Money transfer app download: PayPal’s New Venmo Option Boosts Instant Transfer Initiatives

With the latest Venmo instant bank transfer initiative, PayPal has taken the fight to companies such as Early Warning Services’ Zelle and Square’s SQ Cash App, which are also trying to do the same. Further, this likely to provide PayPal a competitive edge against other tech companies like Amazon AMZN, Alphabet’s GOOGL Google and Facebook, which are also leaving no stone unturned to capitalize on the increasing dependence of the banking space on the tech companies and growing proliferation of fintech applications among banking customers. Notably, Google, Amazon and Facebook are leveraging the power of AI, machine learning (ML), augmented reality (AR)/virtual reality (VR), data analytics and cloud technologies to make advances in this particular sector. Meanwhile, Square apart from its robust Cash App, has re-applied for special industrial loan company license (ILC) with Federal Deposit Insurance Corp (FDIC). Following the approval, the company will receive a bank license that will aid it in penetrating the potential banking sector. Nevertheless, PayPal’s growing banking initiatives and expanding Venmo user base will continue to strengthen its position against these potential contenders in the market. Currently, PayPal carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don’t buy now, you may kick yourself in 2020. Click here for the 6 trades >>

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