Despite expanding its ecosystem with Venmo, BNPL tools, and crypto services, PayPal struggled with user growth and declining transaction rates. Its annual transaction take rate dropped from 2.89% in 2015 to 1.76% in 2023. Dan Schulman's departure as CEO in 2023 marked a shift, with successor Alex Chriss focusing on enhancing transaction volume from existing users through new features like FastLane, Smart Receipts, and the Cash Pass rewards program.