Growth has been stellar. In 2022, Braintree accounted for about 30% of PayPal's entire TPV volume. This roughly $400 billion was up 40% from the prior year, a better gain than any other segment.

However, eBay’s other main segment, PayPal, continues to show strong growth. As the chart below shows, although PayPal’s year-over-year revenue growth did slow down a bit in 1Q15, it was ...