PayPal and Square Are On a Collision Course

PayPal (NASDAQ: PYPL) and Square (NYSE: SQ) saw their payments volumes head in opposite directions in April amid the novel coronavirus pandemic. PayPal saw payment volume increase about 22% last month while the same metric fell about 39% for Square.

There's been a major upheaval in shopping behavior. Consumers are spending online more and going to stores less as they practice social distancing. As a result, Square is accelerating its efforts to offer more digital payment solutions and help its merchants shift online. But PayPal isn't standing still, either. It sees an opportunity to win more in-store payments when consumers start to return to shops and restaurants.

Image source: Square.

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Source Fool.com