Great question. It's actually both.
More and more merchants are accepting PayPal as a form of payment. Consumers are adopting us in more ways. If you had thought, years ago, that eBay might have been the only place to use it, now you would see its use in more and more places.
We're helping more businesses start up and they're using PayPal as perhaps one of their only ways of accepting payment, because they haven't figured out how to set up a merchant account yet, or because they are often declined merchant accounts due to their having no history yet, if they're just starting up. It's a very cost-prohibitive way for the acquiring side to service those small merchants, because they don't want to take on that risk, as well as for the merchants to bear any of the costs that get associated with a merchant account.
So we're enabling a lot of the startup community to actually get going a lot more effectively.