“We've taken steps to improve performance. We significantly tightened originations. Today, the book is down about 30% in total receivables, and we expect this pressure to continue through the back half of the year, but then really to abate as we move into next year.”

In context

“io of consumer and merchant credit, we're seeing relatively stable delinquency and charge-off trends The largest growth area for us continues to be our Buy-Now-Pay-Later solutions, where our performance continues to be very strong. Of course, going forward, given our partnership with KKR, the majority of the originations are going to be funded off-balance sheet for us, and we'll be able to support the sustained growth of that business. On the PayPal business loan side, this is really the part of our portfolio where we have seen deterioration. This portfolio represents less than 15% of our overall net receivables. We've historically seen consistently strong performance in this book. And last year, we widened the credit box and the performance has not been within our expected risk appetite. We've taken steps to improve performance. We significantly tightened originations. Today, the book is down about 30% in total receivables, and we expect this pressure to continue through the back half of the year, but then really to abate as we move into next year. That said, the overall strength of our business and the momentum we're seeing is allowing us to maintain our operating margin and EPS guidance for the year while we're absorbing this credit pressure. Ramsey El Assal: Thanks so much, VERY helpful. Appreciate it. Operator: Your next question comes from the line of Jason Kupferberg with Bank of America. Your line is open. Jason Kupferberg: I wanted to come back to branded TPV growth. So you had 6.5% in the month of June. You were over 8% in July, you're expecting further acceleration during the balance of the year. So can you just talk more specifically about the drivers of and the visibility on that ongoing improvement? Like how much of it is better macro? How much is traction with PayPal's own branded checkout initiatives and which among t”