PayPal's growth strategy under CEO Alex Chriss, who joined in late 2023 succeeding Dan Schulman, has been articulated around a "PayPal everywhere" vision that prioritizes converting the existing massive account base into more active, higher-value customers rather than chasing headline account growth. This strategic pivot reflects a mature assessment of where PayPal's growth opportunity truly lies: not in acquiring the next incremental account, but in deepening the engagement and commercial productivity of the 400 million accounts already on the platform. The checkout experience improvement is the most operationally significant near-term growth initiative. PayPal has historically been criticized by merchants for checkout conversion rates that lag the best-in-class alternatives, partly due to friction in the authentication and payment completion flow. The company has invested in a redesigned checkout experience — featuring passkeys, faster authentication, and streamlined one-touch completion — that aims to improve conversion rates for the merchants who accept PayPal. Even modest improvements in checkout conversion at the scale of PayPal's merchant base translate into significant incremental payment volume. The Pay Later expansion represents the most strategically significant growth bet. Buy-now-pay-later has become an expected feature of the e-commerce checkout experience for a large and growing proportion of consumers, and PayPal's embedded BNPL offering — available directly within the PayPal checkout flow without requiring a separate application — gives merchants a BNPL option with the trust and scale of the PayPal brand. Expanding Pay Later into new geographies and deepening its penetration in existing markets is a priority that addresses both the consumer demand for flexible payment options and the merchant demand for conversion-improving checkout features. The advertising business represents a newer but potentially high-value growth vector. PayPal holds transaction data on the purchasing behavior of hundreds of millions of consumers across thousands of merchant categories — data that is highly valuable for targeted advertising if deployed appropriately. The company has announced plans to build an advertising platform that allows merchants to reach relevant PayPal consumers based on purchase history, positioning this as a high-margin revenue stream that would complement the transaction fee model with recurring advertising revenue that scales with the quality of the data asset rather than with payment volume.