PayPal, Venmo maintain strong market share in Black Friday shopping - Wedbush
Drazen_/E+ via Getty Images

A survey of Black Friday shopping underscored PayPal's (NASDAQ:PYPL) dominance in online shopping and its expansion in in-store transactions, Wedbush analyst Moshe Katri said in a note on Tuesday.
In online payments, PayPal's (PYPL) core product and Venmo accounted for 34.9% of Black Friday shopping held third place among Black Friday online shoppers who paid using select methods, up from a combined 31.2% in 2021, according to PYMTS Black Friday survey. Venmo's share, at 8.2%, doubled from a year earlier, while PayPal by itself slipped to 26.7% from 27.1%. Katri has an Outperform rating on PYPL.
The top two payment forms were credit (49.4%) and debit (47.7%). Debit card usage increased 700 basis points from a a year ago, while credit's share fell ~400 bps Y/Y.
Apple Pay (NASDAQ:AAPL) expanded its share to 12.7% from 7.8%, and Buy Now Pay Later financing rose to 10.2% from 8.2% a year ago.
For in-store payments, cash usage increased to 41.8% of transactions from 35.6% in 2021, which shows the "significant long term opportunity for electronic payments' share gains," Katri said. PayPal (PYPL) and Venmo's share increased to 23.6% from 20.5% and Apple Pay's (AAPL) share rose to 12.7% from 8.1%. BNPL share increaed to 7.9% from 5.6%.
"We found it odd Block's (NYSE:SQ) CashApp wasn't included/mentioned in the survey, especially as in our prior (Wedbush) surveys, CashApp commanded close to 10% market share," the analyst said.
PayPal (PYPL) shares slipped 1.9% in Tuesday afternoon trading, Apple (AAPL) dropped 2.1%, and Block (SQ) stock rose 1.9%.
Earlier, Block's (SQ) Square and Afterpay saw 61M transactions during the Black Friday-Cyber Monday weekend, the company said Tuesday.