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JPMorgan Says Card Payments Surged 15% Over Black Friday Weekend
- Jump was driven by a surge in Cyber Monday purchases
- Consumers are still dealing with pandemic’s economic impact
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JPMorgan Chase & Co. said it processed 15% more card payments during Black Friday weekend than it did a year earlier, a sign that the pandemic did little to curtail spending as the holiday shopping season began.
The jump was driven by a surge in purchases on Cyber Monday, when the biggest U.S. bank processed a record 27% more online and mobile payment authorizations than it did on the same day last year, according to data to be released Friday. That countered a 12% drop in in-store payment authorizations over the weekend as shoppers avoided malls due to concerns about Covid-19.