Visa reported a 29% increase in Black Friday sales in Trinidad and Tobago, with credit card transactions up by 27% from last year. A 35% rise in contactless payments and a 29% increase in online transactions indicate consumer preference for modern payment methods. Jorge Salum, Visa’s Country Manager, noted a shift toward innovative payment technologies, reflecting strong consumer confidence.
Visa has reported a noteworthy 29% increase in credit card transactions during the Black Friday sales in Trinidad and Tobago. According to the Visa Consulting & Analytics (VCA) team, this surge reflects the strong consumer confidence and resilience in the region as residents embraced this significant shopping event. Notably, the increase encompassed both in-store and online purchases, with total transactions growing by 27% compared to the previous year, 2023.
A substantial driver of this growth was a remarkable 35% rise in contactless payments, indicating a shift towards more modern payment methods among local consumers and businesses alike. Jorge Salum, Country Manager at Visa Trinidad and Tobago, emphasized the strong consumer interest in innovative payment technologies, stating, “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.”
In addition, Visa’s analysis showed that online transactions saw a significant 29% increase compared to last year, reflecting the growing trend of e-commerce as consumers increasingly prefer shopping online due to improved connectivity and mobile commerce options in Trinidad and Tobago. The VCA team conducted their analysis by comparing consumer transactions that occurred via VisaNet on Black Friday, capturing data across numerous Latin American and Caribbean nations, which included Trinidad and Tobago as one of the focused markets.
The report from Visa highlights the changing landscape of retail in Trinidad and Tobago, particularly during significant shopping events such as Black Friday. With consumers adapting to new technologies and shopping preferences, the increase in credit card transactions showcases broader economic trends reflecting consumer confidence despite varying macroeconomic conditions. The emphasis on contactless payments and the growth of e-commerce are indicative of a digital transformation within the retail framework in the region.
In conclusion, the findings from Visa’s report on Black Friday sales in Trinidad and Tobago highlight a significant increase in consumer spending through credit card transactions, with notable shifts towards contactless and online payment methods. This trend not only reflects a growing consumer confidence but also showcases a lasting change in shopping behaviors, as residents increasingly embrace digital commerce. The data serves as an indicator of the evolving economic landscape in Trinidad and Tobago and the potential for continued growth in retail transactions through innovative technologies.
Original Source: tt.loopnews.com
