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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.