Oppenheimer notes that PayPal (PYPL) has just announced that Tap to Pay on the Apple (AAPL) iPhone is now available for Venmo business profile and PayPal Zettle users in the U.S. PayPal has struggled to gain traction in mobile, and Oppenheimer thinks this announcement is “certainly a step in the right direction” for a more “frictionless” experience for business users that can be executed all in the app. Tap to Pay likely targets/enhances PayPal offerings to micro and SMB businesses, an alternative to some Block (SQ) offerings, the firm adds. While Oppenheimer still thinks PayPal is a show-me story, it sees the news helping better position PayPal for long-term e-commerce market share retention. The firm has a Perform rating on PayPal.
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