PayPal Holdings Inc (NASDAQ:PYPL) has always aspired to remain at the top of its game, and that is why it has always taken advantage of any opportunity that comes its way. The business sees a great opportunity in the in-store contactless payments and is currently strategizing to seize a $19 billion opportunity. This company discloses some of the major areas it will be focusing on, outlining pharmacy, grocery, and the other non-discretionary verticals. Paypal exudes confidence in its capabilities to capture the market’s lion share.
Digitization and change
Digitization has taken over the business segment, with most people becoming more inclined to adopt contactless payment. Cowen Equity Research has given out a report indicating the major shift in the consumer mindset. According to research the body undertook in the previous year, over 70% of consumers showed a preference for the continued use of the digital payment offerings. The research organization revealed that those consumers wished to continue using the contactless payments post-Covid-19.
The persistent misconception that the younger generation is the only one strongly drawn to contactless payments is wrong. According to analysts, contactless payments happen to be cutting across all ages and seem to be the future of business transactions.
The Covid-19 outbreak caused many people to become destitute, which was a significant boost to contactless payments. Governments undertook awareness campaigns to enlighten people on the dangers of touching dirty surfaces, avoiding touching dirty surfaces. People seem to have gotten used to the culture, and it seems they won’t be going back.
Credit cards are dirtier
Most of us know money to be quite dirty but underestimate the situation with credit cards. A recent study showed a credit card as dirtier than a urinal handle, which is why people worldwide embrace contactless payments.
Major businesses continue focusing on safety measures, and one of those is embracing contactless payments. PayPal PYPL remains an undisputed leader within the digital wallet space and is looking forward to grasping every opportunity to boost its dominance. The company’s support for contactless payments is also rooted in its dedication to pushing for safety.
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