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Thursday, January 16, 2025

Visa says contactless payments jumped 35% for Black Friday

by

Andrea Perez-Sobers
2 days ago
20250114
Jorge Salum, country manager at Visa T&T.

Jorge Salum, country manager at Visa T&T.

COURTESY:VISA

Visa has not­ed an in­crease in con­tact­less and dig­i­tal trans­ac­tions in T&T dur­ing the Black Fri­day and the Christ­mas hol­i­day shop­ping sea­son last year. 

Ac­cord­ing to da­ta from Visa Con­sult­ing & An­a­lyt­ics (VCA), trans­ac­tions made with Visa cre­den­tials dur­ing Black Fri­day 2024 in T&T reg­is­tered a 27 per cent in­crease in to­tal trans­ac­tions com­pared to the same pe­ri­od in 2023.

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

“The surge in con­tact­less trans­ac­tions dur­ing this year’s Black Fri­day in Trinidad and To­ba­go un­der­scores a com­pelling shift in con­sumers and busi­ness­es’ be­hav­iours, show­cas­ing a clear pref­er­ence for this in­no­v­a­tive pay­ment tech­nol­o­gy,” said Jorge Salum, coun­try man­ag­er at Visa Trinidad & To­ba­go.

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

The analy­sis al­so shows that on­line trans­ac­tions dur­ing this year’s Black Fri­day in T&T reg­is­tered a 29 per­cent in­crease com­pared to 2023. 

Visa T&T said the surge in e-com­merce spend­ing re­flect­ed T&T 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.

VCA’s con­sult­ing team analysed da­ta re­lat­ed to con­sumer trans­ac­tions that took place through VisaNet on Black Fri­day (No­vem­ber 24) in 2023 vs Black Fri­day (No­vem­ber 29) in 2024, ex­clud­ing Visa Di­rect-re­lat­ed trans­ac­tions and spend.

These growth per­cent­ages are re­lat­ed to trans­ac­tions in US dol­lars and lo­cal cur­ren­cy.  
The oth­er coun­tries analysed com­prised 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.

In De­cem­ber, the Cen­tral Bank re­port­ed in its No­vem­ber mon­e­tary pol­i­cy re­port that there had been an in­crease in cred­it card us­age for most of 2024, with cred­it cards ac­count­ing 43.7 per cent of trans­ac­tions over US$20,000, up to that point in 2024. 


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