PayPal Holdings Inc. volumes on the “buy now, pay later” (BNPL) platform skyrocketed five times higher this Black Friday compared with a year earlier as the payments giant started to gain traction, Reuters reports.
Black Friday is the unofficial shopping holiday in late November on the day after the Thanksgiving holiday. PayPal launched its “Buy in 4” platform in August 2020.
Over 9 million users have availed of the BNPL service. PayPal had more than 1 million first-time users for the first time in November.
PayPal claimed 400 million-plus people were on its platform. They know consumers, merchants, and when someone can responsibly borrow.
PayPal also claimed one of the highest approval rates and one of the lowest default rates in the industry.
CEO Dan Schulman preferred working on developing other forms of digital money and central bank digital currencies (CBDCs) compared to crypto.
“But what’s really interesting to me is can crypto or digital forms of currency add incremental utility to payments—things like programmable money, things like NFTs (non-fungible tokens), things like some Defi (decentralized finance) applications.”
