During an in-person meeting with Deutsche Bank yesterday, PayPal Holdings, Inc. (NASDAQ:PYPL) President and CEO, Dan Schulman, stated that he is seeing an improvement in the e-commerce market.
According to the company, the e-commerce sector is showing stronger growth than originally anticipated. Initially, the forecast for fiscal 2023 predicted a small decline or only slight growth. However, the latest projections indicate growth in the mid-single digits to slightly higher than expected.
PayPal aims to maintain its stable branded growth share and gain more unbranded share through Braintree, as the company is confident about achieving margin expansion for several years.
Despite the competitive threat posed by Shop Pay, PayPal regards its association with Shopify as a co-opetition and has faith that Shopify will remain a significant portion of the business.
With regards to Apple, management noted that while Apple Pay has certain advantages on mobile, they believe PayPal is closing the gap in areas such as authentication methodology, which should help in the competitive dynamic over time.