• We see PayPal continuing to capit

• We see PayPal continuing to capitalize on growth in digital and mobile payments due to the decline of cash and rise of e-commerce• We think growth will be driven by increasing adoption of PayPal by consumers and merchants, expansion outside the U.S. and further penetration and monetization across mobile offerings and devices• We think PayPal offers significant value propositions to both consumers and merchants as a two-sided network that is agnostic to how consumers fund their accounts• However, the flipside to this business model is that PayPal could increasingly be seen as a middleman that heavily relies on other parties such as the traditional card networks and banks• Fees to these other companies have continually increased as a total percentage of expenses, threatening the scalability and margins of the business