So far this year, shares of PayPal Holdings (NASDAQ:$PYPL) are up more than 40%, and it seems to only be getting better. On Wednesday, July 12, PayPal’s stock was up almost 3%.
In the past, critics believed that Visa (NYSE:$V) would eventually surpass PayPal. Then it was MasterCard (NYSE:$MA), Wells Fargo (NYSE:$WFC), and JPMorgan (NYSE:$JPM). However, according to Jim Cramer, the founder of TheStreet.com, none of them did and now they are all partners. Cramer added that investors can now count Apple (NASDAQ:$AAPL) as a partner as well. Why is that? Because on Wednesday, Bill Ready, the CEO of PayPal, disclosed that Apple Music, the App Store, and iTunes will start to accept PayPal as options for payment. Though the roll out will start in Mexico and Canada, it will be an option in the United States soon.
PayPal’s model is one for the books. Instead of getting into financial battles with its rivals – some of which are larger than itself – PayPal found a way to put the conflict aside and ended up partnering with those titans. Those that were once bearish on PayPal, according to Cramer, were so because they just didn’t understand it. Cramer added that PayPal is “brilliant and it’s going higher.”
On Wednesday’s trading session, PayPal’s shares increased 4.4% to $57.17.
Featured Image: depositphotos/wolterke
