“We are on track to launch NFC capabilities in Germany later this quarter and bring PayPal everywhere to the U.K. in Q3.”

In context

“nearly 90% from last year. Debit card TPV grew approximately 64% in the first quarter. Venmo debit card monthly active accounts grew nearly 40% and penetration has increased to 6% of Venmo MAAs. We are focused on getting these products into the hands of even more of our customers because they allow them to choose PayPal and Venmo as their way to pay more often. In the first quarter, users who adopted the PayPal debit card transacted nearly six times more and generated more than two times the average revenue per account compared to those who used online branded checkout only. There is also a halo effect where debit card users choose PayPal more often in online branded checkout. Our omnichannel strategy is showing early success in the U.S. and we are excited to replicate it internationally. We are on track to launch NFC capabilities in Germany later this quarter and bring PayPal everywhere to the U.K. in Q3. Moving to our PSP business, which remains a key driver of transaction margin dollar growth, we continue to build deeper relationships with the world’s largest brands and sell our strong suite of value-added services. That is a massive untapped and margin-rich opportunity. I’ll share two examples. We recently scaled our optimized debit routing with Wayfair and Upwork. This service routes eligible debit cards through lower cost debit networks, which helps merchants reduce their transaction fees. Regal Cinemas has adopted our fraud protection advance service which allows merchants to leverage PayPal’s decades of fraud intelligence and advance machine learning to improve their risk decisions and capture even more revenue. Let me give you an example of how this focus on adoption of value-added”