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How Scott Bessent used financial engineering to finance the $2 trillion deficit while leaving it untouched—and created a $1.45 trillion shortfall

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The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges a surprise winner
TechPayPal Holdings

Mobile Has Been Huge For PayPal On Big Holiday Shopping Days

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Leena Rao
Leena Rao
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By
Leena Rao
Leena Rao
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November 29, 2016, 4:03 PM ET
Holiday Shoppers Look For Bargains On Black Friday
NEW YORK, NY - NOVEMBER 25: People ride an escalator inside an H&M retail store during Black Friday events on November 25, 2016 in New York City. The day after Thanksgiving, called Black Friday, is typically the biggest shopping day of the year in the United States. (Photo by Eduardo Munoz Alvarez/Getty Images)Eduardo Munoz Alvarez — Getty Images
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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.

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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.

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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.

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