PayPal shares fell lower after Apple unveiled a way to simplify transferring money through Apple Cash.
iOS 18 will allow iPhone users to tap someone else’s phones and trade Apple Cash without having to share personal information, the tech giant announced Monday at its Worldwide Developers Conference.
The payments industry is busy and competitive, and Apple’s innovation seemed to weigh on peer stocks. In afternoon trading, PayPal fell 1.4%, while Block fell 1.6%.
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