Visa Reports 29% Growth in Trinidad and Tobago’s Black Friday Sales

Visa reported a 27% increase in total transactions in Trinidad and Tobago for Black Friday 2024, with a 35% rise in contactless payments and a 29% increase in online transactions. The data reflects strong consumer confidence and a shift towards digital payment solutions.

Trinidad and Tobago experienced a robust increase in credit card transactions during the Black Friday holiday in 2024, as reported by Visa. Their Consulting & Analytics team found a remarkable 27% growth in total transactions compared to the previous year, showcasing the resilience and strong purchasing confidence of Trinidadian consumers. Notably, contactless payment methods surged by 35%, demonstrating a clear shift towards fast and secure payment options in both online and in-store environments.

Jorge Salum, the Country Manager for Visa Trinidad and Tobago, stated that this increase highlights the consumers’ affinity for innovative payment technologies. He noted, “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.” Such adaptability reveals the consumers’ readiness to embrace new digital commerce standards.

Moreover, online transactions saw an impressive 29% increase compared to 2023, indicating a growing preference for e-commerce among Trinidad and Tobago’s consumers. The analysis suggests that better connectivity and the rise of mobile commerce options are contributing to this trend. The data was accumulated from VisaNet transactions on Black Friday, comparing figures from 2023 to 2024 and focused on transactions made in US dollars and local currency.

The article delves into the significant impact of consumer behaviour during the Black Friday shopping event in Trinidad and Tobago, particularly highlighting the increase in credit card transactions as reported by Visa. The rise in both online and contactless payment options reflects changing shopping patterns in the region, driven by advancements in digital payment technologies and consumer confidence in economic recovery. This data not only depicts evolving spending habits but also emphasizes the importance of a robust digital payment ecosystem in Trinidad and Tobago.

In summary, the Black Friday shopping event in Trinidad and Tobago showcased a substantial increase in credit card transactions, with notable growth in online and contactless payments. This shift indicates a strong consumer preference for innovative payment solutions, driven by advancements in technology and heightened economic resilience. Such trends portray a promising future for the digital commerce landscape in the region.

Original Source: tt.loopnews.com