transactions will continue to surge as shoppers take advantage of in-store card payments and online digital wallets on Black Friday.
Tshipi Alexander, Executive for Card Issuing and Rewards at Absa Everyday Banking attributes the strong SA consumer activity for Black Friday to favourable timing and robust market dynamics.
“Black Friday continues to showcase the resilience of South Africa's consumer market, and we are proud to support our customers with seamless, secure transactions and a massive Absa Rewards Black Friday for our customers," Alexander said.
“We anticipate significant spikes in activity later in the day as customers complete their workday, positioning this as a great come back on last year’s muted Black Friday performance. Unlike previous years, where the event fell earlier than the largest payday of the 25th, this year aligns with payday for many consumers, driving higher spending power and a greater willingness to spend early this weekend.”
According to Alexander, Absa is analysing transactional data to find the difference between regular monthly payments and recurring debit orders from Black Friday-related activity therefore ensuring a clear picture of consumer behaviour during this retail event.
As shopping and consumer activity continues to gain momentum, Alexander has advised consumes to remain cautious when withdrawing large sums of money from ATMs as well as to use secure online and mobile banking options to enhance safety and convenience during this high-spending period.
"Digital wallets are also the safest and fastest way to pay," Alexander said.