PayPal holdings PYPL leaves no stone unturned to expand its reach to small businesses with its robust solutions.
Witness the recent introduction of Tap to Pay on Android in Venmo and PayPal Zettle.
With this feature, the company aims to empower businesses, especially small ones in the US, by enabling them to accept contactless payments directly on their mobile devices without additional hardware or upfront costs.
Businesses will now be able to accept contactless cards and digital wallets in minutes, resulting in streamlined operations and improved cash flow.
Notably, Tap to Pay on Android is currently available to Venmo business profile users upon request for Early Access and to all PayPal Zettle users. It will soon be available to all Venmo business profile users.
We believe the latest move will likely drive PayPal’s momentum among small businesses.
PayPal Holdings, Inc. Price and Consent
PayPal Holdings, Inc. Price Consensus Chart | PayPal Holdings, Inc. Citation
Expanding payment solution offerings
In addition to its latest move, PayPal recently beefed up its small business payment solution offerings by adding new features. The features allow small businesses to accept payments made through PayPal, credit and debit cards, digital wallets, Venmo, PayPal Pay Later and Apple Pay.
Additionally, PayPal has introduced passkeys for Android devices, which offer a secure login and secure payment experience without a password.
In addition, PayPal subsidiary Xoom introduced Debit Card Deposit, which allows US customers to conveniently and securely send money directly to eligible Visa debit cards of friends and family. It is available in 25 countries.
Additionally, PayPal has introduced a feature that allows Venmo users to seamlessly transfer cryptocurrencies to their friends and family.
We note that growing wallet offerings will continue to drive PayPal customer momentum in the near term.
PayPal’s growing interest in expanding its payment solution offerings has played a vital role in bolstering its presence in the burgeoning online payments industry.
According to a report by Statista, the digital payments market is projected to reach a transaction value of $9.46 trillion in 2023 and reach $14.78 trillion by 2027, registering a CAGR of 11.8% between 2023 and 2023. 2027.
In addition, the company’s growth prospects in this promising market are likely to continue to drive its financial performance in the near term. This is likely to help the company win investor confidence in the days ahead.
Zacks’ consensus estimate for 2023 revenue is pegged at $29.51 billion, indicating a 7.2% increase over 2022.
Coming to price trends, PYPL lost 3.3% in the year-to-date period versus the industry rally of 48.9%.
Zacks ranking and actions to consider
Currently, PayPal has a Zacks Rank #3 (Hold).
Some top-notch stocks in the broader tech sector are Palo Alto networks PANW, Akamai technologies AKAM and AMETEK TO ME. Palo Alto Networks and Akamai Technologies each have a Zacks Rank #1 (Strong Buy) while AMETEK has a Zacks Rank #2 (Buy). you can see the complete list of today’s Zacks #1 Rank stock here.
Palo Alto Networks shares are up 84.8% in the year-to-date period. The long-term earnings growth rate for PANW is currently forecast at 31.5%.
Shares of Akamai Technologies are up 7% in the year-to-date period. The long-term earnings growth rate for AKAM is currently forecast at 10%.
AMETEK shares are up 13.4% in the year-to-date period. The long-term earnings growth rate for AME is currently forecast at 8.95%.
Want to get the latest recommendations from Zacks Investment Research? Today you can download the 7 best stocks for the next 30 days. Click to get this free report
Akamai Technologies, Inc. (AKAM): Free Inventory Analysis Report
AMETEK, Inc. (AME): Free Stock Analysis Report
Palo Alto Networks, Inc. (PANW): Complimentary Stock Analysis Report
PayPal Holdings, Inc. (PYPL): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
#PayPal #PYPL #introduces #Tap #Pay #Venmo #Zettle #users
Image Source : finance.yahoo.com