Is PayPal’s mobile payments dominance under threat?

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by Forbes reports that PayPal’s domination of mobile payments is coming to an end. Read on.

“In the world of mobile payments, PayPal is the Big Kahuna with more than 377 million users generating nearly $1 trillion in payment volume over 15.4 billion transactions in 2020. It’s dominance against competitors like Apple Pay, Google Pay, and Square Cash App is under attack, however.

It’s no surprise that the pandemic spurred the adoption of mobile payment apps. According to a study from Cornerstone Advisors conducted in December 2020, nearly eight in 10 smartphone owners have at least one mobile payment app on their smartphone, with the PayPal app installed on nearly two-thirds of all smartphones.”

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