PayPal (NASDAQ:PYPL) stock is moving on Monday as investors react to reports that big banks are working on a rival digital wallet platform.
According to these reports, Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), and JPMorgan Chase (NYSE:JPM) are leading the plans to create a digital wallet to challenge PayPal. That has them working alongside four other unnamed banks to create the wallet.
The idea of big banks stepping in with their own virtual wallet to challenge PayPal is a big deal. It means many people would be able to make payments directly through their banks, rather than having to rely on PayPal’s service.
Adding to this, the plan seems to be for a wallet that supports multiple banks. That, combined with ease of access, could make more users switch away from PayPal in favor of this option, which wouldn’t help the company’s earnings.
More Bad PYPL Stock News
Outside of this, there’s also a data breach weighing on PYPL stock today. This saw a third party obtain personal information from 35,000 PayPal accounts. Information potentially stolen in this leak includes names, addresses, Social Security numbers, individual tax identification numbers, and dates of birth.
This news resulted in PYPL stock taking a beating early Monday morning. However, the stock has recovered as of this writing. That has PYPL shares trading at roughly the same price they were at when markets closed on Friday.
Investors seeking out more of the latest stock market news will want to stick around!
We’ve got all of the hottest stock news traders need to know about on Monday! Among that is what’s happening with shares of Helbiz (NASDAQ:HLBZ), Verb Technology (NASDAQ:VERB), and Salesforce (NYSE:CRM) stock. You can learn more on these matters at the links below!
More Monday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.