PayPal processed over $1B each on Black Friday, Cyber Monday
PayPal processed more than $1 billion in mobile payments on both Black Friday and Cyber Monday, the first time payment volume has surpassed that figure on either of those days, according to a TechCrunch report.
In the five days covering Thanksgiving Day to Cyber Monday, PayPal handled more than $25,000 per second in payments, with more than $11,000 per second processed via mobile devices, the report stated.
The peak hour for mobile payments came during Black Friday, and PayPal's mobile payment volume for that day increased about 42% compared to the same day last year. PayPal's data also showed that payment volume on Thanksgiving Day was up about 41% year over year.
The gateway weekend to the busiest shopping season of the year appears to be evolving in some interesting ways. Black Friday isn't just for going out to ye olde brick-and-mortar shops anymore — it's becoming much more of an online and mobile shopping day as well. The same is happening with Thanksgiving. Perhaps shopping on your phone during dessert isn't as ill-mannered as skipping out on pumpkin pie to chase a hot deal at the mall.
PayPal said Thanksgiving Day has grown to become one of the top 10 shopping days of the year, according to the TechCrunch report. PayPal is not the only company in the sector that has noticed these trends. Data from Adobe Analytics also pointed to a surge in mobile shopping on Black Friday.
As for mobile payments, more retailers have been adopting the capability, and as PayPal CEO Dan Schulman pointed out after the company's third quarter earnings, PayPal has continued to upgrade its mobile app with new features, and continues to forge richer relationships with retailers. Its broad partnership with Walmart for money services is one example.
Mobile commerce transactions are expected to overtake online transactions next year as well, according to data from 451 Research. This holiday season is key to that turning point.