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Data reveals South Africans transacted 408 times per minute on Cyber Monday

Data reveals South Africans transacted 408 times per minute on Cyber Monday

The shopping season officially began at the end of November, with Black Friday.

The shopping frenzy continued throughout the Black Friday weekend and spilled over into Cyber Monday.

Data has since revealed that the average transaction per minute on Cyber Monday was 408 as South Africans continued to shop for the best deals online.

According to the 3D Secure* data, BankservAfrica’s online card authentication service (i.e., transactions that require customer authentication), which has been used to track online sales for Black Friday and Cyber Monday.

The online deal hunting on Cyber Monday resulted in a total volume of 587 647 transactions, representing a 30% growth compared to the 432 814 recorded in the previous year.

“The value of transactions made on Cyber Monday was R625 million, which is 18% growth on the 2021 value of R516 million,” said Martin Grunewald, Chief Business Officer at BankservAfrica.

The most expensive transaction occurred at a luxury hotel in Cape Town to the value of R4.4 million.

The busiest shopping time of the day was recorded between 12:00 – 13:00.

On Black Friday, Bankserv’s data showed that the total number of transactions reached was 1.2 million and was valued at over R1 billion.

The highest valued purchase made on Black Friday was for R1.9 million at a prepaid smart metering company.

The average transaction per minute for the day was 874.

“Overall, this year’s online Black Friday and Cyber Monday showed good year-on-year growth and demonstrated a greater push to make the most of the online sales compared to the previous years,” Grunewald further said.

Data reveals South Africans transacted 408 times per minute on Cyber Monday

BUSINESS REPORT

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