PayPal Holdings Inc (PYPL) 2025 Q2 法說會逐字稿

Good morning, and welcome to PayPal's second-quarter 2025 earnings conference call. My name is Regina, and I will be your conference operator today. As a reminder, this conference is being recorded.

早安，歡迎參加 PayPal 2025 年第二季財報電話會議。我叫 Regina，今天我將擔任您的會議主持人。提醒一下，本次會議正在錄製中。

I would now like to turn the program over to your host for today's conference, Steve Winoker, Chief Investor Relations Officer. Please go ahead.

現在，我想將節目交給今天會議的主持人、首席投資者關係官史蒂夫·維諾克 (Steve Winoker)。請繼續。

Thanks, Regina. Welcome to PayPal's second-quarter earnings call. I'm joined by CEO, Alex Chriss; and Chief Financial and Operating Officer, Jamie Miller.

謝謝，里賈娜。歡迎參加 PayPal 第二季財報電話會議。與我一起參加的還有執行長 Alex Chriss 和財務兼營運長 Jamie Miller。

Our remarks today include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from these statements. Our commentary is based on our best view of the world and our businesses as we see them today. As described in our earnings press release, SEC filings, and on our website, those elements may change as the world changes.

我們今天的言論包括涉及風險和不確定性的前瞻性陳述。實際結果可能與這些陳述有重大差異。我們的評論是基於我們對當今世界和我們業務的最佳看法。正如我們的收益新聞稿、美國證券交易委員會文件和我們的網站上所述，這些因素可能會隨著世界的變化而變化。

Over to you, Alex.

交給你了，亞歷克斯。

Thank you, Steve. We had a strong quarter, delivering profitable growth and building momentum in transforming PayPal from a payments company into a dynamic commerce platform. Fintech is in its infancy, and we believe the next five years are likely to see more change in how people shop than the last two decades combined.

謝謝你，史蒂夫。我們本季表現強勁，實現了獲利成長，並為 PayPal 從支付公司轉型為充滿活力的商業平台累積了動力。金融科技尚處於起步階段，我們相信未來五年人們購物方式的改變可能會比過去二十年的總和還要大。

As the largest two-sided open platform in the world, we have the unique advantage of connecting hundreds of millions of consumers and merchants of every size to unlock entirely new, deeply personalized shopping experiences. With PayPal's unmatched scale and trusted brands, our strategy is laser-focused on anticipating and fulfilling what customers need today and what they'll expect tomorrow whether they're buying online, in-store, or through AI agents.

作為全球最大的雙邊開放平台，我們擁有連結數億消費者和各種規模商家的獨特優勢，可以開啟全新的、深度個人化的購物體驗。憑藉 PayPal 無與倫比的規模和值得信賴的品牌，我們的策略專注於預測和滿足客戶當前的需求以及他們未來的期望，無論他們是在線上購買、在店內購買還是透過 AI 代理購買。

Our execution is fast and focused. We are strengthening PayPal's value proposition to bring in new customers, increase engagement, and create strong partnerships with merchants. We are also attracting top brands and developers as we innovate and shape the future of commerce. The traction we are seeing across our initiatives continues to give us confidence that PayPal's growth will accelerate in line with our three-year outlook.

我們的執行快速且專注。我們正在加強 PayPal 的價值主張，以吸引新客戶、增加參與度並與商家建立牢固的合作夥伴關係。我們在創新和塑造商業未來的過程中也吸引了頂級品牌和開發商。我們在各項舉措中看到的推動力讓我們繼續相信，PayPal 的成長將按照我們三年的展望加速。

Turning to our second quarter performance. We delivered our sixth consecutive quarter of profitable growth despite the macro uncertainty. Transaction margin dollars grew 8%, excluding interest on customer balances. Success across many of our strategic initiatives contributed to that growth, including online and off-line branded experiences, payment services, and Venmo. This highlights a healthy business with multiple avenues to sustain and accelerate growth. And non-GAAP earnings per share increased 18% year-over-year.

談談我們第二季的表現。儘管宏觀環境存在不確定性，我們仍連續第六個季度實現獲利成長。交易保證金增加了 8%，不包括客戶餘額利息。我們許多策略措施的成功促進了這一成長，包括線上和線下品牌體驗、支付服務和 Venmo。這凸顯了企業的健康發展，擁有多種途徑來維持和加速成長。非公認會計準則每股收益較去年同期成長18%。

We continue to build upon our broad reach and strong engagement. Both total active accounts and monthly active accounts grew 2% in the quarter. Transactions per active account ex PSP grew 4% as more people use PayPal and Venmo more often.

我們將繼續擴大我們的廣泛影響力和強大的參與度。本季總活躍帳戶數和每月活躍帳戶數均成長了 2%。隨著越來越多的人更頻繁地使用 PayPal 和 Venmo，除 PSP 外每個活躍帳戶的交易量增加了 4%。

If we look at our four strategic growth drivers: winning checkout, scaling omni and growing Venmo, driving PSP profitability, and scaling our next-gen growth vectors. We are making meaningful and tangible progress on all four. I'd like to walk through each one, highlighting examples of our progress.

如果我們看看我們的四個策略成長動力：贏得結帳、擴大 Omni 規模和發展 Venmo、推動 PSP 獲利能力以及擴大我們的下一代成長載體。我們在所有四個方面都取得了有意義且切實的進展。我想逐一介紹一下，重點介紹我們所取得的進步的例子。

The first two growth drivers are entirely focused on improving and growing our branded experiences. I'm proud that we drove 8% currency-neutral growth in branded experiences TPV this quarter. This positive result reflects the benefit of meeting our customers wherever they choose to shop with PayPal and Venmo, online and off-line. As a reminder, branded experiences include winning checkout, expanding Buy Now, Pay Later, winning with Venmo, and scaling omnichannel capabilities.

前兩個成長動力完全集中在改善和發展我們的品牌體驗。我很自豪本季我們的品牌體驗 TPV 實現了 8% 的貨幣中性成長。這項正面成果反映了我們的客戶無論選擇透過 PayPal 和 Venmo 在線上或線下購物都能獲得滿意的服務。提醒一下，品牌體驗包括贏得結帳、擴大「先買後付」、透過 Venmo 取勝以及擴展全通路功能。

Starting with online branded checkout. TPV, including PayPal, BNPL, and Pay with Venmo grew 5% currency neutral in the second quarter, consistent with what we've been seeing over the past year. Our upgraded experiences are driving the uplift we expected and most of our merchants and consumers are behaving consistently with recent quarters. At the same time, we offset headwinds from platforms and merchants in Asia, where we saw volumes decelerate following the implementation of tariffs.

從線上品牌結帳開始。TPV（包括 PayPal、BNPL 和 Pay with Venmo）在第二季實現了 5% 的貨幣中性成長，與我們過去一年看到的情況一致。我們升級的體驗正在推動我們預期的成長，我們的大多數商家和消費者的行為與最近幾季一致。同時，我們抵消了來自亞洲平台和商家的阻力，我們發現在關稅實施後，亞洲地區的交易量有所下降。

Our focus is on the things that are within our control and that we know will have a positive impact on our overall growth trajectory over time. That starts with driving more traffic through our upgraded checkout experiences both in the US and internationally. These upgrades offer a much better consumer experience, improved presentment of BNPL and drive meaningful conversion rate improvements. This is currently rolling out in the US, Germany, and the UK, and we have a comprehensive playbook that we will apply to other countries.

我們關注的是那些我們可以控制的事情，我們知道這些事情會隨著時間的推移對我們的整體成長軌跡產生正面的影響。首先，我們在美國和國際上升級了結帳體驗，以吸引更多流量。這些升級提供了更好的消費者體驗、改進了 BNPL 的呈現並推動了轉換率的顯著提高。該計劃目前正在美國、德國和英國推行，我們制定了全面的計劃，並將應用於其他國家。

Around mid-teens percent of our global transactions are now on our latest experience, including more than 60% of our US Checkout transactions. We are also investing in key use cases like subscriptions to drive repeat branded checkout use. Many of these efforts that are contributing to growth this year will continue to ramp into next year and add to our confidence that we are on track to achieve our growth outlook for branded checkout TPV.

目前，我們全球約有 15% 的交易是基於我們最新的體驗，其中包括 60% 以上的美國結帳交易。我們也投資於訂閱等關鍵用例，以推動重複品牌結帳的使用。許多促進今年成長的努力將在明年繼續發揮作用，並增強了我們的信心，相信我們正朝著實現品牌結帳 TPV 成長前景的方向前進。

Turning to Buy Now, Pay Later. The BNPL continues to deliver strong growth quarter after quarter. In the second quarter, the BNPL volume grew more than 20% and monthly active accounts climbed 18%. When consumers choose BNPL, their average order value is more than 80% higher than a standard branded checkout transaction.

轉向「先買後付」。BNPL 持續保持季度強勁成長。第二季度，BNPL 交易量成長超過 20%，每月活躍帳戶數成長 18%。當消費者選擇 BNPL 時，他們的平均訂單價值比標準品牌結帳交易高出 80% 以上。

Why are we winning customers in BNPL? Put simply, scale, ease of use, and customer value. Our BNPL solutions are available nearly everywhere PayPal is accepted in our largest markets. That makes us the most broadly distributed BNPL solution in the market. Merchants can offer flexible payment options that drive higher sales, all seamlessly integrated within the PayPal ecosystem, no extra tech work and often at a lower cost than with stand-alone BNPL providers.

我們為什麼能在 BNPL 贏得客戶？簡而言之，規模、易用性和客戶價值。在我們最大的市場中，幾乎所有接受 PayPal 的地方都可以使用我們的 BNPL 解決方案。這使我們成為市場上分佈最廣泛的 BNPL 解決方案。商家可以提供靈活的付款選項來提高銷售額，所有這些都無縫整合在 PayPal 生態系統中，無需額外的技術工作，而且成本通常低於獨立的 BNPL 提供者。

Merchants unlock the real power of our BNPL solutions when they add awareness messaging upstream on their product pages. Merchants choose to feature PayPal BNPL upstream because we offer a trusted name brand option that is already bundled with our comprehensive suite of branded payment options.

當商家在其產品頁面上添加意識訊息時，他們就釋放了我們的 BNPL 解決方案的真正力量。商家選擇在上游採用 PayPal BNPL，因為我們提供值得信賴的品牌選項，該選項已與我們全面的品牌支付選項套件捆綁在一起。

ACE Hardware is a great example. After adopting this upstream messaging and offering a 0% APR promotion, they saw a 35% year-over-year increase in total PayPal sales and a sevenfold increase in average order values. Today, we offer BNPL in nine global markets. We will continue to expand to more markets throughout the year and launch additional marketing to boost awareness and adoption.

ACE Hardware 就是一個很好的例子。在採用這種上游訊息傳遞並提供 0% 年利率促銷後，他們發現 PayPal 總銷售額年增了 35%，平均訂單價值增加了七倍。如今，我們在全球九個市場提供 BNPL。我們將在全年持續拓展更多市場，並進行更多行銷活動以提高知名度和採用率。

Next, Venmo. When I joined nearly two years ago, the big question was, can you grow Venmo. Today, the answer is a resounding yes, and you're starting to see it in our results. Venmo delivered another outstanding quarter, showcasing some of our best growth in years. In Q2, we grew Venmo revenue by more than 20%, marking our highest revenue growth rate since 2023. TPV grew 12%, accelerating quarter-over-quarter to the highest growth rate in three years.

接下來是 Venmo。當我兩年前加入時，最大的問題是，你能否發展 Venmo。今天，答案是肯定的，而且您已開始在我們的結果中看到它。Venmo 又一個季度表現出色，展現出我們多年來最好的成長勢頭。第二季度，Venmo 營收成長超過 20%，創下 2023 年以來的最高營收成長率。TPV 成長 12%，季增達到三年來的最高成長率。

This momentum stems from deliberate product innovations over the past year and dynamic marketing campaigns that are repositioning Venmo from a peer-to-peer payment tool to an everyday commerce platform. The result is that our Venmo user base is not just growing, it's engaging in commerce with Venmo.

這一勢頭源於過去一年來刻意的產品創新和動態行銷活動，這些活動將 Venmo 從點對點支付工具重新定位為日常商務平台。結果是我們的 Venmo 用戶群不僅在成長，而且還在透過 Venmo 進行商業活動。

Our recently announced Big 12 and Big 10 college distribution deals will fuel this further. Not only will college athletes be able to receive institutional revenue share payments through PayPal or Venmo, but the Venmo brand will be embedded in some of the most iconic matchups in college sports. We've released new co-branded Venmo debit cards, and Venmo will also be working with the Big 12 and Big 10 to enable acceptance for campus spending, including at bookstores, for ticketing, concessions, and merchandise, giving students more flexibility to shop and pay with the app they already use every day. These deals leverage our strong reach with the college age demographic to put Venmo everywhere across college campuses.

我們最近宣布的 Big 12 和 Big 10 大學分銷協議將進一步推動這一進程。大學運動員不僅可以透過 PayPal 或 Venmo 獲得機構收入分成，而且 Venmo 品牌還將融入大學體育界一些最具代表性的比賽中。我們推出了新的聯名 Venmo 借記卡，Venmo 還將與 Big 12 和 Big 10 合作，以便在校園內消費，包括在書店、門票、特許經營和商品，讓學生可以更靈活地使用他們每天使用的應用程式購物和付款。這些交易利用了我們在大學年齡層中的強大影響力，使 Venmo 遍布大學校園。

Pay with Venmo TPV was up more than 45% in the quarter, and we achieved an approximately 25% increase in Pay with Venmo monthly active accounts as our merchant network continues to broaden. Leading brands that resonate with Venmo's valuable demographic like Sephora, KFC, Taco Bell, and Pizza Hut are adding Pay with Venmo in their apps making it easier than ever for users to spend their Venmo balance wherever they shop.

本季度，Venmo 支付 TPV 成長了 45% 以上，隨著我們的商家網路不斷擴大，Venmo 支付每月活躍帳戶數增加了約 25%。絲芙蘭、肯德基、塔可鐘和必勝客等與 Venmo 寶貴用戶群產生共鳴的領先品牌正在其應用程式中添加使用 Venmo 付款功能，使用戶無論在哪裡購物都可以比以往更輕鬆地使用他們的 Venmo 餘額。

On the omni front, Venmo debit card monthly active accounts were up more than 40% as a result of our newly redesigned and simplified onboarding. This is a great business, and Venmo's potential is significant. Our team is fully focused on unlocking even greater growth ahead.

在全方位方面，由於我們重新設計和簡化了入職流程，Venmo 借記卡每月活躍帳戶數量增加了 40% 以上。這是一項偉大的事業，Venmo 的潛力巨大。我們的團隊全力致力於實現未來更大的成長。

Turning to our omnichannel strategy. We are seeing strong momentum. Debit card TPV across PayPal and Venmo grew more than 60%, while monthly active accounts grew more than 65%. Adoption is strong and accelerating, with another approximately 2 million first-time PayPal and Venmo debit card users in the quarter in the US.

轉向我們的全通路策略。我們看到了強勁的勢頭。PayPal 和 Venmo 的金融卡 TPV 成長了 60% 以上，而每月活躍帳戶則成長了 65% 以上。採用率強勁且正在加速成長，本季美國首次使用 PayPal 和 Venmo 金融卡的用戶又增加了約 200 萬。

In Q2, we launched a new physical card for PayPal Credit, our digital credit line product. This new card is an extension of the existing PayPal Credit product, allowing users to access their credit line, both online and for the first time in physical stores. The card also provides access to promotional financing offers including six months of interest refinancing on travel purchases. This new card is in addition to our PayPal Cashback Mastercard, which offers 3% back on all purchases through online branded checkout.

在第二季度，我們為我們的數位信用額度產品 PayPal Credit 推出了新的實體卡。這張新卡是現有 PayPal Credit 產品的延伸，允許用戶在線上和首次在實體店使用他們的信用額度。該卡還提供促銷融資優惠，包括六個月的旅行購買利息再融資。這張新卡是我們的 PayPal Cashback Mastercard 的補充，它為透過線上品牌結帳的所有購買提供 3% 的回饋。

Our strategy focuses on getting our card products into the hands of even more of our customers, aiming to grow our share of wallet through options that can power every payment our customers make. This, on its own, is a massive opportunity for PayPal in an area where we can drive penetration much, much higher. And that is before the flywheel benefit for branded checkout.

我們的策略重點是將我們的卡產品推廣到更多客戶手中，旨在透過為客戶的每一筆付款提供技術支援的選項來增加我們的市場份額。這本身對 PayPal 來說是一個巨大的機遇，我們可以在這個領域大幅提高滲透率。這還未體現品牌結帳的飛輪效益。

Our data underscores the benefits of this approach. Customers who adopt one of our card products transact more frequently, choose PayPal more often when shopping online, and deliver higher average revenue per account. Following the strong momentum from our US launch last year, we took PayPal Everywhere to Germany in June with groundbreaking innovations. We launched the first-ever PayPal contactless mobile NFC wallet on iOS and Android, introduced flexible pay later to go for BNPL off-line, and delivered in-app cashback offers at over 2,000 stores.

我們的數據強調了這種方法的好處。採用我們的信用卡產品的客戶交易更頻繁，在網上購物時更頻繁地選擇 PayPal，並且每個帳戶的平均收入更高。繼去年我們在美國推出 PayPal Everywhere 以來的強勁勢頭之後，我們於 6 月帶著突破性的創新將 PayPal Everywhere 帶到了德國。我們在 iOS 和 Android 上推出了首款 PayPal 非接觸式行動 NFC 錢包，引入了靈活的稍後付款以進行線下 BNPL 支付，並在 2,000 多家商店提供了應用內現金返還優惠。

To amplify the launch, Will Ferrell have teamed up with us again for our largest marketing campaign yet in Germany. We already have more than 3 million NFC enrollments and are seeing impressive engagement trends. It's very exciting to see this kind of traction so early, and we are on track to expand to the UK this year.

為了擴大發表會的規模，威爾法瑞爾再次與我們合作，在德國進行迄今為止規模最大的行銷活動。我們已有超過 300 萬 NFC 註冊用戶，並且看到了令人印象深刻的參與趨勢。這麼早就看到這種發展勢頭令人非常興奮，我們預計今年將業務擴展到英國。

The outcome of all this progress and momentum is that we drove 8% currency-neutral growth in branded experiences TPV this quarter, and we have confidence that we can continue to grow this moving forward. Each pillar of our branded experiences is a thriving business on its own, and combined, they position us for sustainable, long-term growth and success.

所有這些進步和勢頭的結果是，我們本季推動了品牌體驗 TPV 8% 的貨幣中性成長，我們有信心繼續向前發展。我們的品牌體驗的每個支柱本身都是一項蓬勃發展的業務，而它們結合起來，使我們實現了可持續的長期成長和成功。

Finally, I'd like to explain how last week's announcement of PayPal World will be a game changer for our branded experiences. Digital wallets have become ubiquitous and the standard for making a payment or sending money worldwide. Today, almost 3.5 billion people rely on digital wallets as their go-to method for shopping and transferring funds. That's 83% of global digital payments happening through wallets and the number is only going to continue growing.

最後，我想解釋一下上週宣布的 PayPal World 將如何改變我們的品牌體驗。數位錢包已經變得無所不在，成為全球支付或匯款的標準。如今，近 35 億人依靠數位錢包作為購物和轉帳的首選方式。全球 83% 的數位支付都是透過錢包進行的，而且這個數字還會繼續增長。

There will be over 5 billion wallets globally by 2026. But among those billions of users, there are hundreds of regional wallets represented. This fragmented system of wallets poses tremendous challenges and immense friction in a global commerce ecosystem.

到 2026 年，全球錢包數量將超過 50 億個。但在數十億用戶中，有數百個區域錢包。這種分散的錢包系統為全球商業生態系統帶來了巨大的挑戰和摩擦。

For consumers, it means you are never quite sure if and where your wallet will be accepted. Even for wallets like PayPal, with tremendous global reach, there are large regions of the world and millions of merchants that are closed off. For many users with regional wallets, traveling out of the country poses new challenges with spotty or no acceptance, and the need to create and keep track of multiple wallets just to interact with the world. And while P2P payments should be easy, the need for a common wallet between users often makes it impossible to send money to friends or family around the world.

對消費者來說，這意味著你永遠無法確定你的錢包是否會被接受以及在哪裡被接受。即使對於像 PayPal 這樣擁有巨大全球影響力的錢包來說，世界上仍有大片地區和數百萬商家被拒之門外。對於許多擁有區域錢包的用戶來說，出國旅行帶來了新的挑戰，因為接受度不穩定或根本沒有接受度，需要創建和追蹤多個錢包才能與世界互動。雖然 P2P 付款應該很容易，但用戶之間需要一個共同的錢包，這往往使得向世界各地的朋友或家人匯款變得不可能。

For businesses, it means building the technology to accept dozens of wallets, which adds unnecessary costs and creates a fractured experience full of friction for customers, ultimately limiting reach and, of course, sales. When you want to sell to the world, how do you choose which wallets to accept and which customers to turn away? You shouldn't have to make that choice. This is where PayPal World comes in, to make it simple and easy to connect any consumer with any merchant. Five of the largest digital wallets in the world, PayPal, Venmo, Mercado Pago, Tenpay Global, and UPI are coming together on a seamless global platform. So you can now use your preferred wallet anywhere in the world.

對於企業來說，這意味著要建立接受數十種錢包的技術，這會增加不必要的成本，並為客戶帶來充滿摩擦的支離破碎的體驗，最終限制覆蓋範圍，當然還有銷售。當你想向全世界銷售產品時，你如何選擇接受哪些錢包以及拒絕哪些客戶？你不應該做出這樣的選擇。這就是 PayPal World 的作用所在，它使任何消費者與任何商家之間的聯繫變得簡單而輕鬆。全球五大數位錢包 PayPal、Venmo、Mercado Pago、Tenpay Global 和 UPI 正在無縫整合於一個全球平台上。因此，您現在可以在世界任何地方使用您喜歡的錢包。

For our PayPal merchants, PayPal World will mean access to billions of new customers through their existing branded checkout integration. Now, a UPI user in India who wants to buy a pair of sneakers from an online store in Germany that accepts PayPal can simply click the PayPal button at checkout, and their familiar UPI button will be presented for them to complete the transaction. It's that simple.

對於我們的 PayPal 商家來說，PayPal World 意味著他們可以透過現有的品牌結帳整合接觸到數十億新客戶。現在，如果印度的 UPI 用戶想要從接受 PayPal 的德國線上商店購買一雙運動鞋，只需在結帳時點擊 PayPal 按鈕，就會顯示他們熟悉的 UPI 按鈕以完成交易。就這麼簡單。

This means our connections for branded checkout will extend beyond our 400 million customers to more than 2 billion consumers worldwide, and that will continue to grow. Whether you're sending money to a friend or relative across borders or traveling to a country with a different currency, you will be able to transact seamlessly. And PayPal World is purpose-built for the future of commerce too. The platform will be compatible with dynamic payment buttons, stablecoins, and the latest technologies and commerce experiences, including agentic shopping.

這意味著我們的品牌結帳連線將從我們的 4 億客戶擴展到全球超過 20 億消費者，而這個數字也將持續成長。無論您是跨國向朋友或親戚匯款，還是前往使用不同貨幣的國家，您都可以無縫地進行交易。PayPal World 也是專為未來商業而打造的。該平台將相容於動態支付按鈕、穩定幣以及代理購物等最新技術和商業體驗。

PayPal World is expected to go live beginning in the fall with partner wallets connecting to PayPal and Venmo. Over time, PayPal World aims to connect billions of users at scale, and we expect this to expand as we add more partners in the coming months and years. Even since our announcement last week, we've received multiple inbound requests from wallets across the globe looking to join the PayPal World platform.

PayPal World 預計將於秋季上線，合作夥伴錢包將連接到 PayPal 和 Venmo。隨著時間的推移，PayPal World 的目標是大規模連接數十億用戶，我們預計，隨著未來幾個月和幾年內增加更多合作夥伴，這一目標將會擴大。自從上週我們宣布這項消息以來，我們已經收到了來自全球各地錢包的多個入站請求，希望加入 PayPal World 平台。

Moving to our PSP business. I want to reflect on one of my first earnings calls where we shared our plan to reset our largest merchant relationships to price our services to the value we deliver. The consequence of that reset was pressure on growth in exchange for long-term profitability. Now, we are on the other side of that and can confidently say that our strategy worked.

轉向我們的 PSP 業務。我想回顧一下我的第一次財報電話會議，當時我們分享了重置我們最大的商家關係的計劃，以便根據我們提供的價值為我們的服務定價。這種重置的結果是，以成長壓力換取長期獲利能力。現在，我們已經走出了困境，可以自信地說我們的策略奏效了。

We maintained our customers, and we are having more strategic conversations and relationships with them. And most importantly, we are now growing our Braintree TPV again and expect an acceleration in the back half of the year. This is an important inflection point, and I am really proud of the team for their execution.

我們維護了我們的客戶，並與他們進行了更具策略性的對話並建立了更具策略性的關係。最重要的是，我們現在正在再次擴大 Braintree TPV，並預計今年下半年將加速成長。這是一個重要的轉捩點，我為團隊的執行力感到非常自豪。

Key to this strategy has been investing in and scaling our strong suite of value-added services. These services are helping position PayPal as a trusted innovative partner in this evolving commerce landscape and have transformed the margin profile of our PSP business.

這項策略的關鍵是投資和擴展我們強大的增值服務套件。這些服務有助於 PayPal 成為不斷發展的商業環境中值得信賴的創新合作夥伴，並改變了我們的 PSP 業務的利潤狀況。

Let me share one example. Payouts is one of the value-added services that is growing rapidly. Some of the world's top travel, mobility, and social commerce platforms already use Hyperwallet to manage and distribute funds to hosts, drivers, and creators globally. Most recently, our payouts capabilities were a strategic enabler in our landmark partnerships with the Big 12 and Big 10 college athletic conferences that I mentioned earlier. Hyperwallet enables the conferences to provide student athletes with rapid access to revenue share payments that can be sent directly to their PayPal or Venmo accounts where they can then spend and send the money instantly.

讓我分享一個例子。支付是成長迅速的增值服務之一。一些世界頂級旅遊、行動和社交商務平台已經使用 Hyperwallet 來管理和向全球的房東、司機和創作者分配資金。最近，我們的支付能力成為我們與我之前提到的 Big 12 和 Big 10 大學體育聯盟建立里程碑式合作夥伴關係的策略推動因素。Hyperwallet 使會議能夠為學生運動員提供快速獲得收入分成付款的途徑，這些付款可以直接發送到他們的 PayPal 或 Venmo 帳戶，然後他們可以立即消費和匯款。

For small businesses, our priority remains empowering merchants with the tools they need to manage and accelerate their growth. We're steadily migrating more transactions on to PayPal complete payments. PPCP enables SMBs to easily access our latest online branded checkout and new products like Fastlane. As of today, over half of SMB volume flows through this platform, a notable improvement since last quarter. Our recent expansion of PPCP into Singapore further extends our global reach.

對於小型企業，我們的首要任務仍然是向商家提供管理和加速其發展所需的工具。我們正在穩步將更多交易遷移到 PayPal 完整支付。PPCP 讓 SMB 能夠輕鬆存取我們最新的線上品牌結帳和 Fastlane 等新產品。截至今天，超過一半的中小企業流量透過該平台流動，與上個季度相比有顯著改善。我們最近將 PPCP 擴展到新加坡，進一步擴大了我們的全球影響力。

We also continue to deepen our relationships with the most popular platforms where SMBs manage and grow their businesses. Just last week, we announced an expanded partnership with Wix that gives merchants access to our full suite of payment tools, seamlessly integrates into Wix payments to fuel sales growth. When our small business customers succeed, the relationship with PayPal deepens, and we remain committed to expanding access to the tools and capital that fuel that growth.

我們也將繼續深化與中小企業管理和發展業務的最受歡迎的平台的關係。就在上週，我們宣布擴大與 Wix 的合作夥伴關係，讓商家可以使用我們的全套支付工具，並與 Wix 支付無縫集成，以促進銷售成長。當我們的小型企業客戶成功時，與 PayPal 的關係就會加深，我們將繼續致力於擴大獲得推動這一成長的工具和資本的管道。

Let's turn to how we're shaping the future of commerce by innovating in agentic, ads, and stablecoins. In each of these areas, we are creating new ways to fuel growth in the years ahead. Agentic AI is rapidly changing the commerce landscape and PayPal is at the forefront. We were an early mover, launching the first remote MCP servers for commerce earlier this year. Now, we're helping merchants and developers meet the moment as consumers begin to purchase goods and services through AI ads.

讓我們來談談如何透過代理商、廣告和穩定幣的創新來塑造商業的未來。在每個領域，我們都在創造新的方式來推動未來幾年的成長。Agentic AI 正在迅速改變商業格局，而 PayPal 則處於領先地位。我們是早期推動者，今年稍早推出了第一個用於商業的遠端 MCP 伺服器。現在，我們正在幫助商家和開發商滿足消費者開始透過人工智慧廣告購買商品和服務的需求。

As you've seen through our announcements over the last few months, the major players in AI, including Perplexity, Anthropic, and Salesforce are working with PayPal to create powerful new agentic commerce experiences. These new experiences will enable customers to find the right products, checkout directly within the AI client, track purchases, and much more.

正如您在過去幾個月的公告中看到的那樣，包括 Perplexity、Anthropic 和 Salesforce 在內的人工智慧領域的主要參與者正在與 PayPal 合作，創造強大的新型代理商務體驗。這些新體驗將使客戶能夠找到合適的產品、直接在 AI 用戶端內結帳、追蹤購買情況等等。

We have differentiated KYC and KYB expertise, access to the largest ecosystem of payment-ready wallets with PayPal World and will continue to build our capabilities in this nascent space so that we strengthen our position as the go-to partner for agentic commerce. We have the brand trust, data, and expansive customer base to make this vision a reality.

我們擁有差異化的 KYC 和 KYB 專業知識，可以透過 PayPal World 進入最大的支付錢包生態系統，並將繼續在這個新興領域建立我們的能力，以鞏固我們作為代理商務首選合作夥伴的地位。我們擁有品牌信任、數據和廣泛的客戶群，可以將這個願景變成現實。

Moving to ads. We continue to make strides with new products that create more personalized shopping experiences by allowing merchants to reach the right customers more effectively. We launched offsite ads in Q2, enabling brands to reach millions of consumers across the open web through display and video ads, all powered by PayPal's data insights.

轉向廣告。我們不斷推出新產品，讓商家更有效地接觸到合適的客戶，進而創造更個人化的購物體驗。我們在第二季推出了站外廣告，使品牌能夠透過展示和影片廣告覆蓋開放網路上的數百萬消費者，所有這些都由 PayPal 的數據洞察提供支援。

Building on this, we introduced storefront ads, a new ad format that allows consumers to browse, shop, and pay directly within the ad unit. What makes Storefront ads truly differentiated is our ability to combine seamless in-ad checkout with direct merchant integration and PayPal's trusted payment capabilities. Following our US launch, we've begun expanding internationally with PayPal ads now live in Germany and the UK and we continue to scale our advertising business globally.

在此基礎上，我們推出了店面廣告，這是一種新的廣告形式，允許消費者直接在廣告單元內瀏覽、購物和付款。Storefront 廣告的真正差異化之處在於我們能夠將無縫的廣告內結帳與直接商家整合以及 PayPal 值得信賴的支付功能結合。繼美國推出之後，我們開始向國際擴張，PayPal 廣告現已在德國和英國上線，並且我們將繼續在全球擴大我們的廣告業務。

Turning to crypto. I want to highlight our stablecoin, PYUSD, which is a pivotal part of our mission to advance global commerce by directly addressing pain points our customers face today, namely the burdens of high fees and the slow speed of cross-border money transfers.

轉向加密。我想強調我們的穩定幣 PYUSD，它是我們推動全球貿易使命的關鍵部分，透過直接解決客戶今天面臨的痛點，即高額費用的負擔和跨境匯款速度慢。

Traditional payment methods can be prohibitively expensive and time consuming, creating friction that stifles growth and opportunity in global trade. PYUSD delivers a stable, reliable, and cost-effective alternative to conventional systems. We can enable businesses and individuals to transact with greater confidence and agility, fueling economic activity on a global scale. We are laser-focused on solving real-world problems for our customers and sequencing our efforts starting with cross-border transactions.

傳統的支付方式成本高且耗時，產生的摩擦會阻礙全球貿易的成長和機會。PYUSD 提供了一種穩定、可靠且經濟高效的傳統系統替代方案。我們可以讓企業和個人更有自信、更有彈性地進行交易，從而推動全球範圍內的經濟活動。我們專注於為客戶解決實際問題，並從跨境交易開始安排我們的工作。

With the strength of PayPal's commerce network, PYUSD is well positioned for mainstream consumer and merchant use cases. This quarter, we added the ability to earn rewards for our stablecoin on PayPal and Venmo and announced the expanded availability of PYUSD on Stellar and Arbitron blockchains. We are collaborating across the ecosystem to expand PYUSD's prominence as a commerce first stablecoin with a network of exchanges, custodians and other payments partners, including Coinbase, Fiserv, and Mastercard. As I mentioned earlier, PYUSD will also be a major enabler of the PayPal World platform.

憑藉 PayPal 強大的商業網絡，PYUSD 非常適合主流消費者和商家的使用情況。本季度，我們增加了在 PayPal 和 Venmo 上為我們的穩定幣賺取獎勵的能力，並宣布擴大 PYUSD 在 Stellar 和 Arbitron 區塊鏈上的可用性。我們正在與整個生態系統合作，擴大 PYUSD 作為商業優先穩定幣的聲譽，並與包括 Coinbase、Fiserv 和 Mastercard 在內的交易所、託管人和其他支付合作夥伴網路合作。正如我之前提到的，PYUSD 也將成為 PayPal World 平台的主要推動者。

Yesterday, we announced Pay with Crypto powered by PayPal, which will enable instant crypto to stablecoin or fiat conversion. It will support transactions across more than 100 cryptocurrencies and wallets such as Coinbase and MetaMask and tap into a global base of more than 650 million crypto users.

昨天，我們宣布推出由 PayPal 提供支援的「使用加密貨幣支付」功能，該功能可實現加密貨幣與穩定幣或法定貨幣的即時轉換。它將支援超過 100 種加密貨幣和錢包（例如 Coinbase 和 MetaMask）的交易，並利用全球超過 6.5 億個加密用戶群。

We're only at the beginning of what's possible here. I'm excited to see us continue to solve critical customer issues related to cost, speed, stability, and seamless payment integration. A big part of the future of commerce will be on-chain and PYUSD will help power that journey. As you can tell, our pace of innovation has accelerated significantly. This is in large part due to our efforts to consolidate our platforms, strengthen our infrastructure, and leverage AI across the company.

我們才剛開始探索這裡的一切可能性。我很高興看到我們繼續解決與成本、速度、穩定性和無縫支付整合相關的關鍵客戶問題。未來商業的很大一部分將在鏈上進行，而 PYUSD 將為這一進程提供動力。如大家所見，我們的創新步伐已顯著加快。這在很大程度上歸功於我們努力整合平台、加強基礎設施並在整個公司範圍內利用人工智慧。

To wrap up, there is tangible momentum across the business. We are growing transaction margin dollars at a high single-digit rate, and we continue to see impressive growth across PayPal, Venmo, and our PSP business. At the same time, we're making big and bold bets our customers in AI, ads, and crypto. I'm proud of our team for leading the industry forward.

總而言之，整個業務都呈現了明顯的發展動能。我們的交易保證金正以較高的個位數成長，我們繼續看到 PayPal、Venmo 和 PSP 業務的令人矚目的成長。同時，我們正在人工智慧、廣告和加密領域為客戶做出大膽的投資。我為我們的團隊引領行業進步而感到自豪。

With that, let me turn it over to Jamie.

說完這些，讓我把它交給傑米。

Thanks, Alex. Moving to slide 10. PayPal delivered another quarter of profitable growth. Transaction margin dollars grew 8%, excluding interest on customer balances. This was a continuation of last quarter's momentum, and a meaningful improvement compared to the past three years. I'll walk through the key drivers and a few puts and takes momentarily.

謝謝，亞歷克斯。移至投影片 10。PayPal 再次實現季度獲利成長。交易保證金增加了 8%，不包括客戶餘額利息。這是上一季動能的延續，與過去三年相比有了顯著改善。我將簡要介紹關鍵驅動因素以及一些優缺點。

While we are pleased with our progress, what's even more exciting is the foundation we are building to sustain and accelerate this growth in the years ahead. TM dollars growth had multiple sources in the quarter, including strong credit performance, branded checkout flow through, improvements in PSP profitability, and Venmo. We drove operating leverage through a combination of top line growth and cost discipline as we remix less productive spend into product, tech, and marketing. Taken together, non-GAAP operating income grew 13%. Share buyback and a favorable tax rate more than offset headwinds from lower interest rates, contributing to 18% growth in non-GAAP earnings per share.

我們對我們的進步感到滿意，但更令人興奮的是我們正在建立的基礎，以在未來幾年維持和加速這一成長。本季 TM 美元的成長有多種來源，包括強勁的信貸表現、品牌結帳流量、PSP 獲利能力的提高以及 Venmo。我們將效率較低的支出重新分配到產品、技術和行銷方面，透過收入成長和成本控制相結合來提高營運槓桿。整體而言，非公認會計準則營業收入成長了 13%。股票回購和優惠的稅率足以抵銷低利率帶來的不利影響，推動非公認會計準則每股收益成長 18%。

Adjusted free cash flow, which excludes the net timing impact between originating and selling European buy now pay later receivables was $656 million. Adjusted free cash flow was negatively impacted by timing shifts in working capital, which we expect to reverse in the second half of the year. We continue to expect full year free cash flow of $6 billion to $7 billion.

調整後的自由現金流（不包括發起和銷售歐洲先買後付應收帳款之間的淨時間影響）為 6.56 億美元。調整後的自由現金流受到營運資本時間變化的負面影響，我們預期這種影響將在下半年扭轉。我們繼續預計全年自由現金流將達到 60 億美元至 70 億美元。

Turning to slide 11. Account and engagement trends are healthy; active accounts and transactions per account, excluding PSP, both continue to grow. Total active accounts increased by nearly 2 million from the first quarter to 438 million. Monthly active accounts also continued to show steady progress up 2% year-over-year to 226 million. Transactions per active account, excluding PSP processing grew 4%.

翻到第 11 張投影片。帳戶和參與度趨勢健康；活躍帳戶和每個帳戶的交易量（不包括 PSP）均持續成長。總活躍帳戶數較第一季增加近200萬，達到4.38億。每月活躍帳戶數也持續穩定成長，年增 2%，達到 2.26 億。不包括 PSP 處理，每個活躍帳戶的交易量增加了 4%。

Moving to slide 12. Total payment volume grew 6% at spot and 5% on a currency-neutral basis to nearly $444 billion. Looking across the product portfolio, there are a few key areas I'd like to highlight. As Alex noted, we are driving faster growth at Venmo. Venmo TPV increased 12%, its highest rate of growth in three years.

移至投影片 12。總支付額以現貨計算成長 6%，以貨幣中性計算成長 5%，達到近 4,440 億美元。縱觀整個產品組合，我想強調幾個關鍵領域。正如亞歷克斯所說，我們正在推動 Venmo 實現更快的成長。Venmo TPV 成長了 12%，這是三年來的最高成長率。

In addition to driving more awareness and usage of commerce capabilities, we have been focused on improving core product and user experiences, which contributed to a P2P acceleration in the quarter. Branded experience is TPV, which includes online checkout, PayPal and Venmo debit as well as tap to pay posted another quarter of 8% growth. While debit and tap-to-pay spend represent a smaller amount of volume and branded experiences today, they are growing rapidly and are up more than 60% year-over-year.

除了提高對商業功能的認識和使用之外，我們還致力於改善核心產品和使用者體驗，這有助於本季 P2P 的加速發展。品牌體驗是 TPV，其中包括線上結帳、PayPal 和 Venmo 金融卡以及點擊支付，又實現了 8% 的成長。儘管目前藉記卡和點擊支付的消費額和品牌體驗較小，但它們正在快速成長，比去年同期成長超過 60%。

Winning checkout remains our most critical priority. Our teams are laser-focused on advancing the many initiatives that reinforce our checkout business. In the second quarter, online branded checkout volumes grew 5% on a currency-neutral basis. This was relatively consistent with the growth we delivered over the past few years.

贏得結帳仍然是我們最重要的優先事項。我們的團隊正全心全意地推動多項舉措，以加強我們的結帳業務。第二季度，線上品牌結帳量按匯率中性計算增長了 5%。這與我們過去幾年實現的成長相對一致。

At the same time, the macro and consumer spending environment has been uneven. As we moved through the quarter, we observed a slight softening in retail spending in the US, most apparent in areas likely impacted by tariffs such as Asia-based marketplaces with higher exposure to goods sourced from China. We continue to make progress, modernizing, and improving the performance of our checkout experiences and scaling more seamless authentication like pass keys and biometrics.

同時，宏觀經濟和消費支出環境也不均衡。隨著本季的推進，我們注意到美國零售支出略有疲軟，最明顯的是可能受到關稅影響的地區，例如對來自中國的商品接觸較多的亞洲市場。我們不斷取得進步，實現結帳體驗的現代化和改進，並擴展更無縫的身份驗證，如密碼和生物識別技術。

We are also increasingly giving consumers more reasons to choose PayPal, for example, with enhanced rewards and incentive programs. Pay with Venmo and Buy Now, Pay Later continue to outpace the market, taking share from other payment methods. Our efforts to drive branded experience adoption with our debit cards online and in-store, including Tap to Pay helped to fuel our checkout business by increasing brand habituation leading to incremental branded checkout volume.

我們也持續為消費者提供更多選擇 PayPal 的理由，例如，提供增強的獎勵和激勵計劃。使用 Venmo 付款和「先買後付」繼續領先於市場，搶佔了其他付款方式的份額。我們致力於透過線上和店內借記卡（包括 Tap to Pay）推動品牌體驗的採用，透過提高品牌習慣來推動我們的結帳業務，從而增加品牌結帳量。

We are confident in the steps we are taking to drive higher conversion, selection rate, and engagement and are now beginning to take these enhancements outside of the US. While still early in our progress, we see clear signs that our initiatives are making a positive impact. Bending the growth curve takes time for a company of our scale, but we remain confident that the actions we are taking today position us well to accelerate over time.

我們對所採取的提高轉換率、選擇率和參與度的措施充滿信心，並且現在開始將這些改進推廣到美國以外。儘管我們的進展仍處於早期階段，但我們看到明顯跡象表明我們的舉措正在產生積極影響。對於我們這種規模的公司來說，扭轉成長曲線需要時間，但我們仍然相信，我們今天採取的行動將使我們隨著時間的推移加速成長。

Turning to PSP, which spans both large enterprise and SMB processing as well as parts of our vast portfolio like payouts, invoicing, and point-of-sale solutions, volume grew 2% in line with the first quarter. Our focus on prioritizing healthy quality growth within our Braintree business continues to deliver meaningful TM dollars improvement.

談到 PSP，它涵蓋大型企業和 SMB 處理以及我們龐大產品組合的部分內容，如支付、發票和銷售點解決方案，其交易量與第一季持平，成長了 2%。我們重點關注 Braintree 業務的健康品質成長，這將繼續帶來有意義的 TM 美元成長。

We've also hit a positive inflection point for Braintree volume. We are now past the peak pressure from renegotiating and shedding unprofitable volume. Braintree volume was roughly flat in the quarter. We expect a return to volume growth in the third quarter as we drive profitable front book business, support our existing merchant base, and continue to lean more into value-added services.

我們也達到了 Braintree 交易量的積極轉折點。我們現在已經度過了重新談判和擺脫無利可圖的交易量所帶來的最大壓力。本季 Braintree 的銷量基本持平。隨著我們推動獲利性前台業務、支持現有商家基礎並繼續更多地依賴增值服務，我們預計第三季銷售將恢復成長。

Moving to more financial detail on slide 13. Transaction revenue accelerated to 4% growth on a spot and currency-neutral basis to $7.4 billion. Excluding Braintree, transaction revenue grew 7% on a currency neutral basis, accelerating from 4% in the first quarter. Other value-added services revenue grew 16% to $847 million, driven primarily by strong performance in consumer and merchant credit. We ended the quarter with $6.9 billion in net loan receivables, up 7% sequentially, and we continue to be pleased with the quality, diversification and performance of our credit portfolio.

請參閱第 13 張投影片，以了解更多財務細節。交易收入以現貨和貨幣中性計算成長 4%，達到 74 億美元。不包括 Braintree，交易收入按貨幣中性計算增長了 7%，高於第一季的 4%。其他加值服務收入成長 16% 至 8.47 億美元，主要得益於消費者和商業信貸的強勁表現。本季末，我們的淨貸款應收帳款為 69 億美元，季增 7%，我們繼續對我們的信貸組合的品質、多樣化和表現感到滿意。

Most of this growth came from our Buy Now, Pay Later and international consumer revolve portfolios, where we have seen improvement in charge-offs and low stable delinquency rates. We are focused on targeting a balance sheet light model for credit and are making progress towards externalizing another part of our portfolio later this year. Transaction take rate declined by 4 basis points to 1.68%, driven largely by the impact of foreign exchange hedges, product and merchant mix. This decline was an improvement relative to last quarter and included slightly less impact from Braintree and payouts.

這一增長主要來自於我們的「先買後付」和國際消費者循環信貸組合，在這些組合中，我們看到了沖銷額度的改善和低穩定的拖欠率。我們致力於實現信貸資產負債表輕型模式，並正在努力在今年稍後將我們投資組合的另一部分外部化。交易接受率下降 4 個基點至 1.68%，主要受到外匯對沖、產品和商家組合的影響。與上一季相比，這一下降有所改善，且 Braintree 和支出的影響略有減少。

Online branded checkout take rates were more stable year-over-year, reflecting our mix of transactions, merchants, and a continued focus on profitable growth. This focus and the progress we are making across our strategic growth drivers continues to be most clearly demonstrated by the acceleration in the TM dollars growth we have delivered over the past year.

線上品牌結帳率比去年同期更加穩定，反映了我們的交易組合、商家以及對獲利成長的持續關注。這一重點以及我們在策略成長動力方面所取得的進展，最明顯地體現在我們過去一年實現的 TM 美元成長加速。

As I mentioned earlier, TM dollars ex interest grew 8%. Growth came from multiple sources, including credit, branded checkout, PSP, and value-added services and Venmo. TM dollars also benefited from a roughly 1.5-point onetime contribution from the renewal and expansion of our relationship with a key payment partner. This benefit was more than offset by an increase in transaction losses in the quarter. Higher transaction losses were a combination of normalization in loss rates following last year's strong performance, and new product introductions.

正如我之前提到的，TM 美元（不含利息）增加了 8%。成長來自多個來源，包括信貸、品牌結帳、PSP、加值服務和 Venmo。TM 美元還因我們與主要支付合作夥伴的關係的更新和擴展而獲得了約 1.5 個百分點的一次性貢獻。本季交易損失的增加完全抵消了這一收益。交易損失增加是由於去年強勁表現後損失率正常化以及新產品的推出。

Non-transaction-related OpEx increased 2% as we continue to actively manage our cost structure while reinvesting in key growth initiatives. Compared to our guidance, OpEx benefited from the timing of certain G&A items and the shift of some marketing spend into the third quarter. Non-GAAP operating income grew 13% in the quarter to more than $1.6 billion. Non-GAAP operating margin increased about 130 basis points to nearly 20%. You'll also see in our materials that we reported restructuring costs of approximately $92 million. These costs are related to workforce actions and the key tech transformation initiatives that we discussed at our Investor Day.

由於我們繼續積極管理成本結構，同時對關鍵成長計畫進行再投資，非交易相關的營運支出增加了 2%。與我們的預期相比，營運支出受益於某些 G&A 專案的時間表以及部分行銷支出轉移到第三季。本季非公認會計準則營運利潤成長 13%，超過 16 億美元。非公認會計準則營業利益率增加約130個基點，達到近20%。您也會在我們的資料中看到，我們報告的重組成本約為 9,200 萬美元。這些成本與我們在投資者日討論的勞動力行動和關鍵技術轉型舉措有關。

On the tech side, this includes the start of a three-year plan to reengineer infrastructure, streamline operations, and exit certain data centers as we unify platforms and migrate more to cloud-based solutions. We're excited about the increased speed, flexibility, data utilization, and scalability that these efforts will deliver over time.

在技​​術方面，這包括啟動一項三年計劃，以重新設計基礎設施、簡化營運並退出某些資料中心，因為我們統一了平台並將更多內容遷移到基於雲端的解決方案。我們對這些努力隨著時間的推移所帶來的速度、靈活性、數據利用率和可擴展性的提高感到興奮。

Moving to capital allocation. In the quarter, we completed $1.5 billion in share repurchases, bringing share repurchases over the past four quarters to $6 billion. Finally, we ended the quarter with $13.7 billion in cash, cash equivalents, and investments and $11.5 billion in debt.

轉向資本配置。本季度，我們完成了 15 億美元的股票回購，使過去四季的股票回購總額達到 60 億美元。最後，本季結束時，我們的現金、現金等價物和投資為 137 億美元，債務為 115 億美元。

Moving to guidance on slide 14 for the third quarter and full year 2025. Following a strong first half, we are on pace to outperform our original expectations for the year. We are raising our full year guidance for both TM dollars and non-GAAP EPS. Similar to last quarter, we have embedded a range of potential outcomes into the second half of the year. The low end of our full year guide could absorb up to a couple of points of deceleration in e-commerce spending, should that occur. Overall, consumer spending and the labor market have proven resilient, but we continue to closely watch how tariffs and other trading friction might impact global economic activity, spending, and supply chains over time.

轉到第 14 張投影片上有關 2025 年第三季和全年的指導。繼上半年表現強勁之後，我們有望超越對今年的最初預期。我們正在提高 TM 美元和非 GAAP EPS 的全年指引。與上一季類似，我們在下半年嵌入了一系列潛在結果。如果發生這種情況，我們全年指南的低端可能會吸收電子商務支出的幾個點的減速。總體而言，消費者支出和勞動力市場已證明具有韌性，但我們將繼續密切關注關稅和其他貿易摩擦將如何影響全球經濟活動、支出和供應鏈。

For the third quarter, we expect currency-neutral revenue growth at the lower end of mid-single digits or approximately 4% or so. We expect continued momentum in transaction revenue with lower growth in other value-added services revenue compared to the second quarter. This includes the impact of interest rate headwinds and a more difficult prior year comparison for credit growth. We expect third quarter TM dollars to be between $3.76 billion and $3.82 billion, which represents 4% growth at the midpoint. Excluding interest on customer balances, we expect TM dollars to increase by approximately 6% at the midpoint.

對於第三季度，我們預計匯率中性收入成長率將處於中等個位數的低端，即約 4% 左右。我們預期交易收入將持續維持成長勢頭，但其他增值服務收入的成長將低於第二季。這包括利率逆風的影響以及與去年信貸成長相比更困難的影響。我們預計第三季的 TM 收入將在 37.6 億美元至 38.2 億美元之間，中間值成長率為 4%。不包括客戶餘額的利息，我們預計 TM 美元中點將增加約 6%。

We are planning for up to high single-digit non-transaction OpEx growth in the quarter. This higher growth reflects continued investment in tech and new product launches as well as the shift in timing of some marketing spend that I referenced earlier. We expect to deliver non-GAAP earnings per share in the range of $1.18 to $1.22 or roughly in line with the prior year at the midpoint.

我們計劃本季實現非交易營運支出高達個位數的成長。這種更高的成長反映了對科技和新產品發布的持續投資，以及我之前提到的一些行銷支出時間的轉變。我們預計非公認會計準則每股收益將在 1.18 美元至 1.22 美元之間，或與去年中位數大致持平。

For the full year, we now expect TM dollars to be between $15.35 billion and $15.5 billion, which represents 5% to 6% growth. Excluding interest on customer balances, we now expect transaction margin dollars to grow between 6% to 7%.

就全年而言，我們現在預計 TM 收入將在 153.5 億美元至 155 億美元之間，成長率為 5% 至 6%。不包括客戶餘額的利息，我們現在預計交易保證金將增加 6% 至 7%。

We expect to deliver full year non-GAAP earnings per share in the range of $5.15 to $5.30, up 11% to 14%. Our guidance continues to project approximately $6 billion in share buyback and full year free cash flow of approximately $6 billion to $7 billion.

我們預計全年非公認會計準則每股收益將在 5.15 美元至 5.30 美元之間，成長 11% 至 14%。我們的指引繼續預測股票回購金額約為 60 億美元，全年自由現金流約為 60 億至 70 億美元。

I'd like to wrap up by thanking the PayPal team for their continued focus and dedication. The progress we're making gives us a strong foundation to build on as we execute on the second year of PayPal's transformation.

最後，我要感謝 PayPal 團隊的持續關注與奉獻。我們所取得的進展為我們實施 PayPal 轉型的第二年奠定了堅實的基礎。

With that, back to you, Alex.

好了，回到你這裡，亞歷克斯。

Thanks, Jamie. We had a great second quarter and are confident that our strategy is working as our momentum builds. We are executing on everything we said we would do 12 to 18 months ago. We are building out and improving our branded experiences and giving consumers many more reasons to choose PayPal and Venmo.

謝謝，傑米。我們在第二季度表現非常出色，隨著勢頭的增強，我們相信我們的策略正在發揮作用。我們正在執行 12 到 18 個月前說過要做的所有事情。我們正在建立和改進我們的品牌體驗，並為消費者提供更多選擇 PayPal 和 Venmo 的理由。

We are capitalizing on untapped opportunities in PSP and SME. At the same time, we are actively shaping the future of commerce through our work in AI, ads, and crypto. And our velocity of innovation is only accelerating. I am more excited than ever about the future we're building.

我們正在利用 PSP 和 SME 中尚未開發的機會。同時，我們正在透過在人工智慧、廣告和加密領域的工作積極塑造商業的未來。我們的創新速度還在不斷加快。我對我們正在建立的未來感到比以往任何時候都更加興奮。

Steve, let's go to Q&A.

史蒂夫，我們進入問答環節。

(Event Instructions) Regina, please open the line.

（活動指示） Regina，請接通電話。

(Operator Instructions) Ramsey El-Assal, Barclays.

（操作員指示）巴克萊銀行的 Ramsey El-Assal。

And great to see your strategic plan really gaining momentum this quarter. I wanted to ask about branded online checkout TPV, which decelerated just a bit quarter-over-quarter to remain pretty stable for a few quarters. Sounds like tariffs are offsetting some of your own efforts like modern checkout, and Will Ferrell to accelerate branded online TPV growth, how meaningful was the tariff headwind unbranded online checkout TPV in Q2?

很高興看到您的戰略計劃本季確實取得了進展。我想問一下品牌在線結帳 TPV 的情況，其環比增長略有放緩，但幾個季度內保持相當穩定。聽起來關稅抵消了你們的一些努力，例如現代結帳和威爾法瑞爾加速品牌線上 TPV 成長，那麼第二季關稅逆風對非品牌線上結帳 TPV 有多大影響？

And in July, are you seeing a stable tariff-related headwind there? Or is that a metric -- on that same metric, or could we see the headwind change and potentially intensify?

那麼，七月份，您是否看到與關稅相關的穩定逆風？或者這是一個指標——基於同一個指標，我們可以看到逆風發生變化並可能加劇？

Ramsay, thank you for the question, and I appreciate the comments on branded checkout. Look, we're excited as well. I think our execution on the global rollout; the US rollout is exactly what we were looking for. And really, the cohorts that we now have live in market are delivering exactly the way we expected.

拉姆齊，感謝您的提問，我很欣賞您對品牌結帳的評論。看，我們也很興奮。我認為我們在全球推廣中的執行情況；美國的推廣正是我們所期待的。事實上，我們目前在市場上的客戶群的表現正是我們所預期的。

To comment on these platforms from Asia, the way we think about it is without that pressure, our branded checkout really would have been at 6%. And so it's a small amount, but we've started to see it stabilize a little bit as we get into this month. Jamie, anything you'd add.

對於來自亞洲的這些平台，我們的想法是，如果沒有這種壓力，我們的品牌結帳率實際上會達到 6%。所以這是一個很小的數目，但進入本月，我們開始看到它稍微穩定下來。傑米，您還有什麼要補充的嗎？

Yes. No, I would just say that our trends underlying all this really have been broadly consistent. There's puts and takes in any given quarter. And like Alex said, we did see a slight deceleration really in those Chinese to US corridors.

是的。不，我只想說，這一切背後的趨勢確實大致一致。任何特定季度都會有收益和收益。正如亞歷克斯所說，我們確實看到中國至美國的航線略有減速。

In July, I would say it's still early but seeing a bit less pressure in that space. We plan the full year branded checkout at mid-single digits. We are on track for that. And the watch out that I really am looking at is we still have a fair amount of policy and macro uncertainty. So we're obviously monitoring that, but we're very focused on our execution around our strategic initiatives. And bending the curve takes time, and we expect to accelerate as we move through the next couple of quarters, the next couple of years.

就七月而言，我想說現在還為時過早，但該領域的壓力會小一些。我們計劃全年品牌結帳的規模達到中等個位數。我們正朝著這個目標前進。我真正需要注意的是，我們仍然存在相當多的政策和宏觀不確定性。因此，我們顯然正在監控這一點，但我們非常關注我們戰略計劃的執行。改變曲線需要時間，我們預計在接下來的幾季、幾年裡，這一進程將會加速。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

I'm going to go -- I want to ask about all the initiatives, Alex, that you went through upfront. There's a lot going on, a lot to study. I specifically want to ask on Pay with Crypto and PayPal World. Because when you think about this, I can make the case that both are TAM expanding, but potentially at a lower take rate.

我要走了——亞歷克斯，我想問你預先採取的所有舉措。有很多事情正在發生，有很多事情需要研究。我特別想問使用加密貨幣付款和 PayPal World 的問題。因為當您考慮到這一點時，我可以證明兩者都在擴大 TAM，但潛在的接受率較低。

We've been getting a lot of these questions on both sides. So how do you see it? And are you confident that both will be revenue and profit accretive as you push towards, I think you call it interoperability quite a bit in some of the releases?

雙方都向我們提出了很多這樣的問題。那您怎麼看呢？您是否相信，隨著您不斷努力，兩者都將增加收入和利潤，我認為您在某些版本中稱之為互通性？

Thanks, Tien-Tsin. So yes, we're very excited, and you can -- hopefully, you're seeing the pace of our innovation just continue to accelerate and sort of you're starting to see our whole strategy and the system that we're building together really play out.

謝謝，Tien-Tsin。所以是的，我們非常興奮，您可以——希望您看到我們的創新步伐繼續加快，並且您開始看到我們的整個策略和我們共同構建的系統真正發揮作用。

Let me take each of those. So PayPal World I think the easiest way to think about it in the short term is, a, what I'm really excited about is the interoperability between PayPal and Venmo. So now you've got a huge amount of Venmo customers that can click on the PayPal branded checkout and make their purchase online.

讓我一一列舉。因此，我認為 PayPal World 在短期內考慮這個問題的最簡單的方式是，a，我真正興奮的是 PayPal 和 Venmo 之間的互通性。因此，現在您擁有大量 Venmo 客戶，他們可以點擊 PayPal 品牌結帳並在線上購買。

Then we've opened it up to almost 2 billion additional users, and that will just continue to grow. And the best way to think about it is that's branded check out. And the way that we've orchestrated the agreements on PayPal World as a platform is the merchants maintain their branded checkout economics. And so if you're a user, and I've gotten a lot of really fun notes in from LinkedIn, UPI users that are now thrilled to be able to click on the PayPal button anywhere in the world and be able to make a checkout.

然後，我們又向近 20 億用戶開放了這項服務，而且這個數字還會持續成長。最好的思考方式就是品牌結帳。我們在 PayPal World 平台上製定協議的方式是讓商家維持其品牌結帳經濟。因此，如果你是用戶，我從 LinkedIn 收到了很多有趣的消息，UPI 用戶現在很高興能夠在世界任何地方點擊 PayPal 按鈕並結帳。

And for us, that's just the expansion of TAM and the existing economics that we have. And then on top of that, you've got P2P economics and all sorts of other things that will play out over time. So that's on PayPal World. It really is an expansion of the TAM.

對我們來說，這只是 TAM 和我們現有經濟的擴展。除此之外，還有 P2P 經濟和各種其他事物，它們將隨著時間的推移而發揮作用。這就是 PayPal World 的情況。它實際上是 TAM 的擴展。

On Pay with Crypto, we really do see this as, again, expansion of TAM at pretty attractive economics. The expenses come down significantly with crypto. This is still early days in consumers really using crypto to pay, but we want to make sure that our merchants are enabled and have the ability to take the payment when they need to. So if you look at the net take rate on Pay with Crypto, it's actually quite attractive. And we'll see how it ramps up over time from a volume perspective.

對於使用加密貨幣支付，我們確實再次將其視為 TAM 的擴張，且經濟效益相當誘人。使用加密貨幣後，費用大幅下降。消費者真正使用加密貨幣支付仍處於早期階段，但我們希望確保我們的商家能夠並有能力在需要時收取付款。因此，如果你看一下使用加密貨幣支付的淨利率，它實際上相當有吸引力。我們將從數量角度觀察它如何隨著時間的推移而增加。

But again, to your question, both our expansion of TAM for us.

但再次回答您的問題，這對我們來說都是 TAM 的擴充。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

I want to talk a little bit about a topic that's becoming more important to investors, which is the promises of prominent placement of the branded checkout button in your merchant negotiations. So when sitting down with merchants and renegotiating contracts, whether it's Braintree or PayPal or other, you're looking at the relationship holistically across products, the take rates or pricing, the use of BNPL and the list goes on.

我想談談對投資者來說越來越重要的一個主題，那就是在與商家談判時承諾將品牌結帳按鈕放在顯眼的位置。因此，當與商家坐下來重新協商合約時，無論是 Braintree 還是 PayPal 或其他，您都會從整體上審視產品之間的關係、利率或定價、BNPL 的使用等等。

But maybe most importantly, there's that potential contractual agreement or kind of a promise of a prominent placement of the branded checkout button. And I was hoping you could give a little bit more context on how those conversations work and how things may or may not be changing on that particular aspect of the renegotiations?

但也許最重要的是，存在潛在的合約協議或承諾將品牌結帳按鈕放在顯眼的位置。我希望您能提供更多關於這些對話如何進行的背景信息，以及重新談判的這個特定方面可能會或可能不會發生哪些變化？

Yes, Tim, thanks for the question. So let me paint the picture. So what's exciting is when we sit down with these merchants, and I'll sit down with the CEO as an example, we're really working merchant back about what's most important to them. And a lot of the time, it starts with their ability to get access to more customers and then obviously, conversion matters.

是的，提姆，謝謝你的提問。讓我來描繪一下。因此，令人興奮的是，當我們與這些商家坐下來，例如與執行長坐下來，我們真的在幫助商家了解對他們來說最重要的是什麼。很多時候，首先要有接觸更多客戶的能力，然後顯然轉換率很重要。

But how do they find the right customer? How do they make sure that they're bringing the right customer to their site. So now we have a full suite of offerings, and it can go from ads to some of our commerce APIs to drive personalization, and it really runs the gamut. And so the conversations start with, hey, what are you trying to solve? We've got, obviously, unbranded. We've got Buy Now, Pay Later. We've got branded opportunities in PayPal and Venmo, what demographic do you want? What are some of the value-added services that you want? So we really run the end-to-end spectrum.

但他們如何找到合適的客戶？他們如何確保將合適的客戶帶到他們的網站？所以現在我們擁有全套產品，它可以涵蓋從廣告到一些商業 API 以推動個人化，它確實涵蓋了各個方面。因此對話開始於：嘿，你想解決什麼問題？顯然，我們沒有品牌。我們提供「先買後付」服務。我們在 PayPal 和 Venmo 上獲得了品牌推廣機會，您想要什麼樣的人群？您想要哪些加值服務？所以我們真正運作的是端到端頻譜。

I think what -- a couple of things that I would highlight that are exciting and sort of changing when it comes to branded in particular. First, because we are really pushing on buy now pay later right now, we're pushing on our branded -- our new branded experiences that brings everything together. We really can be that one-stop shop for a merchant to be able to have one button, a very powerful button that brings them the right demographic and the right services for their customers.

我想強調的是，當談到品牌時，有幾件事情是令人興奮且正在改變的。首先，因為我們現在確實在推行「先買後付」服務，所以，我們正在推行我們的品牌——將一切整合在一起的全新品牌體驗。我們確實可以成為商家的一站式商店，只需一個按鈕，一個非常強大的按鈕，就可以為他們的客戶提供正確的人口統計和正確的服務。

The second that I'd highlight is we're really changing the game from what has occurred in the past, which is with our payment-ready API, we're now able to really identify who that customer is upfront. So instead of having to negotiate, hey, we need presented at this number of buttons or this type of thing in certain areas. What we're really spending time talking about is, hey, accept our API, ping our API first, and we're going to tell you exactly what this customer wants. And so that is driving increase in conversion, increase in merchant adoption because we really get to personalize the experience for the customer.

我要強調的第二點是，我們正在真正改變過去的遊戲規則，透過我們的支付 API，我們現在能夠真正提前識別客戶是誰。因此，我們不需要協商，嘿，我們需要在某些區域展示一定數量的按鈕或這種類型的東西。我們真正花時間討論的是，嘿，接受我們的 API，先 ping 我們的 API，然後我們會準確地告訴您這個客戶想要什麼。因此，這推動了轉換率的提高和商家採用率的提高，因為我們確實為客戶提供了個人化的體驗。

So I think we're leaning into the future, and I'm really excited about not having to create sort of the 15 different buttons on a checkout but just being able to give a merchant the ability to ping our payment API and serve the consumer exactly what they want to be able to increase conversion.

所以我認為我們正面向未來，而且我非常高興我們不再需要在結帳時創建 15 個不同的按鈕，而只是能夠讓商家能夠 ping 我們的支付 API，並為消費者提供他們想要的服務，從而能夠提高轉換率。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Can we touch on how the European rollout of the modern checkout initiatives are coming along now? Just what's the timeline on it? When do you anticipate seeing measurable results? And then just overall looking at branded, maybe a little more color on international growth versus US. And just revisiting whether you still expect to exit the year at an accelerated rate for branded versus the beginning of the year?

我們能否談談歐洲現代結帳計畫的推出進度如何？它的時間線到底是怎麼樣的？您預計何時能看到可衡量的成果？然後從整體來看品牌，與美國相比，國際成長可能更具特色。並且重新審視一下，您是否仍預期今年年底品牌銷售額的成長速度將比年初更快？

Yes. Thanks, Darren. So again, just to highlight, we were very deliberate in our strategy to start our rollout of our new branded experiences in the US. We're up over 60% now in the US. And again, the cohorts that we've rolled out are continuing to operate in the way that we wanted and showing the uplift that we expected and we talked about in the past. We've now started to roll that out in the UK and Germany.

是的。謝謝，達倫。因此，再次強調，我們非常慎重地制定了在美國推出新品牌體驗的策略。目前我們在美國的業務已成長了 60% 以上。而且，我們推出的團隊繼續以我們想要的方式運作，並顯示出我們預期和過去談論的提升。我們現在已經開始在英國和德國推廣這項服務。

As I've mentioned previously, those integrations typically are on newer integrations throughout Europe. And so I actually think we're going to continue to accelerate our adoption over the coming quarters across Europe. So very, very excited there. We're mid-teens overall on global TPV, and we want to see that continue to increase over the next few quarters.

正如我之前提到的，這些整合通常涉及整個歐洲的較新的整合。因此，我認為我們將在未來幾季繼續加快整個歐洲的採用速度。我非常非常興奮。我們的全球 TPV 總體處於十幾歲左右，我們希望看到它在接下來的幾個季度繼續增長。

Yes. I can jump in here and talk about non-US growth, which I think Darren, is where you were taking the second part of this. If you look at outside the US, again, we're really seeing largely consistent trends here. We continue to take share in Europe including Germany.

是的。我可以在這裡談談非美國地區的成長，我認為達倫，這就是你所討論的第二部分。如果你再看看美國以外的地區，我們確實看到了基本一致的趨勢。我們繼續在包括德國在內的歐洲佔據份額。

And as Alex mentioned, our broad push around our latest innovation, it's not just the latest experience, but it is, Buy Now, Pay Later, it is the new app and upgrades and the experience around that. It's in its NFC, which we had a really successful rollout in the second quarter in Germany around that. So it's all-around branded checkout really driving the habituation and the resulting halo that comes with that.

正如亞歷克斯所提到的，我們大力推廣我們的最新創新，這不僅是最新的體驗，而且是“先買後付”，這是新的應用程式和升級以及圍繞它的體驗。它位於 NFC 中，我們在第二季度在德國成功推出了該功能。因此，全方位的品牌結帳確實推動了習慣的養成以及隨之而來的光環。

And the teams are really focused on scaling that and pushing that as they go through. With respect to accelerated rate, what I would tell you is that we are laser-focused on branded checkout. And I think as we talk about all of this, that focus on execution, the focus on the strategic initiatives, we fully expect to see an accelerated rate of growth over the next few quarters and the next few years.

並且團隊真正專注於擴大規模並在過程中推動這一進程。關於加速率，我想告訴你的是，我們專注於品牌結帳。我認為，當我們談論所有這些，專注於執行，並關注策略舉措時，我們完全預期未來幾季和未來幾年的成長速度會加快。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

I wanted to touch on your efforts to expand the brands to offline and some of the initiatives that you have, including debit expansion of the BNPL and credit. How should we think about that road map on a go-forward basis? It seems like you're driving really good engagement. But just wondering about expansion into other geographies and then product expansion beyond. And it seems like there's an opportunity to become a kind of a full suite of financial services that you're pursuing. But just like to get the milepost we should be tracking on those initiatives.

我想談談你們為將品牌擴展到線下所做的努力以及你們採取的一些舉措，包括 BNPL 的借記卡擴展和信貸。我們該如何看待未來的路線圖？看起來你正在推動非常好的參與。但我只是想了解一下向其他地區的擴張以及產品擴展的情況。看起來，您有機會提供您所追求的全套金融服務。但就像獲得里程碑一樣，我們應該追蹤這些舉措。

Yes. Thank you, James. So I think you're hitting on what we've really been laying out in our strategy when it comes to branded experience. And the best way to think about it is we just want to meet our customers where they are. The more they think about it, they are not delineating between online, off-line, agentic, commerce. They just think about buying.

是的。謝謝你，詹姆斯。所以我認為你明白了我們在品牌體驗策略中真正闡述的內容。最好的思考方式是，我們只想在客戶所在的地方與他們會面。他們越想越覺得，他們無法區分線上、線下、代理商和商業。他們只想著購買。

And the way they see product placement, the way they're buying potentially online and picking up in-store, like customers are just choosing commerce the way they want to choose it. And PayPal aims to be that choice for them wherever they want to buy. And so you've seen us, obviously, continue to accelerate our branded checkout experience as we just talked about online, but really leaning into that omnichannel strategy.

他們看待產品展示的方式、他們在網路上購買並在店內取貨的方式，就像顧客只是按照他們想要的方式選擇商業一樣。無論他們想在哪裡購物，PayPal 都希望成為他們的首選。因此，您顯然已經看到，我們繼續加速我們的品牌結帳體驗，就像我們剛才在線上討論的那樣，但實際上傾向於全通路策略。

And in less than a year, I'm really proud of the team. We have 5 million new PayPal debit card users since our launch, TPV growth for PayPal debit card up 75% in Q2 with really good economics. And then that creates the habituated flywheel where for those debit card users, we see 6 times transaction activity, 3 times increase in average revenue per account for these debit card users. Then you look at the strategy that we just rolled out in Germany.

不到一年的時間，我真的為這個團隊感到驕傲。自推出以來，我們已新增 500 萬 PayPal 金融卡用戶，第二季 PayPal 金融卡 TPV 成長率達 75%，經濟效益非常好。然後這就形成了習慣性的飛輪，對於那些借記卡用戶，我們看到交易活動增加了 6 倍，這些借記卡用戶的每個帳戶的平均收入增加了 3 倍。然後你看看我們剛在德國推出的策略。

And so again, as a reminder, this is our first real end-to-end wallet that includes not just, obviously, online checkout, but NFCs Tap to Pay a reward system, Buy Now, Pay Later built into offline purchasing and really seeing exciting growth there. So 3 million NFC enrollments since launch with engaged users that are transacting 16 times per month. That is showing that we can resonate in an online, an offline world and really enable customers to use us for every purchase every time, everywhere. And so that is the strategy.

因此，再次提醒一下，這是我們第一個真正的端到端錢包，它不僅包括線上結帳，還包括 NFC 點擊支付獎勵系統、立即購買、稍後付款等功能，這些功能內建於離線購買中，並且確實看到了令人興奮的增長。自推出以來，NFC 註冊用戶已達 300 萬，參與用戶每月交易次數達 16 次。這表明我們可以在線上和線下世界產生共鳴，並真正讓客戶隨時隨地都能使用我們的產品進行購買。這就是策略。

I think you're going to see us continue to roll that out globally. We said next up is the UK. But we have great brand prominence across Europe and believe we can take this platform across the rest of our markets. So continue to see that roll out. And again, it's a full system of online, off-line, BNPL, and all of this coming together.

我想你會看到我們繼續在全球範圍內推廣這項舉措。我們說下一個是英國。但我們的品牌在整個歐洲都享有很高的知名度，我們相信我們可以將這個平台推廣到其他市場。因此請繼續關注這一進展。再說一次，這是一個完整的系統，包括線上、離線、BNPL 以及所有這些功能結合在一起。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

I had a follow-up of PayPal World, and some announcement. Now, historically, we have seen challenges with regards to using experience, awareness, different priorities when it comes to interoperability across wallets. And I know -- in the past, it was better to create interoperability between PayPal and Venmo.

我對 PayPal World 進行了追蹤報道，並發布了一些公告。現在，從歷史上看，在跨錢包互通性方面，我們已經看到了使用經驗、意識和不同優先事項方面的挑戰。我知道——過去，最好在 PayPal 和 Venmo 之間建立互通性。

So Alex, I think my question to you is like, what could be different this time as you try and scale this to across PayPal and Venmo and to international business?

所以亞歷克斯，我想我要問你的問題是，當你嘗試將其擴展到 PayPal 和 Venmo 以及國際業務時，這次會有什麼不同？

Thanks, Harshita. Look, I think we've created a platform that really simplifies the user experience. So and have created a framework for all of the different wallets to be able to come together. So let me just talk about what we're in control of obviously, which is that PayPal experience.

謝謝，Harshita。看，我認為我們已經創建了一個真正簡化用戶體驗的平台。因此，我們創建了一個框架，使所有不同的錢包能夠整合在一起。因此，讓我只談談我們顯然可以控制的事情，即 PayPal 體驗。

So for an online checkout, whether it's a Venmo user, whether it's a UPI user, whether it's a Mercado Pago user or a WeChat user, you will be able to go to any PayPal button that you see on any merchant anywhere in the world, click that button and be able to check out with your native wallet. So we want no integration required by the merchant.

因此，對於線上結帳，無論是 Venmo 用戶、UPI 用戶、Mercado Pago 用戶還是微信用戶，您都可以前往您在世界任何地方的任何商家上看到的任何 PayPal 按鈕，點擊該按鈕，然後使用您的原生錢包進行結帳。所以我們不希望商家要求任何整合。

The merchant already has PayPal integrated. They are accepted into the PayPal World ecosystem and now have access to billions of consumers. No change from the consumer. They just have to click on the PayPal button, and they'll see -- if we can identify them through their phone number, we'll actually at some point, change the button to be their home button so they can see it. If not, we'll be able to have them using some of the technology that we've already been building, things like Fastlane, things like being able to identify users upfront, be able to auto create that experience so that it looks like a home experience for that native wallet.

商家已經整合了 PayPal。他們被納入 PayPal World 生態系統，現在可以接觸到數十億消費者。消費者沒有做出任何改變。他們只需點擊 PayPal 按鈕，就會看到——如果我們可以透過他們的電話號碼識別他們，我們實際上會在某個時候將按鈕更改為他們的主頁按鈕，以便他們可以看到它。如果沒有，我們將能夠讓他們使用我們已經在構建的一些技術，例如 Fastlane，能夠預先識別用戶，能夠自動創建這種體驗，以便它看起來像是原生錢包的家庭體驗。

So again, I think we've really focused -- and this was a big conversation that I had personally with the CEOs of these other wallets is this has to feel native, this has to feel like it's a common experience. There will be go-to-market commitments from all the different wallets to train users and show them that the PayPal World experience is right for them. but this is going to be frictionless.

所以，我再說一次，我認為我們真的集中精力了——這是我與其他錢包的首席執行官們進行的一次重要對話，那就是這必須讓人感覺是原生的，這必須讓人感覺是一種常見的體驗。所有不同的錢包都將做出市場承諾，以培訓用戶並向他們展示 PayPal World 體驗適合他們。但這將是無摩擦的。

Then if you look at the offline experience as well, which we probably don't spend enough time thinking about, it's going to be the same thing. So if you take a Venmo wallet or PayPal wallet, and you travel to India or you travel to China, and you see a QR code, a UPI QR code from a local merchant in India, you can actually pull out your Venmo wallet, scan the local QR code and make a purchase.

然後，如果你也看離線體驗，我們可能沒有花足夠的時間去思考，它將會是同樣的事情。因此，如果您攜帶 Venmo 錢包或 PayPal 錢包前往印度或中國，並且看到印度當地商家的二維碼（UPI 二維碼），您實際上可以拿出您的 Venmo 錢包，掃描當地二維碼並進行購買。

We want it to be that frictionless. You're not adding new modules in your app. You're not doing anything different. You're just scanning QR code and being able to purchase with your home wallet and the currency conversion work. So we are committed to making this as frictionless as possible for the merchant and the consumer. And that's why we worked so hard to bring these wallets together.

我們希望它是無摩擦的。您沒有在應用程式中新增模組。你並沒有做任何不同的事情。您只需掃描二維碼，即可使用家中的錢包進行購買並進行貨幣兌換。因此，我們致力於為商家和消費者提供盡可能順暢的體驗。這就是我們如此努力將這些錢包整合在一起的原因。

And I'll just say just to wrap up, I am really excited about the partnerships and the conversations we've had with these wallets. It is -- there's a reason there isn't an interoperable network of wallets in the world, it's hard. But we've had CEO-to-CEO conversations and a commitment across the different wallets to ensure that we're going to solve for a single platform for the world that enables consumers to be able to really have a delightful experience. So more to come on this, but obviously, a heck of a good start and lots of momentum building.

總而言之，我對我們與這些錢包的合作和對話感到非常興奮。是的——世界上沒有一個可互通的錢包網路是有原因的，這很難。但我們進行了 CEO 之間的對話，並向不同的錢包做出了承諾，以確保我們將為全球提供一個單一的平台，讓消費者能夠真正享受愉快的體驗。關於這一點，還有更多內容要講，但顯然，這是一個非常好的開始，而且勢頭強勁。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Alex Jamie, I appreciate the comments on a couple of points of e-com deceleration factored into the low end of guidance. I guess as we dig into the key drivers of growth in transaction margin dollar growth in the second half, can we unpack that a little bit? Like how much visibility do you have into the new initiatives and sort of the specific growth drivers?

亞歷克斯·傑米，我很欣賞你對電子商務減速的幾點評論，這些評論被納入了指導的低端。我想，當我們深入研究下半年交易利潤率成長的關鍵驅動因素時，我們能否稍微解釋一下這一點？例如，您對新舉措和具體成長動力有多少了解？

And just maybe a quick related question on transaction losses, which ticked up. Is this the new run rate? How should we think about that on a go-forward basis?

也許只是一個關於交易損失的快速相關問題，這個問題增加。這是新的運作率嗎？我們應該如何從長遠角度來考慮這個問題？

Sanjay, with respect to transaction margin, what we're really seeing this year, and I would say are durable, consistent drivers between branded checkout, PSP and Venmo and credit, we saw credit as a strong driver in the first half. When you get into the second half, those drivers really continue very consistently.

Sanjay，就交易利潤率而言，我們今年真正看到的是，我想說的是品牌結帳、PSP、Venmo 和信用卡之間持久而一致的驅動力，我們認為信用卡是上半年的強勁驅動力。當進入下半場時，這些車手確實表現得非常穩定。

There is a couple of dynamics I would maybe call out. One is that in the second half, we expect about a 2-point interest rate headwind in third quarter and in fourth quarter, about $125 million. Just as you get into the second half, we had rate cuts in the last half of last year. We're expecting a couple of rate cuts in the second half of this year. So that we expect a decel, which will impact transaction margin dollars. The other thing is we expect slightly less contribution from credit just with tougher comps in the second half of last year. So that is the TM dollars piece of it, the other part -- TL.

我可能要指出幾個動態。一是下半年，我們預期第三季和第四季的利率逆風約為 2 個百分點，約 1.25 億美元。就在進入下半年的時候，我們在去年下半年進行了降息。我們預計今年下半年將有幾次降息。因此我們預計成長速度會有所放緩，這將影響交易保證金的金額。另一件事是，由於去年下半年的競爭更加激烈，我們預計信貸貢獻將略有減少。這就是其中的 TM 美元部分，另一部分是 TL。

With respect to transaction loss, yes, we saw an uptick in transaction loss this quarter. It was about 9 bps. And I'd say there's two things that are happening here. Number one, and we talked about this, I think, when we have given our guidance at a couple of points earlier this year. Number one is normalization in transaction loss rates after what was a strong year last year.

關於交易損失，是的，我們看到本季交易損失有所上升。大約是 9 個基點。我想說的是這裡發生了兩件事。第一，我想，我們在今年早些時候給出指導意見時就討論過這個問題。第一是繼去年表現強勁之後，交易損失率已恢復正常。

And second was, as we've been implementing and launching new products, we're just seeing a little bit of an uptick there and things we have to work out and put more rules around and get those back into the flow. We expect the full year run rate to be about 8 bps. So up from last year, but not as high as the second quarter.

第二，隨著我們實施和推出新產品，我們看到了一點點的上升趨勢，我們必須制定一些措施，制定更多的規則，讓這些事情回到正軌上。我們預計全年運行率約為 8 個基點。因此比去年有所上升，但沒有第二季那麼高。

And the other thing I would just mention is some of these other products that we've been launching and scaling just come with naturally higher loss rates, things like debit. So all of this, it's an important area. We continue to be very focused on optimizing through AI, through the team and through automation, but that's really how we're thinking about TM.

我想提到的另一件事是，我們推出和擴展的一些其他產品自然會伴隨更高的損失率，例如借記卡。所以所有這些都是一個重要領域。我們繼續非常注重透過人工智慧、團隊和自動化進行最佳化，但這確實是我們對 TM 的看法。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Maybe just quickly, I would be curious, any update on Fastlane in terms of the rollout and adoption there. And if you're able to measure any uplift in volumes from that so far?

也許只是很快，我很好奇，關於 Fastlane 的推出和採用方面有任何更新嗎？到目前為止，您是否能夠測量出交易量是否有所提升？

Yes. Thanks, Colin. A quick update on Fastlane. We continue to roll it out. Our focus is on the largest merchants, which, again, is excitement and adoption is strong. It just -- it takes time for us to move through. They've not really invested in their guest checkout. But the improvement for these merchants is continuing to hold and be very strong. So we're seeing conversion uplift at 50% and consumers continuing to opt in.

是的。謝謝，科林。Fastlane 上的快速更新。我們將繼續推廣它。我們的重點是最大的商家，這再次令人興奮，而且採用率很高。只是──我們需要時間來度過難關。他們實際上並沒有在客人結帳方面進行投資。但這些商家的改善仍在持續，而且非常強勁。因此，我們看到轉換率提升了 50%，並且消費者繼續選擇加入。

I think, again, I would highlight as we continue to roll it out, 75% of users that are coming into Fastlane are really new or were dormant PayPal users that are now coming back in. So the strategy is strong for us. The biggest next inflection will be as we roll out multiprocessor because many of our largest merchants really need Adient as an example, to be able to support Fastlane, which we have committed to do. So that will come out in the next couple of quarters. And then this is a long game, and we're excited about the momentum, but just continuing to move along.

我想再次強調，隨著我們繼續推出這項服務，進入 Fastlane 的用戶中有 75% 實際上是新用戶，或者是之前處於休眠狀態的 PayPal 用戶，現在又回來了。所以這個策略對我們來說非常有效。下一個最大的轉折點將是我們推出多處理器，因為我們的許多最大商家確實需要 Adient 作為例子，以便能夠支援 Fastlane，我們已經承諾這樣做。這將在接下來的幾個季度內公佈。這是一場漫長的比賽，我們對這種勢頭感到興奮，但只是繼續前進。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

I just wanted to ask on the news over the past few weeks with certain banks starting to charge for access to consumer data. Just anything you can share on where within the business, you rely on aggregators and with what you know today on the pricing that's been floated, just how you guys are thinking about the potential impact?

我只是想問過去幾週的新聞，某些銀行開始對訪問消費者數據收費。您可以分享一下在業務中您依賴聚合器的情況嗎？根據您目前對浮動定價的了解，您如何看待潛在的影響？

Yes. Trevor, thank you. I'll keep this one simple. We're big supporters of open banking, and we've looked at this end-to-end throughout the business and the changes are just immaterial to us. We're just -- we're not going to be impacted by this really at all.

是的。特雷弗，謝謝你。我會把這一點說得簡單一點。我們是開放銀行業務的堅定支持者，我們已經在整個業務中端到端地研究了這一點，這些變化對我們來說並不重要。我們只是──我們其實根本不會受到這件事的影響。

Regina, let's make time for one more question, please.

里賈娜，請給我們留出時間再回答一個問題。

Dan Dolev, Mizuho Securities.

瑞穗證券的 Dan Dolev。

So can we talk about any benefits you're getting from the upgraded checkout experience? Obviously, there should be an uplift in the second half. Is there any way to quantify that, that would be great.

那麼我們可以談談您從升級的結帳體驗中獲得了什麼好處嗎？顯然，下半年應該會有所提升。有什麼方法可以量化這一點嗎？那就太好了。

Yes, Dan, what I'd say is from the cohorts that we've rolled this out to, and remember, this is 15% of global TPV. We're continuing to see the uplift that we've talked about, call it, 1 point of uplift. So that is going to continue. We just need to roll this out to more.

是的，丹，我想說的是，從我們推出這項服務的客戶群來看，請記住，這是全球 TPV 的 15%。我們繼續看到我們所談論的提升，稱之為 1 點的提升。這種情況將會持續下去。我們只需要將其推廣到更多人。

And so our expectation is if you look at branded checkout overall, it's this new branded experiences, it's the momentum that we've got in Buy Now, Pay Later which we're seeing over 20% year-over-year growth. It's the improvement in Pay with Venmo, which we're seeing 45% year-over-year growth. All of those coming together, we continue to see momentum on. And so as we exit this year, I expect that we're going to start to see real improvement in branded checkout overall and then as we move into '26.

因此，我們的預期是，如果您從整體上看品牌結帳，您會發現這是一種新的品牌體驗，也是我們在「先買後付」業務中獲得的動力，我們看到該業務同比增長超過 20%。這是 Venmo 支付的改進，我們看到它同比增長了 45%。所有這些結合在一起，我們繼續看到發展勢頭。因此，當我們今年即將結束時，我預計我們將開始看到品牌結帳整體的真正改善，然後進入 26 年。

So -- this is a big shift. It takes time to move. I'm excited about the momentum we have across all three of those elements. The new experiences, Buy Now,, Pay Later and Pay with Venmo, I think we're going to start to see this thing turn as we get through the next few quarters and into '26.

所以——這是一個巨大的轉變。移動需要時間。我對我們在這三個要素上所取得的進展感到非常興奮。新的體驗，例如“立即購買”、“稍後付款”和“使用 Venmo 付款”，我認為，隨著我們度過接下來的幾個季度並進入 26 年，我們將開始看到這種情況的轉變。

Alex, any final thoughts before wrap.

亞歷克斯，在結束前還有什麼想說的嗎？

Again, thank you for the questions today. I'm very proud of the quarter the team delivered. We did not get any questions on Venmo, and I want to highlight that usually get a lot of questions on Venmo and the team is just really killing it. And so there's something magical happening with Venmo right now, and I'm excited about where we're heading there as well. So overall, I appreciate the teams urgency and innovation. We're executing well and excited to update you all along the way. So thank you, everyone. Take care.

再次感謝您今天的提問。我為團隊本季的成績感到非常自豪。我們沒有收到任何有關 Venmo 的問題，我想強調的是，通常會收到很多有關 Venmo 的問題，而團隊確實做得很好。所以現在 Venmo 正在發生一些神奇的事情，我對我們的未來發展也感到很興奮。所以總的來說，我很欣賞團隊的緊迫感和創新精神。我們執行得很順利，很高興向大家通報最新進展。謝謝大家。小心。

This concludes today's conference. Thank you for participating. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。