[T.B. Yoits]

PayPal got in the game early but now faces competition. Many PayPal users created their accounts when they had no other option. Most retailers now have their own credit and debit card payment systems. Phone apps such as Venmo are widespread.

This is a boycott of PayPal but it's also that what was previously "out of sight - out of mind" is being addressed. Since PayPal has threatened their own users, the users are closing accounts they could have closed years ago but never bothered to.

Related, PayPal users are not PayPal's customers; they're part of the product being sold to retailers. The data behind the transactions is the other product PayPal sells.

Now, both the users and the retailers quickly became aware that they don't need PayPal at all.

[qwerty1234]

>>Phone apps such as Venmo are widespread.

Paypal owns Venmo - so using that is the same thing.

I cancelled my Venmo account today. Already cancelled Paypal previously..

[T.B. Yoits]

PayPal is another company that was already going broke, decided to go woke, and worsened their going broke.

Going broke? - Get woke - go more broke.

From November 17, 2021
PayPal shares drop after Bernstein downgrades stock amid rising competition https://www.cnbc.com/2021/11/17/paypal-shares-drop-after-bernstein-downgrades-stock-.html

From February 2, 2022
PayPal Stock Crash Wipes Out Over $50 Billion In Market Value ... - Forbes
https://www.forbes.com › sites › sergeiklebnikov › 2022 › 02 › 02 › paypal-stock-crash-wipes-out-over-50-billion-in-market-value-after-company-lowers-profit-outlook

From April 13, 2022
Here's why PayPal stock is falling
https://www.fool.com › investing › 2022 › 04 › 13 › heres-why-paypal-stock-is-falling