PayPal operates one of the largest digital wallets in the world, the checkout button familiar to online shoppers for a generation. Venmo adds a social payments network dominant among younger Americans, while the Braintree division processes card payments behind the scenes for major platforms. The company earns a cut of the volume flowing through its rails, so growth tracks e-commerce itself plus its success defending branded checkout against Apple, Google and shop-native alternatives. PayPal separated from eBay in 2015.