Visa reported a 29% increase in Black Friday sales in Trinidad and Tobago. Transactions rose by 27%, with contactless payments surging by 35%. Online purchases increased by 29%, highlighting the shift toward e-commerce. Jorge Salum from Visa noted the growing preference for innovative payments, underscoring consumer adaptability and confidence.
Recent data from Visa indicates a substantial 29% surge in Black Friday sales in Trinidad and Tobago, showcasing increased consumer confidence and spending. This year, transactions made with Visa cards during the holiday reached a notable 27% rise, in comparison to the previous year, driven primarily by a remarkable 35% increase in contactless payments. Jorge Salum, Visa’s Country Manager, emphasized that this trend illustrates a significant shift towards innovative payment technologies among consumers and businesses. Moreover, online purchases also saw a substantial boost of 29%, reflecting a growing preference for e-commerce fueled by improved connectivity and mobile commerce options. The analysis conducted excluded Visa Direct transactions and focused specifically on spending in both US dollars and local currency.
The rise in credit card transactions during Black Friday is indicative of the overall shopping climate in Trinidad and Tobago. In recent years, there has been a growing inclination towards utilizing digital payment solutions, particularly contactless methods. This transformation in consumer behavior is attributed to the evolving macroeconomic conditions and the increasing availability of mobile payment platforms. Visa’s examination of transaction data provides valuable insights into the shopping habits of Trinidadian consumers during significant retail periods such as Black Friday, highlighting shifts towards e-commerce and innovative payment methods.
In conclusion, the data released by Visa on Black Friday sales in Trinidad and Tobago reveals an encouraging trend toward increased consumer spending and the adoption of digital payment technologies. The significant rise in both in-store and online transactions, particularly through contactless methods, showcases a transformative era in retail payment systems. As consumers adapt to these advancements, businesses must continue to innovate and enhance their payment solutions to meet evolving demands. This strong performance reflects the resilience and adaptability of Trinidad and Tobago’s consumer market amidst changing economic landscapes.
Original Source: tt.loopnews.com
