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Buy now, pay later, on this Black Friday and Cyber Monday

Nokwanda Dlangamandla |
24 November 2022 | 13:30 AM CAT 1 min read

Photo Credit: WordCraftbyAnnisa

South Africans are gearing up for the annual Black Friday scheduled for November 25, 2022, followed by Cyber Monday.

Black Friday has become one of the biggest shopping days on the calendar in South Africa, with a growing list of local retailers offering reduced prices on a range of products.

But along with the hype, there is also a warning for consumers to be mindful of overspending this year.

This comes against rising fuel prices, growing inflation, increased interest rates, and a surge in food prices.

On “Cyber Monday”, which falls on November 28, 2022, online retailers are anticipated to run several promotions.

Despite consumers being more responsible and cautious when making purchases on Black Friday since COVID-19, PayFlex, South Africa’s most extensive and incredible online payment system, predicts a 60% increase in consumers this year.

Speaking with Radio Islam International, Chris Olsen, COO of PayFlex, said the company had doubled its customer base since 2021.

“This Friday, we are expecting a level increase for PayFlex.”

He claims that the amount spent using the “buy now, pay later” system had increased by about 20%, with consumers paying more for the item’s value.

“For instance, fashion is 29 % up, electronics, 27 %, children’s products, 11%, those are kind of spent categories where we have seen an increase in spend value.”

This year, it has been officially confirmed that Makro, Edgars, Clicks, Game, Huawei, iStore, and many other retail outlets will offer Black Friday specials.

Listen to the interview with Chris Olsen, COO of PayFlex, hosted by Ml. Sulaimaan Ravat on Sabahul Muslim, Radio Islam International’s award-winning breakfast show.


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