component.phtml

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<?php
use Magento\Paypal\Block\Express\InContext\Minicart\Button;

$configuration = [
    '*' => [
        'Magento_Paypal/js/in-context/express-checkout' => [
            'id' => Button::PAYPAL_BUTTON_ID,
            'path' => $block->getUrl(
                'paypal/express/gettoken',
                [
                    '_secure' => $block->getRequest()->isSecure()
                ]
            ),
            'merchantId' => $block->getMerchantId(),
            'button' => $block->isButtonContext(),
            'clientConfig' => [
                'locale' => $block->getLocale(),
                'environment' => $block->getEnvironment(),
                'button' => [
                    Button::PAYPAL_BUTTON_ID,
                ],
            ]
        ]
    ]
];

?>
<div style="display: none;" id="<?= /* @noEscape */ Button::PAYPAL_BUTTON_ID ?>"></div>
<script type="text/x-magento-init">
    <?= /* @noEscape */ json_encode($configuration) ?>
</script>