Gabrielle Rabinovitch, Interim CFO $PYPL

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“So the core competitors against Braintree really are your Adyens and your Stripes. But that said, we also compete against the legacy acquiring space as well. And so we take from all.”

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“We've had some very nice merchant wins recently. We've also had nice merchant wins at the -- in our unbranded processing business that sits below Braintree.”

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“We are lapping some big merchant wins in 2022. And so we do expect to see some deceleration in Braintree growth as we move through the year, as we anniversary those merchant wins...we'd expect to see good support from Braintree within transaction revenue growth in 2023.”

“So when Braintree grows faster than other pieces of the business, that will blend down take rate. But I think it's really important that within Braintree, when we looked at the like-for-like merchant take rate performance, that is very, very stable.”

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“The other piece of Braintree, of course, is that longer term, we're quite focused on continuing to expand Braintree into other geographies, both -- more in Europe, more in South America”