Nearly 25 years ago, Elon Musk and Peter Thiel disrupted the world with digital payments company (NASDAQ: PYPL). Today, it remains the strongest competitor in a fast-moving industry, and it is by far the cheapest, highest-quality tech stock you can buy in 2024.

The core of PayPal's business comes from the merchants who accept it as a form of payment and the customers who rely on it to pay their bills.

For merchants, the main value of accepting PayPal is it gives a customer the flexibility to pay with their credit/debit card, Venmo, or even competing digital wallets. This reduces friction and makes it easier (and therefore more likely) for a transaction to occur.

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Source Fool.com