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.”
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Everton FC signs Sokin as its global payment partner
Everton Football Club have signed up Sokin as their official global payments partner.
Sokin is a new global currency account provider that specialises in creating open and transparent payments platforms.
The innovative fintech which launched in 2019, has agreed to a multi-year partnership that will see Sokin’s cutting-edge platform handle the Liverpool-based football club’s global currency transactions.
Disruptive startup fintech
Sokin’s founder Vroon Modgill, a first-generation immigrant, discovered how cumbersome money exchanges were and set about creating a frictionless system that can transfer funds cheaply, swifty and easily to global destinations.
The London-based fintech has grown massively since its launch and now has offices in 10 countries. Sokin also provides a streamlined subscriber platform that opens up global access to FX transfers and payments, allowing people and businesses to transact in 38 currencies and 200 countries and territories.
Fintech partnership with Everton FC
The long-term agreement with Everton sees Sokin further boost the Blues’ growing partnership portfolio while the fintech’s collaboration with the football club strategically supports Everton's FX and payments requirements via its global platform.
The partnership will also propel Sokin into a new position as a leading global fintech provider. Modgill said of Everton FC, “This ethos is a fantastic fit for Sokin’s services. As a leading financial service provider, we exist to make global payments simple and offer a trouble-free service that our customers can trust.
“We look forward to seeing the Sokin name appear around Goodison Park – one of football’s most iconic stadiums – and embarking on this journey together. Sokin – the People’s Card, working with the People’s Club.”
Speaking about the partnership, Alan McTavish, commercial director at Everton, explained, “We are delighted to welcome Sokin on board as our newest club partner and look forward to helping them promote their leading global payments offering to millions of our fans and followers around the world.
McTavish added, “Working with such a global brand is an integral part of our commercial growth strategy. Sokin is a truly innovative, forward thinking company that puts its customers and customer experience at the centre of its operation and is a perfect fit within our exciting partnership portfolio.”