Now that Black Friday has passed, we can start talking about how well Black Friday treated local businesses.
Local digital payments platform Ozow has revealed some exciting news – it processed in excess of R1 billion in transactions. The firm does state that a surge in transactions on Black Friday helped reach this figure.
Of interest is that the single biggest transaction through Ozow was R500 000.
“It’s astounding to see how popular instant payment solutions have become. A growing number of South Africans are using instant payments because of its sheer ease of use and security. Digital payments have also help drive financial inclusion by opening up the online shopping universe to people who don’t have debit or credit cards,” Ozow co-founder and chief executive officer, Thomas Pays said in a statement.
Ecommerce has become what we’d describe as critical during 2020. Lockdown had many more South Africans turning to online shopping and delivery services to get basic items as they avoided stores.
Something we highlighted early in 2020 was that ecommerce needed to be more accessible and services such as Ozow allow for that accessibility through instant EFT transfers. This means you are able to shop through etailers such as Takealot and Superbalist without a credit card.
“When we enable people who do not have debit or credit cards to pay online, we draw people into the mainstream economy,” Pays said in a statement.
“This isn’t just changing the commerce landscape. It’s changing people’s lives and we are so grateful to be part of this financial revolution,” the CEO concluded.