PayPal set to roll out additional features as from March 2024

PayPal, a payments giant, is reportedly working on including additional features to be rolled out as from March 2024. Notably, it will have a special focus on enhancing the checkout experience. This is in line with its goal of bolstering its position against rivals like Apple Pay and Stripe.

As reported on Seeking Alpha, the project being referred to as Quantum Leap also seeks to add new features to its digital wallet. On a broader scope, the firm seeks to streamline the checkout process, redesign the company’s consumer app, and speed up integration for merchants.

Details of the Quantum Leap comes less than a month after the company named a couple of new executives. With the appointment of the new officials including Isabel Cruz as the Chief People Officer, the firm has launched additional business units. This includes a unit for large enterprises as well as consumer and small business units.

Analysts’ outlook

On Wednesday (6th December), PayPal had its stock price drop in response to the downgrade of its shares rating by Bank of America’s analysts. The analysts adjusted the rating from a Buy to Neutral with a price target of $66 per share.Additionally, they are of the opinion that the Main Street’s estimates for 2024 are “too high”.

In a client note, the analysts stated, “We see ‘24 as a transition year, as a new CEO/CFO seek to earn Street credibility while driving sustained improvements in top-line metrics, especially transaction profit growth, which will likely take time. PYPL still has a strong brand and balance sheet, but we expect shares to be somewhat rangebound near-term, with valuation/sentiment providing downside support.”