Digital Wallets are Still Flexing
Last week investor fears surrounding the potential return of Covid-related restrictions and cuts in spending sent payment-related stocks tumbling.
Shares of major payment providers including PayPal (PYPL), Square (SQ), Visa (V), and American Express (AMX) are still trading well below levels achieved last month.
Is this short-term haircut an opportunity for long-term investors?
Consumer data suggests yes, but maybe not across the board.
The key is spotting which names are most likely to come out on top.
That’s where LikeFolio data comes into play.
We’re listening in real-time to understand what payment providers are most loved and most used by consumers.
In fact, we’ve had our eyes on a major shift in the payment space for months: the rise of digital wallets.
Not only are these companies like PayPal and Square benefiting from a consumer preference to manage financial transactions digitally, but both companies are expanding their offerings from cryptocurrency support and to peer-to-peer payments, to “traditional” services like payroll and direct deposit.
And consumers are drawing a clear line in the sand when it comes to which providers are serving up the best user experience.
Here’s an updated behind-the-scenes view of data from a MegaTrends report we released months ago…