PayPal Holdings ( NASDAQ:PYPL )
At 10:41 a.m. ET on Monday, shares of PayPal Holdings ( NASDAQ:PYPL ) had risen 4%, putting it ahead of the S&P 500 index. A positive earnings report from Bank of America was well received by investors, which drove up the PayPal stock price. PayPal also introduced a new app feature called PayPal Incentives, which combines cash-back rewards and merchant offers into a unified shopping experience.
PayPal stock is down 73% from its all-time high in 2021 due to slowing growth and rising competition from Apple. Can it make a comeback?
Then What?
During this period of rising inflation, PayPal’s 429 million active accounts may find the incentives function particularly helpful. The move is partly a reaction to Apple Pay, which has been steadily eating into Mastercard and Visa’s transaction value share of the market.
Apple has a large, dedicated user base and has been increasing the pressure on PayPal stock by adding additional capabilities this year. Last week, Apple announced new high-yield savings account for Apple Card holders, set to launch in the coming months. Apple also introduced its version of “Pay Later” earlier this year.
As a result, PayPal Holdings ( NASDAQ:PYPL ) active account growth slowed to 6% in the second quarter, down from 16% in the same period in 2021.
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