FinTech: BNPL Was “One Of The Stars” Of The Holiday Season For PayPal

December 1, 2021 | FinTech, News
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That was a comment by PayPal CEO Dan Schulman on a Mad Money interview Tuesday.

PayPal (NASDAQ: PYPL) enjoyed solid volumes for its buy-now-pay-later (BNPL) offering on Black Friday, continuing a trend the giant payments fintech observed all through November. In that month, for the first time, the company achieved the high water mark of $1 billion in BNPL transactions. (CNBC)

On a Mad Money interview with CNBC’s Jim Cramer on Tuesday, Schulman commented: “During Black Friday, our volume on buy now, pay later was up almost 400% year over year. We did some 750,000 transactions alone in one day on Black Friday.”

In other BNPL statistics, he said the company served over one million first-time BNPL users for the first time ever in a single month, and more than 10 million consumers used the service on an overall basis.

PayPal had launched its BNPL service dubbed “Pay in 4” in the U.S. in late 2020. Users can break up the value of their purchase and pay it in four interest-free instalments.

Afterpay reports 230% jump in BNPL usage

Afterpay (ASX: APT) also provided insights on consumer shopping trends during this year’s Black Friday and Cyber Monday.

“Spending on BNPL in the US has increased 230% in the last year and continues to surge through the busy holiday shopping period, as consumers return to in-store and shop online,” Afterpay said in a statement.

“Afterpay is the preferred BNPL solution for consumers looking for an accessible way to make purchases,” it added. “Consumers saved up to $459 million in credit card fees by making purchases with Afterpay in 2021,” Afterpay noted, “as consumer preference transitions away from credit cards.”

Related Story: PayPal To Acquire Japanese BNPL Pioneer Paidy For $2.7B

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