Should PayPal's Venmo Be Scared of Apple Pay Cash?

Should PayPal's Venmo Be Scared of Apple Pay Cash?

As the leader in mobile peer-to-peer (P2P) payments, PayPal's (NASDAQ: PYPL) subsidiary Venmo theoretically has the most to lose from Apple's (NASDAQ: AAPL) entry into the P2P market. The Mac maker formally announced Apple Pay Cash, its own P2P service integrated directly into iMessage, over the summer, and Apple Pay Cash finally launched this week alongside iOS 11.2. Apple Pay Cash processes through a debit card in order to minimize the transaction fees that Apple absorbs, and represents a seamless way to send money to friends and family (provided they have an Apple device running the latest software, of course).

PayPal CEO Dan Schulman has already said he's not too worried about Apple Pay Cash, and now a Street analyst is echoing that sentiment.

Apple Pay Cash launched this week. Image source: Apple.

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Source: Fool.com