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PayPal is looking into developing a stock trading platform for American customers.

Tech Gist Africa by Tech Gist Africa
09/01/2021
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According to reports, Paypal has been looking into ways to allow users to trade specific stocks after launching the option to trade cryptocurrency last year.

PayPal’s move coincides with a resurgence in retail trading. According to forecasts from JMP Securities, more than 10 million new investors entered the market in the first half of this year, virtually matching last year’s record high. Stay-at-home orders during the pandemic, government stimulus checks, and viral events like GameStop’s climb in January have all contributed to renewed interest in the stock market.

Trading has become a thriving business for those that provide it. The Square Cash App, a competitor to PayPal, allows users to trade stocks and cryptocurrencies, and the company’s CFO has stated that the app increases user engagement and revenue per user. Robinhood, which went public this summer, has witnessed rapid growth, with more than 22.5 million customers and revenue that increased year over year in its most latest quarter.

PayPal may partner with or purchase an existing broker-dealer in order to offer stock trading to customers. PayPal, according to one report, has already initiated talks with possible industry partners.

The debut of PayPal stock trading would come at a crucial time for the fintech industry. Square, PayPal, Robinhood, and SoFi all have similar goods and the same objective of becoming a one-stop shop for financial services. Consumers are expected to stay engaged on these payment channels by exchanging cryptocurrency and stocks.

 

Read more on Tech Gist Africa:

 

PayPal has launched cryptocurrency buying and selling in the United Kingdom

The UK government has banned Binance, the world’s largest cryptocurrency exchange

Coinbase was valued at $86 billion closes at $328.28 per share at the end of its Nasdaq debut

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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