Black Friday 2019: Digital payments break records in South Africa
Payment provider DPO shares an impressive jump in online sales on Black Friday 2019, by as much as 35%, reflecting a wider growth across Africa.
Black Friday gets bigger every year, and in recent years it has often been a point of contention, particularly for SMEs. However, spending on Black Friday has skyrocketed across South Africa, particularly for payment service provider DPO, who shared in its report that it has seen a 35% increase on this year’s event, exceeding its own 2019 forecasts.
According to the payments provider, on Black Friday 2018, 64% of transactions were carried out through DPO’s platform and the company has predicted that this would increase in 2019 by as much as 70%. These findings confirm that Sub-Saharan Africa remains the epicentre of mobile e-commerce.
Eran Feinstein, CEO and co-founder of DPO Group commented, “These numbers reveal the rapidly growing appetite amongst businesses and consumers in Africa to be able to transact securely online, underlining the enormous potential of e-commerce to boost economic growth on the continent. We are also starting to see the Black Friday phenomenon gaining traction in other African countries – there was a significant increase in transactions on our platform in East Africa during the Black Friday weekend. For e-commerce to thrive, a reliable payments infrastructure is essential. Serving in excess of 100,000 merchants across 19 African countries, we are well positioned to respond to this accelerating demand and we’re excited to see the number of e-commerce opportunities that are emerging, not only in South Africa, but across the continent.”
This drastic increase in annual retail on Black Friday from DPO reflects a wider growth across Africa. According to PwC’s survey of South African consumers intentions to spend, Retail sales in South Africa increased by 1,952% on Black Friday last year, compared to a global average increase of 663%
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“Kenya has led the continent in revolutionising mobile transactions over the past decade. Around 20% of adults in sub-Saharan Africa now have a mobile money account, a higher share than any other region in the world. This access, combined with our secure and fast payment services has resulted in a huge swing towards a preference for transacting via mobile phone, illustrating the significant possibilities for business growth across Africa,” Mr Feinstein added.
Who is Eran Feinstein?
Eran Feinstein has been the CEO of DPO Group for 13 years. He is also the founder of Enoyaone, a platform that provided the African Travel Market with Online Booking Systems and Online Credit Card Payments facilities.
In an interview with How We Made It In Africa, he shared the reasons why he was successful: “Always sticking to my three core values: responsibility, accountability as a leader, and boldness in constantly seeking to innovate. I also believe that teamwork is key to success. Having an experienced driven team is what has made DPO the company it is today.”
For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.
NFT Marketplace Rarible Raises US$14.2m
Alongside the funding announcement, Rarible has shared that they’ve officially partnered with NBA Top Shot maker Dapper Labs to bring their NFT marketplace to Dapper’s Flow blockchain. Dapper Labs has begun building out a wider coalition of NFT platforms on its proprietary blockchain which is more energy-efficient and less costly than transactions on the Ethereum network.
“To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences. As a blockchain, Flow enables easier access and lowers the entry barrier for traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption.
“In the coming couple of months, we will be bringing Rarible on Flow as a primary and secondary marketplace, also welcoming the robust ecosystem of projects built on Flow blockchain,” Rarible said.
According to the company, last June, 6 months post-launch, total trading volume on Rarible hit the $28,000 mark. By June 2021 it grew by a mind-blowing 3000x, reaching $150 million in total sales.
“Just as we have always been at the forefront of the NFT movement, Rarible is determined to pioneer the next wave,” the co-founder of Rarible’s marketplace and CEO Alexei Falin said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.”
In a blog post the company says they hope to use this funding to explore more user-friendly developments like accepting credit card payments. “We need a world where an indie creator can effortlessly create an NFT and sell it for $5 to his community of supporters, as well as where a pop icon can use NFTs to establish close contact with her multi-million audience in a sustainable way.”
Rarible has a lot underway in the upcoming few months, including the launch of Rarible NFT protocol, L2 solution for scalability and sustainability, credit card payments, adoption of Flow blockchain, multiple partnerships and drops, and more. Many projects are already working on integrations with Rarible protocol, such as the partnership with one-click NFT creator S!NG that allows users to mint and put their NFTs on sale with no costs involved.