Why PayPal Stock Was Climbing on Tuesday
Shares of PayPal Holdings (NASDAQ: PYPL) were up 6.7% as of 11:50 a.m. ET today after Amazon announced it would offer Venmo as a payment option to U.S. customers in time for Black Friday. PayPal acquired the peer-to-peer payment service through the acquisition of Braintree in 2013.
This is good news for PayPal, whichhas seen its share price fall 53% this year over slowing growth. Here's what this could mean for the beaten-down fintech stock.
Venmo made up 18% of PayPal's total payment volume in the second quarter, but it's grown very fast historically. Venmo's payment volume has increased at an annualized rate of 36% over the past three years.
Source Fool.com
