“When we think about the second half, there is really a couple of things to think about there. I'd say first is that our first half tailwinds around interest income, you know, will begin to decline.”

In context

“nt contributors to the growth. First, we talked about in my prepared remarks, interest income on customer balances. That was about 3 points in the first half. But second, and really very strong was branded checkout. It continues to grow profitably as a healthy contributor to transaction margin dollar growth. Braintree, which you mentioned, it is back to contributing to transaction margin dollar growth, which we're really excited about. And it's really great to see some progress from our shift in focus there. Venmo continues to benefit not only from the strong consumer, but, you know, we're doing a nice job in Venmo too, driving continued growth in monthly actives. And then lastly, transaction loss favorability continued to be favorable in the second quarter as well, which was nice to see. When we think about the second half, there is really a couple of things to think about there. I'd say first is that our first half tailwinds around interest income, you know, will begin to decline. We've just got higher comps in the second half of 2023, as rates were coming up in the second half of last year. So that impact on transaction margin dollar growth, the percentage, that'll start to come down. The second is that we saw transaction loss favorability in both the first quarter and the second quarter. It is feeling more durable than we expected, even in the first quarter. Having said that, we're planning for some normalization in the second half. As we get better in transaction loss prevention and detection. So do bad actors, and they continue to work hard to do different things. And the second is we are launching a number of products in the second half. And any time you launch products, we're just being prudent around how we think about transaction loss to make sure that if w”