<p><strong>PayPal</strong>（PYPL 3.51%）多年来一直在努力扭转其业务，但与 <strong>Alphabet</strong>（GOOGL -1.03%）（GOOG -1.17%）的新合作伙伴关系有可能成为游戏规则的改变者。通过这项合作，它将处于人工智能（AI）驱动的商业最前沿。</p>
<p>作为交易的一部分，PayPal 将成为 Google Cloud、Google Ads 和 Google Play 的主要支付处理商。其品牌结账和支付服务也将融入 Google 更广泛的生态系统。但这还不是全部。PayPal 还将把其整个技术架构迁移到 Alphabet 的云计算平台 Google Cloud。这使得它能够摆脱一些遗留基础设施，并依靠 Google 的机器学习来帮助提升欺诈检测等功能，并加快交易处理速度。</p>
<p>这两家公司还合作创建了他们所称的 “代理商业”。在这里，AI 购物代理将能够帮助消费者不仅进行购买，还能发现新产品和进行比较购物。两家公司还将帮助制定 AI 代理的标准和最佳实践。这是电子商务的发展方向，而 PayPal 通过与 Alphabet 的合作，为这一未来做好了良好的定位。</p>
<p>这项合作关系还应帮助 PayPal 以相对较低的增量成本扩大其覆盖范围。在 Google 产品中整合其支付平台，使其能够接触到数十亿用户和数百万商户，而无需 PayPal 在客户获取上投入大量资金。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUyNzUvdmVubW8tY2FzaGFwcC1tb2JpbGUtbW9uZXktdHJhbnNmZXIuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUyNzUvdmVubW8tY2FzaGFwcC1tb2JpbGUtbW9uZXktdHJhbnNmZXIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>过去，首席执行官 Alex Chriss 曾谈到不追求低毛利率的交易以实现收入增长。现在，对于像 Google 这样的大客户，支付处理的经济效益不会很强，但交易量的庞大和技术合作伙伴关系使得这笔交易非常值得。同时，将更多的 PayPal 工作负载迁移到 Google Cloud 应该有助于其更快推出新功能。</p>
<h2>为什么股票值得买入</h2>
<p>虽然 PayPal 仍有很多工作要做，但这项交易应该有助于公司实现其目标，即将品牌结账的增长从中个位数加速到 2027 年之间的 8% 到 10%，因为其品牌结账将扩展到 Google 的关键属性。</p>
<p>投资者也不应低估这项合作的战略重要性。多年来，PayPal 面临批评，认为它只是一个没有差异化的数字钱包。现在，它正在嵌入到一个最具影响力的科技生态系统中，同时也在合作制定将塑造 AI 购物代理交易的协议。这与仅仅是另一个在线结账按钮的定位截然不同。</p>
<p>同样值得注意的是，PayPal 在其他方面也在持续推进。Venmo 的收入在上个季度增长了超过 20%，使用 Venmo 支付的交易量增长了 45%。实体借记卡和信用卡也在获得关注，在美国第二季度新增了 200 万名首次使用 PayPal 和 Venmo 借记卡的用户。这些线下渠道的交易量增长了 8%。这些并不是引人注目的创新，但它们表明公司正在扩大用户基础并加强与消费者的联系。</p>
<p>尽管上个季度发布了强劲的财报并提高了全年每股收益预期，但该股仍然表现不佳，今年迄今下跌约 20%。这使得 PayPal 的估值具有吸引力，按 2026 年分析师预期的前瞻市盈率（P/E）约为 11.5 倍。</p>
<p>市场可能不会立即对这项合作给予奖励，因为大部分财务收益需要时间才能显现，但对于愿意耐心等待的投资者来说，这看起来像是一种可以重新激活增长并帮助缩小 PayPal 估值与其潜力之间差距的战略举措。AI 驱动的商业仍处于早期阶段，而 PayPal 现在的定位比几个月前要好得多。</p>

谷歌-C

PYPL

谷歌-A

<p>PayPal 与 Alphabet 的新合作旨在通过成为 Google Cloud、Google Ads 和 Google Play 的主要支付处理商，增强其在人工智能驱动的商业中的地位。这一合作将使 PayPal 能够利用谷歌的技术来改善欺诈检测和交易处理。预计这一合作将加速 PayPal 品牌结账的增长，并以低成本扩大其覆盖范围。尽管面临挑战的一年，股票仍然具有吸引力的估值，这一战略举措可能在长期内重新激发增长</p>

<p><strong>PayPal</strong>(PYPL 3.51%) has been trying to turn around its business for years, but its new partnership with <strong>Alphabet</strong>(GOOGL -1.03%)(GOOG -1.17%) has the potential to be a game-changer. With this partnership, it will change now be at the forefront of artificial intelligence (AI)-powered commerce.</p>
<div class="lb-trans"><p><strong>PayPal</strong>（PYPL 3.51%）多年来一直在努力扭转其业务，但与 <strong>Alphabet</strong>（GOOGL -1.03%）（GOOG -1.17%）的新合作伙伴关系有可能成为游戏规则的改变者。通过这项合作，它将处于人工智能（AI）驱动的商业最前沿。</p>
</div><p>As part of the deal, PayPal will become the primary payments processor across Google Cloud, Google Ads, and Google Play. Its branded checkout and payment services will also be incorporated throughout Google's broader ecosystem. But that's not all. PayPal will also migrate its entire technology stack to Alphabet's cloud computing platform, Google Cloud. That lets it ditch some of its legacy infrastructure and lean on Google's machine learning to help boost things like fraud detection and speed up transaction processing.</p>
<div class="lb-trans"><p>作为交易的一部分，PayPal 将成为 Google Cloud、Google Ads 和 Google Play 的主要支付处理商。其品牌结账和支付服务也将融入 Google 更广泛的生态系统。但这还不是全部。PayPal 还将把其整个技术架构迁移到 Alphabet 的云计算平台 Google Cloud。这使得它能够摆脱一些遗留基础设施，并依靠 Google 的机器学习来帮助提升欺诈检测等功能，并加快交易处理速度。</p>
</div><p>The two companies are also teaming up to create what they are calling &#34;agentic commerce.&#34; This is where AI shopping agents will be able to help consumers not only make purchases, but also discover new products and comparison shop. The companies will also help develop AI agent standards and best practices. This is where e-commerce appears to be heading, and PayPal has positioned itself well for this future by teaming with Alphabet.</p>
<div class="lb-trans"><p>这两家公司还合作创建了他们所称的 “代理商业”。在这里，AI 购物代理将能够帮助消费者不仅进行购买，还能发现新产品和进行比较购物。两家公司还将帮助制定 AI 代理的标准和最佳实践。这是电子商务的发展方向，而 PayPal 通过与 Alphabet 的合作，为这一未来做好了良好的定位。</p>
</div><p>The partnership should also help PayPal expand its reach at a relatively low incremental cost. Integrating its payment platform across Google products brings it access to billions of users and millions of merchants without PayPal having to spend heavily on customer acquisition.</p>
<div class="lb-trans"><p>这项合作关系还应帮助 PayPal 以相对较低的增量成本扩大其覆盖范围。在 Google 产品中整合其支付平台，使其能够接触到数十亿用户和数百万商户，而无需 PayPal 在客户获取上投入大量资金。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUyNzUvdmVubW8tY2FzaGFwcC1tb2JpbGUtbW9uZXktdHJhbnNmZXIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835275%2Fvenmo-cashapp-mobile-money-transfer.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>In the past, CEO Alex Chriss has talked about not chasing low gross margin volume for the sake of revenue growth. Now, the economics of payment processing for a client as large as Google isn't going to be robust, but the sheer size of that volume and the technological partnership more than make this deal worthwhile. Meanwhile, moving more of PayPal's workload to Google Cloud should help it launch new features faster.</p>
<div class="lb-trans"><p>过去，首席执行官 Alex Chriss 曾谈到不追求低毛利率的交易以实现收入增长。现在，对于像 Google 这样的大客户，支付处理的经济效益不会很强，但交易量的庞大和技术合作伙伴关系使得这笔交易非常值得。同时，将更多的 PayPal 工作负载迁移到 Google Cloud 应该有助于其更快推出新功能。</p>
</div><h2>Why the stock is a buy</h2>
<div class="lb-trans"><h2>为什么股票值得买入</h2>
</div><p>While there is still plenty of heavy lifting for PayPal to do, this deal should help the company achieve its goal of accelerating its branded checkout growth from the mid-single digits to between 8% to 10% by 2027, as its branded checkout is expanded to key Google properties.</p>
<div class="lb-trans"><p>虽然 PayPal 仍有很多工作要做，但这项交易应该有助于公司实现其目标，即将品牌结账的增长从中个位数加速到 2027 年之间的 8% 到 10%，因为其品牌结账将扩展到 Google 的关键属性。</p>
</div><p>Investors also should not underestimate the strategic importance of the partnership. For years, PayPal has faced criticism that it was stuck as just a digital wallet with little differentiation. Now it is embedding itself in one of the most influential tech ecosystems while also collaborating on the very protocols that will shape how AI shopping agents transact. That's a very different positioning than being yet another online checkout button.</p>
<div class="lb-trans"><p>投资者也不应低估这项合作的战略重要性。多年来，PayPal 面临批评，认为它只是一个没有差异化的数字钱包。现在，它正在嵌入到一个最具影响力的科技生态系统中，同时也在合作制定将塑造 AI 购物代理交易的协议。这与仅仅是另一个在线结账按钮的定位截然不同。</p>
</div><p>It's also worth noting that PayPal continues to execute on other fronts. Venmo revenue grew more than 20% last quarter, and Pay with Venmo transactions were up 45%. Physical debit and credit cards are also gaining traction, with 2 million first-time PayPal and Venmo debit card users added in the U.S. in Q2. Transaction volume from those offline channels rose 8%. These aren't headline-grabbing innovations, but they show the company is broadening its user base and strengthening ties with consumers.</p>
<div class="lb-trans"><p>同样值得注意的是，PayPal 在其他方面也在持续推进。Venmo 的收入在上个季度增长了超过 20%，使用 Venmo 支付的交易量增长了 45%。实体借记卡和信用卡也在获得关注，在美国第二季度新增了 200 万名首次使用 PayPal 和 Venmo 借记卡的用户。这些线下渠道的交易量增长了 8%。这些并不是引人注目的创新，但它们表明公司正在扩大用户基础并加强与消费者的联系。</p>
</div><p>The stock has been a laggard, down roughly 20% year to date, even after posting strong earnings last quarter and raising its full-year EPS outlook. That has left PayPal at an attractive valuation, trading at a forward price-to-earnings ratio (P/E) of about 11.5 times 2026 analyst estimates.</p>
<div class="lb-trans"><p>尽管上个季度发布了强劲的财报并提高了全年每股收益预期，但该股仍然表现不佳，今年迄今下跌约 20%。这使得 PayPal 的估值具有吸引力，按 2026 年分析师预期的前瞻市盈率（P/E）约为 11.5 倍。</p>
</div><p>There is a risk that the market won't immediately reward the partnership, since most of the financial benefit will take time to materialize, but for investors willing to be patient, this looks like the kind of strategic move that can reinvigorate growth and help close the gap between PayPal's valuation and its potential. AI-driven commerce is still in its early innings, and PayPal is now much better positioned than it was just a couple of months ago.</p>
<div class="lb-trans"><p>市场可能不会立即对这项合作给予奖励，因为大部分财务收益需要时间才能显现，但对于愿意耐心等待的投资者来说，这看起来像是一种可以重新激活增长并帮助缩小 PayPal 估值与其潜力之间差距的战略举措。AI 驱动的商业仍处于早期阶段，而 PayPal 现在的定位比几个月前要好得多。</p>
</div>

Prediction: PayPal's New Google Partnership Could Drive the Stock Higher

- PayPal 与 Alphabet 的新合作将推动其在人工智能驱动的商业领域的发展。  
- 该合作使 PayPal 成为 Google Cloud、Google Ads 和 Google Play 的主要支付处理商。  
- 预计此举将帮助 PayPal 扩大用户基础，并加速品牌结账增长。  

预测：PayPal 与谷歌的新合作伙伴关系可能会推动其股价上涨