PayPal's Venmo Gets Ready to Take on Apple

PayPal has built a strong business in Venmo. With Apple now coming into the market, TheStreet talks with PayPal CEO Dan Schulman about the competitive landscape.
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PayPal (PYPL) - Get Report has had one heck of a year.

Shares of the digital payments company have surged 61% this year, blowing away Facebook (FB) - Get Report , Apple (AAPL) - Get Report and JPMorgan (JPM) - Get Report . After TheStreet talked with PayPal CEO Dan Schulman at length, you can see why Wall Street has embraced the stock. PayPal is really reinventing itself.

The company is striking new deals to open up its platform to others such as Facebook and Baidu (BIDU) - Get Report . Meanwhile, Schulman explains the coming Apple Pay Cash may not instantly be a major threat to PayPal's popular Venmo service -- building a Venmo won't happen overnight for Apple.

"We have seen a lot of services come into the market and Venmo continues to exhibit very strong growth -- I think we will become increasingly differentiated." Schulman added that there is a very "viral" component to using Venmo that competing services probably lack.

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Editors' pick: Originally published Sept. 20.