Two payments stocks are a better bet than American Express: Market pros

"This is really a contrarian play. It's more consumer oriented and it benefits as the consumer spending recovers – we think it is. Low valuation, a dividend yield of 3.2%, and by the way UBS did upgrade Discover Card [Monday] and we liked that upgrade," Binger said.

Ari Wald, head of technical analysis at Oppenheimer, is broadly bullish on the mobile payments industry and sees"It's worthwhile to mention the strength we've seen in the stock price of Square. Now, the more recent, important breakout occurred in early June when the stock rallied above $83. We've seen continuation of that strength with the action [Monday] now putting Square, above its 2018 peak," Wald said during the same segment.

Square is one of the top performers in the payments space after rallying nearly 70% this year. It is up 102% this quarter.

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