Johannesburg- FNB customers spent close to R80 million in eBucks through its digital platform and eBucks partners during the Black Friday weekend, an increase of 40% compared to the same period in 2020.
Earlier this week, the Bank revealed that on Black Friday, its cardholders spent in excess of R2.5 billion, up 15% compared to 2020.
Black Friday spending on its Speed points increased by 19% year-on-year with transactions worth over R2 billion.
Raj Makanjee, FNB Retail CEO said, “The spending patterns are an encouraging indicator of income recovery among consumers. We’re pleased to see that our customers are responding positively to our money management messages as they continue to save by maximising eBucks rewards. Our philosophy has always been to find ways to provide real help to our customers.”
“We are delivering on that promise by enabling customers to stretch their budgets while rewarding them for good money management. In these tough times, eBucks Rewards continue to add value to customers by alleviating some of the pressure from the rising cost of living.”
Johan Moolman, the eBucks CEO, says, “We want to thank our customers for their continued support and commit to always finding ways to help them earn more rewards. With more shopping activity expected over the festive season, we continue to encourage our customers to level up and look at our App to maximise all the benefits available during these tough times.”
FNB’s card data shows that consumer spending is recovering better than expected in most spending categories.
On Black Friday, leading categories such as entertainment saw an 18% year-on-year increase, while grocery spending increased by a further 19% year-on-year.
Digital and Tech increased by 17% year on year, and clothing increased by 10% year on year.
With the eased lockdown restrictions, travel and holiday spending over Black Friday saw a 29% year-on-year increase but is still down 36% compared to the same period pre-Covid-19.
FNB says customers used a wide range of its convenient and safer payment alternatives, such as Virtual Cards on the FNB and RMB Private Bank apps, as well as other contactless methods of payment.
The Bank saw a significant uptick in spending through Virtual Cards and its smart device-based payments increased more than 625%.
To further incentivise customers and encourage Virtual Card usage as a safe and convenient payment method, FNB customers will receive double earn (up to 30% back) in eBucks if they use their Virtual Cards for Clicks online purchases from November into December.
Recently, the FNB’s eBucks Rewards programme was awarded the Best Programme of the Year 2021 (financial services) and the Most Innovative Use of Technology award for the 3rd year running at the South African Loyalty Awards.
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