Big traditional banks have often been criticized for being late to the party when it comes to integrating customer-friendly technology. Early Warnings Services, the entity behind money-transfer service Zelle and backed by a group of large financial institutions, is launching a digital wallet later this year that will allow debit and credit card holders to check out at online merchants without entering their card details. For a while now, PayPal Holdings (NASDAQ: PYPL) has been the undisputed leader in digital payments.
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As a leader in the electronic payments space, PayPal's (NASDAQ: PYPL) fortunes were boosted by the coronavirus pandemic. With consumers spending more time than ever at home, online shopping surged, and with it, PayPal's share price jumped 256% between the March 2020 low and the peak in July 2021. This fintech trailblazer has been dealing with macroeconomic weakness in recent quarters, with inflation hurting discretionary spending on its network and higher interest rates helping to drive down the share price.