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.
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.
