- Mizuho analyst Dan Dolev's proprietary survey of PayPal Holdings, Inc's (NASDAQ:PYPL) Venmo and Apple Inc (NASDAQ:AAPL) Apple Pay exhibited a "strong appetite" to tap to pay with Venmo if Apple opened up its near field communication to Venmo.
- Dolev estimates that tap-to-pay with Venmo could present a 10% total payment volume and 15%-20% sales upside given Venmo's high in-store take rates and its stored balance-driven funding mix.
- Also Read: Here's How PayPal Helped Trigger EU Antitrust Allegations Against Apple
- Dolev was optimistic about the likelihood of Apple opening up its NFC to Venmo, further amplified by Apple's tap-to-pay partnership with Block, Inc (NYSE:SQ).
- Dolev reiterated a Buy rating on PayPal with a $120 price target.
- Price Action: PYPL shares traded higher by 1.83% at $88.39 on the last check Tuesday.
