New Street Research - PayPal Holdings Inc (PYPL) PYPL US (Buy, TP: $80, +23%) PayPal - Apple Pay features update: Implications / First Read

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New Street Research

Soomit Datta

EUR 8957.00 For Business Accounts Only

PYPL US (Buy, TP: $80, +23%) PayPal - Apple Pay features update: Implications / First Read

Apple yesterday announced the launch of a number of additional features to Apple Pay, including BNPL/instalment plans, rewards/incentives and access to third party browsers. Apple Pay is something we addressed for PayPal in our initiation, PayPal - Life in the Fast Lane, and PayPal’s personalisation efforts on Branded – as highlighted again yesterday at an investor conference by CFO Jamie Miller – remain hard for Apple to match as a pass-through wallet.

12/06/2024 1 EN

Underlying

PayPal Holdings Inc

PayPal Holdings is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. The company's combined payment solutions include its PayPal, PayPal Credit, Braintree, Venmo, Xoom and iZettle products and services. PayPal's payment solutions enable the company's customers to send and receive payments. PayPal helps merchants and consumers connect, transact, and complete payments, whether they are online, on a mobile device, in an app, or in person. The company provides proprietary payment solutions accepted by merchants that enable the completion of payments on the company's Payments Platform on behalf of its customers.

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US70450Y1038 NASDAQ Stock Market United States

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Analysts

Soomit Datta

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PYPL US (BUY, TP: $85, +24%) ADYEN (BUY, TP: EUR1,700) SQ US (Neutral, TP: $70) Real Time Payments: Risks for Visa/Mastercard, implications for PSPs - Global learnings

We continue our series of Deep dives into Payments (see previous: Unified Commerce, and Rise of the Merchants) with a look at Real Time Payment (RTP) developments. Adoption has been rapid on a global basis, notably at the consumer level in markets like Brazil, though is a significant laggard in the US. Momentum here is, however, slowly building through FedNow (launched only in 2023) with banks/FIs stalling, but with consumer demand we think high and with a Visa/Mastercard interchange settlement (early 2025 we expect) which should support tender steering and funnel consumers to lower cost real-...

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PYPL US (BUY, TP: $85, +25%) PayPal Everywhere? Well, almost there..

PayPal at the end of last week presented “PayPal Everywhere”, with “new rich rewards and in-store access” which, according to the release, will “...transform PayPal into a single solution for every type of customer everywhere they shop”. A quick read of the headline might suggest that PayPal is (finally) becoming available for in-store payments. Perhaps even somehow already taking advantage of Apple’s recently announced opening up of access to the NFC chip (and “Secure Element”) for 3rd parties, including other digital wallets (as detailed in PayPal – Faster Lane to a bigger destination).

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T-Mobile selling 3.45GHz portfolio

We just learned that T-Mobile is selling the remainder of its 3.45GHz portfolio to Columbia Capital. The transaction was filed with the FCC 10 days ago; we just picked up on it. This follows a swap in which T-Mobile got 2.5GHz licenses in exchange for some of its 3.45GHz licenses back in May. T-Mobile is now out of 3.45GHz entirely. Our quick thoughts in this very brief note.

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PYPL US (Buy, TP: $80, +23%) PayPal - Apple Pay features update: Implications / First Read

Vital Signs: Actionable charts

PYPL US (BUY, TP: $85, +24%) ADYEN (BUY, TP: EUR1,700) SQ US (Neutral, TP: $70) Real Time Payments: Risks for Visa/Mastercard, implications for PSPs - Global learnings

PYPL US (BUY, TP: $85, +25%) PayPal Everywhere? Well, almost there..

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

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