Competitive DisadvantagePayPal is at a competitive disadvantage to other digital wallets and payment service providers, lacking a differentiated unified commerce offering.
Growth ConcernsThere is concern that results from the rollout of new branded experiences will take time to translate into TPV acceleration, and worry about PYPL's growth in U.S. online checkout.
Valuation ConstraintsPayPal's valuation will be structurally constrained by a lack of ROIC-improvement levers.