Report
Soomit Datta
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PYPL US (Buy, TP: $80, +33%) PayPal: Apple Pay on 3rd-party browser - not "Game Over" for Branded

Having spent the week discussing Apple Pay’s recent (WWDC) initiatives with investors on the road we draw some firmer conclusions. The short thesis on PYPL since the announcement has focused largely on the 3rd party browser (non-Safari)/non-MacOS launch (rather than the BNPL/rewards/incentives).
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.

Provider
New Street Research
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.

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Analysts
Soomit Datta

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