Square Guns for PayPal (EBAY) with New Mobile Gift Card Imitative (GRPN)
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Bloomberg is reporting that Square is aiming to knock-off eBay's (Nasdaq: EBAY) PayPal via the introduction of new mobile gift cards.
According to the report, Square will target smaller businesses and make the offerings available to merchant's through Square Wallet app.
Both Square and PayPal are set to process about $10 billion of payments this year. Square and PayPal gadgets work with major cards like Visa Inc. (NYSE: V), MasterCard Inc. (NYSE: MA), Discover Financial Services (NYSE: DFS) and American Express Co. (NYSE: AXP).
We're also thinking that Groupon (Nasdaq: GRPN) might see some unexpected downside from this. CEO Andrew Mason said earlier this year that Groupon is looking to move from being a pure Group Deals site to one that processes payments for small- to medium-sized merchants. No word has come out recently on how Groupon's efforts have fared.
eBay is up early, while Groupon is down 4 percent at the start Monday.
According to the report, Square will target smaller businesses and make the offerings available to merchant's through Square Wallet app.
Both Square and PayPal are set to process about $10 billion of payments this year. Square and PayPal gadgets work with major cards like Visa Inc. (NYSE: V), MasterCard Inc. (NYSE: MA), Discover Financial Services (NYSE: DFS) and American Express Co. (NYSE: AXP).
We're also thinking that Groupon (Nasdaq: GRPN) might see some unexpected downside from this. CEO Andrew Mason said earlier this year that Groupon is looking to move from being a pure Group Deals site to one that processes payments for small- to medium-sized merchants. No word has come out recently on how Groupon's efforts have fared.
eBay is up early, while Groupon is down 4 percent at the start Monday.
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