PayPal (PYPL) - Get Report  shares are up nearly 7% Thursday after the company beat on revenue and earnings estimates. 

This was a "great quarter," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

PayPal, an Action Alerts PLUS holding, delivered a "great quarter" and has a "giant" buyback, Cramer said, adding that he has "tremendous faith" in CEO Dan Schulman. 

PayPal PYPL data by YCharts

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PayPal's business is accelerating at an attractive rate, he explained, and the company's platform is attractive for Millennial users. 

Millennials are increasingly using PayPal's platform to send money and pay for goods and services, but they also recognize that it is a more secure platform, Cramer said. 

Venmo, another popular platform for transferring money, was acquired by Braintree, which was later acquired by PayPal. This has also helped drive growth, Cramer added. 

In the future, PayPal could stand alongside Visa (V) - Get Report and MasterCard (MA) - Get Report as one of the big three in the payment processing and money transferring businesses, he said.   

PayPal shares were also upgraded to outperform from neutral at Wedbush Securities.

At the time of publication, Cramer's Action Alerts PLUS had a long position in PYPL.