Once a pandemic-era darling, (NASDAQ: PYPL) stock has suffered over the last few years as competition in the payment industry heated up. Today, PayPal stock trades around $60 per share, and investor sentiment has probably never been lower.

With its new CEO, Alex Chriss, taking the helm earlier this year, PayPal is undergoing a strategic shift to reclaim its once-stellar growth trajectory. It'll take time to reinvigorate investor sentiment, but there is a good reason why PayPal could be an excellent opportunity for long-term investors today. Here's why.

Over the past several years, PayPal has faced increasing competition in the fiercely competitive payments industry. The company contends with rivals like Block's Cash App, Apple Pay, Google Pay, and other digital wallets. Despite this, PayPal continues to be the most-used digital wallet among U.S. adults, with a 71% penetration rate, according to Morning Consult.

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Source Fool.com