Is Solana the Next PayPal?
There's no doubt that PayPal (NASDAQ: PYPL) helped pioneer the popularity of digital payments. By making it incredibly easy and seamless for consumers to pay for things and send money to others and for merchants to accept these payments, the business has now amassed a whopping 435 million active accounts. What's more, PayPal's current market capitalization is just over $82 billion.
But there's a promising cryptocurrency, known as Solana (CRYPTO: SOL), that wants a piece of the lucrative payments industry, and it has some important properties that investors need to know about. Can Solana really disrupt the fintech leader and become the next PayPal? Let's take a closer look.
First, we need to look at just how dominant of an enterprise PayPal is in the payments sector. The business processed $1.36 trillion in total payment volume and generated $27.5 billion in revenue in 2022. As I already mentioned, the business counts hundreds of millions of active accounts today, of which 35 million are merchants. And as of Dec. 31, 2022, PayPal was the most widely accepted digital wallet among the largest 1,500 retailers in North America and Europe, with nearly 80% acceptance.
Source Fool.com
