PayPal showed strong performance growth in the third quarter, including an increase in transaction margin dollars and non-GAAP earnings per share, as well as an increase in monthly active accounts. The company announced the initiation of a dividend plan, emphasizing capital allocation priorities, investment in business growth and transformation. Strategically, PayPal is focused on four major growth drivers, including optimizing checkout experiences, expanding OMI and Venu, enhancing PSP profitability, and expanding next-stage growth factors, demonstrating accelerated innovation and execution.

PayPal is committed to providing the best checkout experience across all shopping channels, including online, in-store, and through agents, to meet the diverse payment needs of consumers. By launching innovative services such as credit card, cryptocurrency payments, and AI agent payments, as well as expanding coverage of offline payments, PayPal is transitioning from an online payment company to a comprehensive business company. Data shows that brand experience transaction volume has significantly increased, proving the effectiveness of this strategy. Particularly in the US market, the accelerated growth in brand experience transaction volume demonstrates the potential of an omnichannel strategy, laying the foundation for expansion into international markets.

The dialogue highlighted the strategic focus for 2026, including the revival of online brands, expansion into international markets, and enhancing conversion rates and customer satisfaction through a redesigned shopping experience, priority upgrades, biometric login, etc. The goal is to improve e-commerce performance and increase the frequency and selectivity of reward programs while promoting contactless payment options to stimulate growth.

The dialogue detailed the market expansion and user growth strategies of two major businesses, BNPL and Venu. BNPL achieved NPV growth of over 20% through innovative payment methods, such as expanding into the Canadian market, offering long-term payment options in Italy and Spain, and providing in-store payment solutions in the US, with a target of handling $40 billion in transactions by 2025. Venu, as a fund flow platform favored by young users, achieved a 14% growth in TPV through strengthening P2P functionality, promoting Venu cards, and introducing Pay with Venu. Monthly active accounts accelerated to a 7% annual growth rate, with a goal of generating over $2 billion in revenue by 2027. Together, both businesses propelled the growth of brand experience transaction volume by 8%, demonstrating strong market potential and user retention enhancement strategies.

The transaction volume of the PSP business is accelerating to 6%, enhanced merchant relationships and increased approval rates by providing value-added services such as payment optimization. The company is actively expanding its global unified payment platform, increasing the adoption rate of value-added services by new merchants. At the same time, through cooperation with AI leaders such as Google and OpenAI, the company has launched AI shopping experiences and ChatGPT payment functions, as well as a unified AI platform payment service to adapt to future changes in consumer behavior. In addition, the launch of the PayPal World pilot program marks an important milestone in payment innovation and market expansion.

In the third quarter, PayPal's total transaction volume and revenue growth accelerated, benefiting from strong credit performance, improved brand payment experience, and other factors. Despite facing challenges such as increasing transaction losses, the company still achieved steady growth in transaction profits and active account numbers. Looking ahead, PayPal will continue to invest in brand payment experience, Buy Now Pay Later, and other innovative services to consolidate its market position and drive sustainable growth.

Discussed were PayPal's strategic focus, including coverage of online, offline, and agent businesses, as well as how to provide convenience for merchants and consumers through its powerful ecosystem. Emphasized were its integration capabilities with large enterprises and small businesses, as well as its long-term advantages in the agent business field, showcasing PayPal's leading position in driving consumer trust, secure payments, and shopping experiences.

Discussed the investment in products and technology through partnerships to drive business growth, especially progress in projects such as post-payment and post-purchase. Mentioned the impact of the macro environment on consumer behavior, leading to a decrease in basket size and value, particularly in the retail industry. Despite facing challenges in the macro economy, such as inflation and consumer slowdown, the company remains optimistic about growth prospects and plans to increase marketing and technology investments in the fourth quarter to accelerate the development of core and agent businesses. At the same time, the company emphasized its leading position in merchant and consumer coverage and its relationships with partners such as OpenAI and Google, believing that these partnerships will bring competitive advantages in the evolving agent economy.

The conversation discussed the growth of PayPal in the field of digital payments, particularly the increase in market share among young consumers. It emphasized BMP (digital payments) as a growth driver, the expansion of its global footprint, including entering the Canadian and European markets, and payment solutions in physical stores. Additionally, it mentioned plans for investment focus in 2026, including product add-ons and habituation, such as merchant co-marketing, cash rebates, and rewards programs, to promote business growth.

The discussion delved into the strong growth momentum of the Manama platform, including the continuous expansion of its active user base, diversification of payment methods, and deepening cooperation with merchants. Looking ahead, the platform plans to launch more innovative products and services, such as rental and mortgage payment solutions, to further penetrate the target market, increase user engagement, and ARPA (average revenue per user). Through cooperation with institutions such as universities, Manama is gradually expanding its influence among the younger consumer groups, and is expected to continue to maintain high-speed growth.

Discussed the target of increasing trading profit margin in 2026, pointing out that the fourth quarter will face challenges, including rising costs and increased investments. Emphasized the company's leading position in the transformation of the digital wallet, buy now pay later, and content e-commerce markets, and stated that appropriate investments will be made to ensure future growth, despite the potential impact on the health, speed of TM, and revenue growth in 2026.

The conversation discussed TM's quarterly performance, pointing out significant contributions from credit products, brand business, etc., emphasizing the diversification of income and profit sources. It was mentioned that the new check-out experience has been optimized for about 25% of global transactions, but the actual optimization rate is only half, the conversion rate is being improved through improving user experience and biometric technology, and it is expected to continue to grow in the next two years, especially in the European market.

The dialogue discussed the global growth situation of BMLP business, pointing out that the current market share in the United States is relatively low. In the future, the focus will be on expanding the upstream precision market and the Almonte channel to promote the integration of in-store and online payment methods. At the same time, it was mentioned the positive impact of BMLP on user purchasing behavior, such as increasing user engagement and transaction value. In terms of financial impact, although the short-term financial impact of unloading the blue line is relatively small, it is expected to have a certain impact on operating income in the coming years.

The conversation revolved around PayPal's BNPL business, discussing its business growth, risk management, and comparisons with competitors. It emphasized the average turnover time, pricing economics, and the positive impact on overall brand usage of BNPL products. It also mentioned the importance of managing long-term loan loss rates, optimizing repayment combinations, and considering transaction profit margins to achieve sustainable growth.