Advisory company Evercore has named PayPal (PYPL) as its top payments stock and said the firm’s recently launched cryptocurrency offering could be good for profitability.
- According to a Bloomberg report Monday, Evercore ISI research analyst David Togut said PayPal's move into cryptocurrency could "substantially increase both customer engagement and transaction margin."
- The introduction of QR codes, too, is helping PayPal achieve its goal of offering services across multiple payments channels, Togut said.
- As e-commerce continues to grow, PayPal has assumed a "superior market position as a digital and mobile merchant acquirer with a strong mobile wallet" and various payment services, he wrote.
- PayPal confirmed its plans to launch crypto buying and selling, as well as crypto merchant payments, in an Oct. 21 announcement that sent shockwaves across the industry.
- Soon after it launched – earlier than planned – for U.S. users, allowing them to buy, hold and sell bitcoin, ether, bitcoin cash and litecoin.