“Look, we did expect Braintree and we do expect Braintree to moderate its growth, lapping some big deals last year.”

In context

“ific. Thanks for taking my question and thanks for all the detail on the unbranded strategy. Just a couple of follow-up questions there, Dan, for you. One, can you elaborate a little bit on what's driving the 30% growth in unbranded TPV and how sustainable that is? Meaning, like, is it a couple of large clients that will eventually lap? Or is this more broad-based growth? And then second, can you just talk a little bit more about PayPal Complete Payments competitive positioning downmarket and where exactly you think that's going to win and what -- how quickly that will ramp? Thank you. Daniel Schulman: Yes. So Braintree continues to do extraordinarily well. And it's not just winning incremental clients, but we are growing our share of the overall PSP volume in our largest clients as well. Look, we did expect Braintree and we do expect Braintree to moderate its growth, lapping some big deals last year. But honestly, we're working on some big deals this year, too. And we've got a lot of momentum in Braintree. And I think its success -- it's differentiated. It's driven by an open architecture where we are perfectly willing to orchestrate transactions to third-party services and other PSPs. And we've got our integrated servicing. We've got our availability. I think now it's amongst best-in-class. I think we've got the lowest loss rates fraud in the industry, some of the highest loss rates may be up to 390 basis points better than others. And we've got a number of great value-added services that others have, but we're expanding to, whether they be APMs or vaulting real time card updates on payouts, and we're adding more and more that are really valuable to clients and also are very high mar”