Facebook CEO Mark Zuckerberg speaks at the company’s 2017 F8 developer conference in San Jose, Calif.
RBC Capital sees Facebook’s stock climbing more than 40% in the year ahead, especially now that the technology giant unveiled a cross-platform payments service that can unlock “impulse shopping” on social media.
Facebook announced its new Facebook Pay service on Tuesday, saying it will allow uses to securely send payments to each other. While Facebook users had been able to send money through the Messenger app, this links a single system for all four of the company’s social media and messaging apps. Facebook Pay will accept most major credit and debit cards, as well as PayPal.
The company has more than 1.6 billion daily active users on Facebook and over 500 million daily active users on Instagram.