Visa Black Friday purchases increase by 27%

TRINIDAD and Tobago recorded sustained growth in online and in-store purchases using Visa credentials for the holiday season, particularly for Black Friday.

According to data from Visa Consulting and Analytics (VCA), there was a 27 per cent increase in total transactions for Black Friday 2024 in TT compared to the same period the year before.

Black Friday is the kickstart to the holiday shopping season, where retailers offer great discounts and sales. It was observed on November 29, 2024.

VCA said this growth in TT was fuelled by a 35 per cent rise in contactless payments, highlighting this technology’s increasing popularity and effectiveness among consumers and businesses for fast, convenient and secure purchases in this digital age.

VCA’s analysis also found that online transactions registered a 29 per cent increase compared to 2023.

“This surge in e-commerce spending reflects TT consumers’ growing preference for online shopping, driven by enhanced connectivity and mobile commerce options. It also highlights the promising digital ecosystem that is consolidating locally,” it said.

The growth percentages, the VCA said, were related to both local and foreign currency.

Visa TT country manager Jorge Salum said the surge in contactless transactions underscores a compelling shift in consumer and business behaviours in TT.

“These results, coupled with the continued growth of Visa’s transactions during this critical shopping day, demonstrate TT consumers’ adaptability to evolving macroeconomic conditions and their willingness to embrace the new standards of digital commerce,” Salum said.

TT wasn’t the only country analysed. It also looked at transactions from Brazil, Chile, Argentina, Peru, Mexico, Colombia, Guatemala, Costa Rica, the Dominican Republic, Uruguay, Puerto Rico, Panama, Honduras, El Salvador, Ecuador, Paraguay, Jamaica, Bolivia, Nicaragua, Bahamas and Barbados.

Visa contactless transactions. – Photo courtesy Visa 

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