America’s biggest banks are teaming up to take on Apple Pay and PayPal with a new digital wallet. Analysts think it could flop [Fortune]
PayPal Holdings, Inc. (PYPL)
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Source: Fortune
The latest example is a push by seven banks, including Bank of America and JP Morgan Chase, to build a wallet of their own to compete with the payment goliaths, according to The Wall Street Journal. The banks’ Early Warning Services consortium, which manages the money-transfer service Zelle, announced on Tuesday that it will operate the as-of-yet unnamed wallet. The plan is to provide “debit or credit card customers with an easy and secure way to pay while shopping online,” a spokesperson for Early Warning Services said in a statement to Fortune. An explicit goal of the new wallet is to make inroads against the likes of PayPal and Apple Pay, according to Journal. Analysts that closely track payment services companies are skeptical, however, that the forthcoming bank wallet will take a significant bite out of these companies’ market share. “TBD Whether It’s Going to Work” “It’s TBD whether or not it’s going to work or not,” Sanjay Sakhrani, a PayPal analyst at Keefe, Bruyette & Woo
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PYPL
News
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- PayPal Holdings, Inc. (NASDAQ: PYPL) had its price target raised by analysts at Evercore ISI from $56.00 to $60.00. They now have an "in-line" rating on the stock.MarketBeat
- PayPal: This Is Not The Next Meta [Seeking Alpha]Seeking Alpha
- Paypal (PYPL) Advances While Market Declines: Some Information for Investors [Yahoo! Finance]Yahoo! Finance
- PayPal: The Cheapest, Highest-Quality Tech Stock to Buy in 2024 [Yahoo! Finance]Yahoo! Finance
PYPL
Earnings
- 2/7/24 - Beat
PYPL
Sec Filings
- 3/27/24 - Form 3
- 3/27/24 - Form PX14A6G
- 3/7/24 - Form 144
- PYPL's page on the SEC website