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Pro Analysis

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
The PayPal application is arranged for a photograph on an Apple Inc. iPhone in Washington, D.C.

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."