Operator: Our next question comes from Tien-Tsin Huang from JPMorgan. Please go ahead. Your line is open.
Tien-Tsin Huang : Hey, thanks. I’m just curious if your investment in the R&D budget at PayPal has changed given some of the incremental cost savings, the bigger margin expansion. And I think, because we’re really focused on the product road map and you got checkout, and it sounds like you’re extending unbranded to the SME space, which makes some sense. So just love your latest thinking on balancing the cost savings with investments in product development.
Daniel Schulman : Yeah. The first thing we do is ensure that we have all the investments we need to drive our road map. Again, we’ve honed our focus, sharpened our focus to make sure that we are investing and executing against our high conviction growth areas. And we’re doing that since I mean, we are — the team is making a ton of progress. I mean whether you look at what we’ve done in Braintree to harden the infrastructure, to create additional capabilities over the holiday season during the Cyber 5, we were five 9s and above in terms of availability. And you see that in terms of kind of the new sales, people moving more volume over to us. Braintree’s auth rates, something like 390 basis points better than the competitive set.
And so a ton of investment there and making a lot of progress. We’ve put a lot of investment against PPCP, which is our unbranded, small and midsized and channel partner play. And by the way, it’s not just unbranded. It has our most advanced checkout flows in it, and we’re going to probably take about 20% of our TPV through PPCP with integrations through Shopify, Adobe, TikTok, and move that to our most advanced checkout flows. And so that, we’ve invested in, and obviously, the rest of checkout. Like things like our SDK and APIs, two years ago, we were not really playing in that developer market. And today, if you go to Postman, which is like one of the largest sites that developers go to, to look at SDKs and APIs, we’re now one of the top 10 requested SDKs and APIs based on both popularity and quality of that.
We actually are number seven, number eight at Stripe. And so we have really gone from almost nowhere to top 10 in terms of our SDK and APIs. And so — and just all the basic hygiene, the next-gen stuff, we’re working on, that is #1 for us. Like we are going to invest as much as we need to into that. We’re going to invest in our digital wallets, our unbranded and our checkout. And that’s where we are focused, and we have plenty of investment there. At the same time, really, if you look at our non-transaction-related OpEx, and you look over the course of three years ago, we were like 17% growth, then 20% growth, then 2.7, and now low high single-digit negative growth, I guess, is the best way to put it. If you add all that together, you come up to about 7%.
And our traditional OpEx growth was somewhere, I call it, 6% to 8% or so. So we’ve just come back to where we’ve been. Honestly, we still have a lot more to go. As I mentioned, we have identified and are executing already against an incremental $600 million. And as we get more and more efficient as a business, you’re going to see more and more of a productivity mindset so that we feel as we go into 2024, that we’re going to go back to the same place we were, where we consistently grow our operating margin as we grow our top line going forward. And we’re all aligned against that. We feel great about the amount of resource we’re investing, but also making sure that we have the right cost structure going forward. Obviously, you’re always balancing that.
But when we have a balancing decision, we err towards investing.
Tien-Tsin Huang : Got it. Thank you, Dan. And my compliments to you on the succession news as well.
