.CVecchioFX tells CNN’s LaMonicaBuzz Consumers are returning to brick and mortar retailers and may look to make more purchases with credit and debit cards or cash and make fewer digital payments for online shopping.
PayPal warned back in February that its sales and new active user growth would be below forecasts. Chief financial officer John Rainey said the combination of inflationary pressures, supply chain issues and the lack of any new stimulus from the federal government was hurting consumer sentiment and spending.PayPal reported its first quarter results after the closing bell Wednesday. Sales grew 8% from a year ago, slightly ahead of forecasts.
That means that consumers may look to make more purchases with credit and debit cards or cash in physical stores and make fewer digital payments for online shopping, said Christopher Vecchio, senior strategist at DailyFX.As digital payment rivalry grows, should PayPal do a deal?Competition is intensifying as well and it's not helping.
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