Operates one of the largest online payments systems and digital payments platforms globally Highly scalable business model Strong growth prospects in online and digital payments Narrow product focus (payment processing)--that is, limited diversification Strong cash flow generator No leverage Below-average operating margin (compared with other financial market infrastructure companies) Its growing exposure to retail credit through PayPal Credit Diversified portfolio of retail loans Highly automated scorecard-based underwriting and monitoring of credit exposures The stable outlook reflects S&P Global Ratings' expectation that PayPal Holdings Inc. will continue to benefit from mid-teen growth in its payment volumes and will keep expanding its unsecured lending to customers and its working capital loans to merchants. We could lower the rating if operating margins decrease,
