Yes that is the deal. They are making more of the money from online stores and you know that those well developed countries 80% of them makes use of the online shops and they mostly use paypal. If they are not earning enough they wouldn't have restricted some countries.
I used to tell my online friends that have that affinity for Paypal, take away online stores let's see if Paypal won't beg for customers. They are still feeling too proud because they think they've got their back covered from stores and so many have bestowed that trust on them. I simply wish STP would penetrate online stores as well.