As travel and family gatherings are traditionally the hallmarks of the Easter holiday period, FNB data forecast an increased spend over this period, led by accommodation, flights, fuel, DIY and hardware, as well as clothing categories.
The bank noted last year, it saw an increase of 7.41% YOY in spend during the height of the holiday period, and anticipates this year’s spend to increase by just over 8 % in view of the expected transactional activity.
“As customers start to prepare to host family or make travel plans, we expect to see a notable increase in spend activity in various merchant categories such as hardware, flights, accommodation, clothing, peaking during the Easter holiday before tapering off toward the end of the season,” FNB Credit Card and Card Platform CEO, Senzo Nsibande said.
The bank said that online spend (which grew by 47.12% YOY) outpaced in-store spend (which grew by 24.19%).
FNB further stated that customer payments with physical cards decreased by 10.88% YOY in 2024 while virtual card payments went up by 90.12% YOY just before Easter, then ramping up to an 134% YOY growth at the peak of the Easter period.
“Our customers’ transactional safety both online and in-store is a key concern for us. With Easter being a high-frequency travel and shopping period, our innovative FNB virtual card will be a critical payment method to ensure safe and secured transactions over this time. Our data shows that our customers have come to value the convenience and safety of the FNB Virtual Card and we truly believe that the unprecedented growth that we continue to see in the virtual cards space is testament to the fact that our customers know that they can trust us and our platform as they conveniently transact both in-store and online,” Nsibande said.
“What sets apart our FNB Virtual Card is that it comes with a dynamic card verification value (CVV) security code which changes every hour. We can’t emphasise enough that customers must never share one-time passwords (OTPs), device passcode, PINs, CVVs with anyone – they keep their card and PIN details safe as with all other sensitive personal information.”
“Should one find themselves or family members in a bind while traveling or at home, customers can access unlimited on-demand medical and armed response through GuardMe – a nationwide medical and personal armed response service brought to customers in partnership with eBucks and available on the FNB Banking App.”
While FNB remains optimistic that spend this Easter will continue to grow, what remains to be seen is exactly by how much.
“As always, to avoid excessive spending, we encourage our customers to actively use our nav»Money Smart Budgeting functionality on the FNB App. It will help them manage, set up and track their budgets over the holidays. Our customers can also take advantage eBucks they have accumulated to optimise their budgets” Nsibande added.
FNB customers can use the FNB App to temporarily block, cancel, or replace their cards if they suspect fraud or if their cards are lost or stolen.
“We further urge customers to always remain vigilant when making transactions over this time”, Nsibande further said.
BUSINESS REPORT