PayPal (PYPL) 424B2Prospectus for primary offering

¥30,000,000,000 aggregate principal amount of 0.813% Notes due 2025, ¥23,000,000,000 aggregate principal amount of 0.972% Notes due 2026 and ¥37,000,000,000 aggregate principal amount of 1.240% Notes due 2028 will be issued. Calculated in accordance with Rule 457(r) of the Securities Act of 1933, as amended, based on the yen/U.S. dollar exchange rate of ¥140.53 = $1, as reported by the U.S. Federal Reserve on May 26, 2023.