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Top-ranked analyst: Apple Pay news hurts PayPal

The PayPal application is arranged for a photograph on an Apple Inc. iPhone in Washington, D.C.
Andrew Harrer | Bloomberg | Getty Images

One of the best analysts on Wall Street told clients that the announcement that Apple Pay will be available on web browsers is a significant threat to PayPal.

"We view this as the first concrete step into direct competition with PayPal," Piper Jaffray's Gene Munster wrote in a note to clients after Apple's announcement on Monday.

He said Apple Pay is "a superior point-of-sale mobile payment solution and, with the dawn of availability in online channels, a legitimate threat to PayPal's staying power."