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Is Apple About to Eat PayPal's Lunch?

TheMotleyFool

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Is Apple About to Eat PayPal's Lunch?: https://g.foolcdn.com/editorial/images/712695/gettyimages-contactless-phone-payment.jpg

The next time you're out shopping, don't be surprised if you see the person checking out in front of you using their iPhone to pay instead of a credit card.

Apple's (NASDAQ: AAPL) payment service, Apple Pay, saw a 52% year-over-year increase in adoption during November, according to data from Salesforce cited by Deutsche Bank analyst Bryan Keane. That was across both in-store proximity payments and online payments made through Apple devices.

That's bad news for PayPal Holdings (NASDAQ: PYPL) and other, more established, digital wallet services. Apple is rapidly taking market share, and its fintech aspirations could stymie the growth of its rivals.

Source Fool.com

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