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PayPal, once a pioneer of online checkout, is struggling to defend its core business as growth slows and competition intensifies. Its branded checkout segment, the most profitable unit, grew just 2 per cent, raising investor concerns about its ability to sustain momentum in a rapidly evolving payments landscape.

The company has steadily lost market share to rivals such as Apple Pay, Shopify, Klarna, Affirm, Cash App and Zelle, with Apple emerging as a dominant force due to seamless mobile integration. PayPal’s stock has dropped sharply, reflecting worries that it failed to capitalise on its early lead and adapt to changing consumer preferences.

Leadership changes and a planned restructuring under new CEO Enrique Lores signal a push for turnaround, including cost cuts and greater use of AI. However, uncertainty remains over future growth, with analysts questioning potential asset spin-offs and the company’s ability to reclaim competitiveness in digital payments.