PayPal CEO Dan Schulman told CNBC’s Jim Cramer on Tuesday that use of the company’s buy now, pay later option surged on Black Friday.
In an interview on “Mad Money,” Schulman said PayPal’s installment payment service is “one of the stars, actually, of the holiday season for us.”
“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,” Schulman said, referring to the day after Thanksgiving that’s a key part of the holiday shopping season.
The activity on Black Friday continues a trend PayPal observed throughout November, which is the first time the company recorded more than $1 billion of process volume through its buy now, pay later option in a single month, Schulman said.
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