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PayPal’s initiative has been brought about by the necessity to avoid contracting the virus. Following the news, its stock jumped by 3.82% yesterday and closed in the green. However, now PYPL stock is 1% down.
In a hard time of the coronavirus pandemic, people have got used to making all the habitual actions they did outside without leaving their houses. Many services either became available online or added other features to ensure the safety and health of customers. Online payments giant PayPal Holdings Inc (NASDAQ: PYPL) has adapted to the negative epidemiological situation as well and enabled QR Code payments in 28 markets worldwide.
The initiative has been brought about by the necessity to avoid contracting the virus. Besides, the findings of the recent Capgemini survey showed that consumers are willingly using mobile apps to make payments. 62% of respondents are going to continue paying through a mobile device after the pandemic. Therefore, PayPal’s offering is absolutely in place.
According to the company’s press release, PayPal QR code payments are available in 28 countries. The payment process itself is easy. Sellers can print a QR code, place it on their table, and their consumers simply scan, enter the sum, and send money immediately. As for buyers, they click ‘Send’ in the PayPal app and tap the QR code symbol. After that, they scan the code and complete the transaction.
John Kunze, Senior Vice President of Branded Experiences at PayPal, commented:
“We know that in the current environment, buying and selling goods in a health-conscious, safe, and secure way is front of mind for many people around the world. As the coronavirus pandemic has evolved, we have seen a surge in demand for digital payments to transition to include new and safe solutions for in-person environments and situations.”
He further said:
“Our rollout of QR codes for buyers and sellers incorporates the safety, security, and convenience of using PayPal in person and enables ongoing social distancing requirements and safety preferences for in-person commerce.”
PayPal (PYPL) Stock’s Response
After PayPal’s announcement, PayPal (PYPL) stock jumped 3.82% to $150.94 per share on Wednesday, which made a new all-time highest closing price. However, the soar did not last long, as in pre-market today PayPal stock declined by 0.25% to $150.57. At the moment of writing, PayPal shares are 0.90% down, trading at a price of $149.58.
Yesterday’s hike was the second time for PYPL stock this May. On May 6, the company posted its Q1 of 2020 results. And due to good performance, it soared by 12%. Since the market crash in March, PayPal has recovered all the losses and is now climbing higher. Having gone as low as $82 and trading above $130 in the same quarter is very impressive.
PayPal and Tesla to Lead New Money Revolution
On May 1, PayPal had the “largest single-day of transactions in the company’s history”. It was bigger than both Black Friday and Cyber Monday of 2019. The company is a crypto-payments leader in America 2.0 — an economic and manufacturing boom driven by the next-generation new demands and tech innovations. Another front-runner in this revolution is Tesla Inc (NASDAQ: TSLA).
Due to its “Express Delivery” or “Tesla Direct Drop” options, Tesla has made good progress in online car sales and contactless deliveries. All you have to do is to make a payment through Tesla’s app, which reminds you of a digital wallet.