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Evercore Says PayPal's Crypto Offering Could Bring Big Business Boost

An Evercore analyst named PayPal as the top payments stock and said its recently launched cryptocurrency offering could boost margins.

Updated May 9, 2023, 3:14 a.m. Published Dec 14, 2020, 3:54 p.m.

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.

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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.

PayPal payments Cryptocurrency

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.