PayPal stock dipped lower after Apple unveiled a way to simplify transferring money through Apple Cash.
With iOS 18, iPhone users will be able to tap phones with someone else, and swap Apple Cash without having to share personal information, the tech giant announced at its Worldwide Developers Conference on Monday.
The payments space is a crowded and competitive one, and innovation from Apple seemed to be weighing on peer stocks. In afternoon trading, PayPal was down 1.4%, while Block was off 1.6%.
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