PayPal’s shares fell nearly 10% on Feb. 4 following a report of slowed growth in its unbranded card processing business.

The company’s fourth-quarter results indicated a contraction in operating margins.

Unbranded payments, which are low-margin transactions for other companies, experienced a growth decline to 2% this quarter.

Meanwhile, PayPal’s branded products, including Venmo, grew by only 6%.

The results heightened investor concerns about PayPal’s ability to sustain strong profit margins amid intensifying competition.

Competitors such as Apple, Google, Visa, and Mastercard have increased their digital payment offerings.

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