Mobile Has Been Huge For PayPal On Big Holiday Shopping Days
By Leena Rao for Fortune
With more people using smartphones, mobile shopping is seeing strong growth this holiday season. Digital wallet giant PayPal said that the value of transactions through mobile devices grew 50% on Cyber Monday, highlighting the increasing importance of mobile for online and brick and mortar retailers.
PayPal, which has 192 million users, also said that payment volume on Thanksgiving reached a record $10,781 per second. The largest purchase made using PayPal’s wallet on the holiday was $75,849 for an unidentified big ticket item, and the top shopping category was fashion.
On Black Friday, the biggest purchase made using PayPal was $53,500. At one point on Black Friday, payments volume reached $15,507 per second during what was the busiest shopping day so far this year. Like on Thanksgiving, fashion was the biggest sales category.
PayPal said on Monday that it was expecting more than 40% year-over-year growth in global payment volume on Cyber Monday, making the day one of PayPal’s biggest shopping days of the year.
Overall e-commerce spending on Black Friday, the day after Thanksgiving, reached a record of more than $3 billion, according to Adobe.
On Cyber Monday, online spending also reached new daily record with consumers spending $3.45 billion, according to Adobe Digital Insights, blowing past initial forecasts.
First appeared at Fortune