Is Apple About to Eat PayPal's Lunch?
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