PayPal Holdings Inc (NASDAQ: PYPL) is having a strong day in the market today, and for good reason. Investors learned late yesterday that the payment option has been added to iTunes. Of course, this led to excitement among investors, who pushed the stock upward, prompting our partners at Trade Ideas to alert us to the gains. At the moment (10:47), PYPL is trading at $56.76 per share after a gain of $2.00 per share (3.64%) thus far today.
PYPL Gains After Being Added As An iTunes Payment Method
Apple’s iTunes is an overwhelmingly popular online store that offers music, videos, and more. However, in the past, if you wanted to use PayPal to make your purchases at the online store, well, you were out of luck. However, that’s no longer the case. Late yesterday, PYPL announced that its systems have been added to iTunes as a payment method. Here’s what PYPL had to offer:
“Starting today in Canada and Mexico, and rolling out in other countries including the US soon after, PayPal customers will be able to pay for App Store, Apple Music, iTunes and iBooks purchases across iPhone, iPad and iPod Touch devices using their PayPal account. This provides a secure and versatile payment method to meet the growing demand for digital entertainment. PayPal’s availability across Apple’s services further expands our vision of providing customers a variety of ways to easily make mobile purchases, such as asking Siri to make a payment using the PayPal app.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on PYPL. In particular, we’re interested in seeing the revenue that comes as a result of being added to the iTunes payment options. We’ll continue following the story and bringing the news to you as it breaks!
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