Will Apple Pay Cash Steal PayPal's Crown Jewel?
Over the last couple of years, PayPal Holdings, Inc. (NASDAQ: PYPL) has enjoyed something of a renaissance. Since being spun off from eBay Inc. (NASDAQ: EBAY) in 2015, PayPal stock has risen over 65% as the company formed alliances with major credit card companies and other big players in the payments arena. Expanding beyond its historical website payment option, the company has evolved into a full service digital payment processor and mobile wallet.
The fastest growing segment of PayPal's business has been its peer-to-peer (P2P) payments app Venmo, which has been a hit with millennials, processing more than $8 billion in total payment volume, an increase of 103% over the prior year quarter. While those results are astonishing, PayPal CFO John Rainey went a step further, saying: "To say it's the crown jewel of PayPal, I don't think is an overstatement."
Unfortunately for PayPal, Apple Inc. (NASDAQ: AAPL) is out to steal the crown jewels.
Source: Fool.com
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