Earnings call · Mastercard Thu Oct 29, Saidwire live coverage archive https://saidwire.com/archive/earnings-ma-oct29 STORY (final version) Mastercard Q3 revenue up 14% as services timing helps; company says some benefit will reverse in Q4 Finance chief Linh Hai said deals and services projects moved from the fourth quarter into the third, and the company still guides Q4 net revenue growth at the high end of a low-double-digit range. Mastercard Inc. reported third-quarter net revenue growth of 14% on a currency-neutral basis, above its own expectations, and said part of the upside came from the timing of services projects and payment network deals pulled forward from the fourth quarter. On the earnings call, Linh Hai, the company's finance chief, told analysts "you will see a similar offset in q4," even as she said the underlying business remains strong. Mastercard guided fourth-quarter net revenue growth to the high end of a low-double-digit range, excluding inorganic activity. QUARTER RESULTS AND TIMING EFFECTS Adjusted operating expenses rose 12% and operating income rose 15%, the company said. Net income increased 18% and earnings per share rose 21% to $5.31, including a $0.16 contribution from share repurchases. Mastercard repurchased $3 billion of stock in the quarter and another $648 million through Oct. 26. Payment network net revenue grew 11%, while value-added services and solutions net revenue grew 19%, a figure that now includes contributions from stablecoin firm BVNK. Asked whether the acquisition lifted that growth, Hai said the impact was "really minimum" because BVNK is generating revenue "off a small base." Worldwide gross dollar volume rose 7% in local currency terms. Cross-border volume rose 11% and switched transactions grew 9%. FOURTH-QUARTER AND FULL-YEAR OUTLOOK For the full year, Mastercard expects net revenue growth at the high end of the low-double-digit range on a currency-neutral basis, excluding inorganic activity, with a tailwind of about 1 percentage point from foreign exchange. For the fourth quarter, it expects a foreign-exchange headwind of about 1 point, driven by a stronger U.S. dollar. Hai said fourth-quarter operating expense growth should be at the high end of the low-double-digit range, and the non-GAAP tax rate should be 20% to 21%. Hai said rebates and incentives as a percent of gross assessments are expected to be higher in the fourth quarter than in the third. She also said pricing contributions will begin to lap as the company heads into the fourth quarter. Asked about 2027, Hai said the company will provide formal guidance with its next quarterly release, citing "so many puts and takes" in the business, including macroeconomic conditions, deal wins and losses, services demand and currency volatility. CROSS-BORDER TRENDS AND EUROPE Hai said intra-Europe volumes fell sequentially from the second to the third quarter, citing a new customs fee in the European Union, the timing of large retail promotions and lower crypto purchases than a year earlier. Cross-border card-not-present spending excluding travel grew 15%, down from 20% in the second quarter, she said in response to an analyst. She said a slight deceleration in cross-border travel in October was due to the timing of holidays. She also said the Middle East conflict continues to weigh on travel but that the company expects a level similar to the end of the second quarter. In the U.S., Hai said switched volume improved sequentially in the first three weeks of October as the company began lapping the Capital One debit migration, which started toward the end of the third quarter last year and ran through the first quarter of 2026. AGENTIC COMMERCE AND STABLECOINS CEO Michael Miebach said Mastercard is not supporting one-time virtual card numbers as a long-term way to front agentic transactions, calling them a processor-driven "bridge" and saying a fully tokenized path through Agent Pay or an equivalent is "the way to go." He said consumer comfort and merchant discoverability must improve before agentic commerce takes off. Miebach said the BVNK deal closed in August and that a joint product, Global Money, is in the market. Hai said cybersecurity and other services are being driven in part by AI-related fraud risks. The call was Hai's first as chief financial officer. BULLETINS 9:02:56 AM ET MASTERCARD: Q3 NET REVENUE UP 14%, NET INCOME UP 18% YOY NON-GAAP CURRENCY-NEUTRAL 9:03:40 AM ET MASTERCARD: ACCEPTANCE AT 200 MILLION+ LOCATIONS, 300 MILLION MORE DIGITAL ACCESS POINTS 9:04:22 AM ET MASTERCARD: SIGNED 15 ESSENTIAL DEBIT PROGRAMS THIS YEAR ACROSS 7 MARKETS 9:05:02 AM ET MASTERCARD: MERCHANT ACCEPTANCE UP 20% IN 1H 2026, YEAR OVER YEAR 9:05:46 AM ET MASTERCARD: WON 100 NEW AFFLUENT CREDIT AND DEBIT PROGRAMS THIS YEAR, 25+ WORLD LEGEND LAUNCHES 9:06:27 AM ET MASTERCARD: AFFLUENT SPEND GROWING 2X FASTER THAN OVERALL CREDIT 9:07:16 AM ET MASTERCARD: RENEWED HANDELSBANKEN, SWEDBANK; GERMANY RENEWALS WITH DSK, FAU AND ZET BANK 9:07:57 AM ET MASTERCARD: LANDS PINNACLE FINANCIAL'S ENTIRE ISSUING PORTFOLIO, MOVING TO NETWORK IN 2027 9:08:48 AM ET MASTERCARD: HDFC BANK SMALL BUSINESS DEAL EXPECTED TO ADD 3 MILLION CARDS TO NETWORK 9:11:38 AM ET MASTERCARD: TRAVEL WINS EXPECTED TO GENERATE $20 BLN+ INCREMENTAL SPEND OVER AGREEMENT LIVES 9:12:18 AM ET MASTERCARD: MARKETING SERVICES CLIENTS SEE AVG INCREMENTAL SPEND GROWTH OF 8 PCT POINTS 9:13:00 AM ET MASTERCARD: DIGITAL RISK PROTECTION NOW SERVES NEARLY 800 ENTERPRISE CUSTOMERS AFTER FEW MONTHS 9:15:49 AM ET MASTERCARD: SIGNS BROAD STRATEGIC PARTNERSHIP WITH OPENAI, INCLUDES USE OF AGENT PAY 9:16:52 AM ET MASTERCARD: LAUNCHES GLOBAL MONEY PLATFORM WITH BBNK; MOVE ADDS 17 BLN ENDPOINTS 9:17:32 AM ET MASTERCARD CFO: Q3 NET REVENUE UP 14% ON CURRENCY-NEUTRAL BASIS, EXCLUDING SPECIAL ITEMS 9:18:15 AM ET MASTERCARD CFO: Q3 OPERATING EXPENSES UP 12%, OPERATING INCOME UP 15% 9:19:02 AM ET MASTERCARD CFO: Q3 NET INCOME UP 18%, EPS UP 21% TO $5.31; BOUGHT BACK $3 BLN STOCK 9:19:50 AM ET MASTERCARD CFO: Q3 WORLDWIDE GDV UP 7%; CROSS-BORDER VOLUME UP 11%; SWITCHED TRANSACTIONS UP 9% 9:20:32 AM ET MASTERCARD CFO: Q3 PAYMENT NETWORK NET REVENUE UP 11%; US GDV UP 6%, CONTACTLESS 81% 9:22:05 AM ET MASTERCARD CFO: Q3 VALUE ADDED SERVICES NET REVENUE UP 19%; DOMESTIC ASSESSMENTS UP 13% 9:22:51 AM ET MASTERCARD CFO: Q3 CROSS-BORDER ASSESSMENTS UP 16%; TRANSACTION PROCESSING ASSESSMENTS UP 14% 9:23:52 AM ET MASTERCARD CFO: Q3 OTHER NETWORK ASSESSMENTS WERE $285 MLN 9:24:35 AM ET MASTERCARD CFO: Q3 ADJ. OPERATING EXPENSES UP 12%, INCLUDING 1 PPT FROM ACQUISITIONS 9:25:18 AM ET MASTERCARD CFO: OCTOBER SPEND REMAINS STRONG, METRICS GENERALLY IN LINE WITH Q3 9:27:21 AM ET MASTERCARD CFO: FY26 NET REVENUE GROWTH SEEN AT HIGH END OF LOW DOUBLE DIGITS, CURRENCY-NEUTRAL 9:29:32 AM ET MASTERCARD CFO: Q4 OPEX GROWTH SEEN AT HIGH END OF LOW DOUBLE DIGITS; OTHER EXPENSE ~$115 MLN 9:30:13 AM ET MASTERCARD CFO: Q4 FX SEEN ~1 PPT HEADWIND TO NET REVENUE, ~0.5 PPT TAILWIND TO OPEX 9:33:49 AM ET MASTERCARD: NOT SUPPORTING SOLUTIONS USING ONE-TIME VIRTUAL CARDS TO FRONT AGENTIC TRANSACTIONS 9:36:25 AM ET MASTERCARD CFO: Q3 CROSS-BORDER VOLUME UP 11%; CARD-NOT-PRESENT EX-TRAVEL 15% VS 20% IN Q2 9:37:50 AM ET MASTERCARD CFO: EXPECTS CROSS-BORDER TRAVEL FOR REST OF YEAR SIMILAR TO END OF Q2 LEVEL 9:43:14 AM ET MASTERCARD CEO: WON HDFC DEAL, LARGEST PRIVATE SECTOR BANK IN INDIA; WELCOMES POSSIBLE UPI FEES 9:43:58 AM ET MASTERCARD CFO: 60% OF VALUE-ADDED SERVICES ARE NETWORK-LINKED 9:45:26 AM ET MASTERCARD: SERVICES PROJECTS ACCELERATED INTO Q3, SEEN OFFSETTING IN Q4 REVENUE 9:48:26 AM ET MASTERCARD EXEC: EUROPEAN CONSUMERS 'VERY RESILIENT'; INTRA-EUROPE SOFTNESS NOT STRUCTURAL 9:50:34 AM ET MASTERCARD EXEC: WINS DSKFAU AND ZBANK IN GERMANY; EUROPE VAS 'A STANDOUT' 9:53:22 AM ET MASTERCARD: BVNK DEAL CLOSED BETWEEN LAST CALL AND THIS CALL; JOINT 'GLOBAL MONEY' PRODUCT LIVE 9:57:34 AM ET MASTERCARD: Q3 PRICING INCLUDED PREVIOUS AND NEW PRICING; EXPECTS SOME LAPPING OF PRICING IN Q4 9:58:18 AM ET MASTERCARD: BVNK ACQUISITION IMPACT ON Q3 VAS GROWTH 'REALLY MINIMUM'; OFF A SMALL BASE 9:59:43 AM ET MASTERCARD CFO: NO 2026 GUIDANCE GIVEN; REBATES AND INCENTIVES REFLECT 'SOLID DEAL MOMENTUM' 10:01:07 AM ET MASTERCARD: EXPECTS Q4 REBATES AND INCENTIVES AS PERCENT OF GROSS ASSESSMENTS HIGHER THAN Q3 10:01:45 AM ET MASTERCARD CFO: WILL GIVE FORMAL 2027 GUIDANCE IN NEXT QUARTER'S RELEASE POSTS (quotes verbatim; each shows when the words were said and when we drafted it) Mastercard said Q3 net revenue growth was up fourteen percent and net income up eighteen percent "in the third quarter" year over year, on a non-GAAP, currency-neutral basis, on its earnings call Thursday. said 9:02:37 AM ET · drafted 9:04:23 AM ET Mastercard says its affluent card spend is growing two times faster than overall credit. "Our affluent spend is growing two times faster than overall credit," an executive said on the Oct. 29 earnings call. said 9:05:06 AM ET · drafted 9:05:29 AM ET Mastercard said it has "signed 15 essential debit programs this year across seven markets," which it said give partners tools to reach up to 70 million unbanked adults, on its Q3 earnings call. said 9:04:15 AM ET · drafted 9:06:29 AM ET "This includes new programs with China's top 15 issuers." Mastercard executive, on building its position in China, on the Q3 earnings call. said 9:07:25 AM ET · drafted 9:07:33 AM ET Mastercard said Pinnacle Financial Partners' entire issuing portfolio will move to its network starting in 2027. "This includes consumer credit, debit, small business and commercial cards," an executive said. said 9:07:57 AM ET · drafted 9:08:48 AM ET A Mastercard executive said travel-related wins signed in the third quarter are "expected to generate more than $20 billion in incremental spend on our network over the lives of the agreements." said 9:10:02 AM ET · drafted 9:10:09 AM ET Mastercard said its newly launched digital risk protection product "after only a few months in market it now serves nearly 800 enterprise customers," an executive said on the Q3 earnings call. said 9:12:09 AM ET · drafted 9:12:21 AM ET Mastercard executive on agent-pay commerce, both machine-to-machine and traditional e-commerce, on Q3 call: "Combined they create significant opportunity for Mastercard's." Speaker later cited fraud, insights, loyalty. said 9:12:56 AM ET · drafted 9:13:24 AM ET Mastercard executive on AI agent payments: "Tokenization is embedded in agent pay and backed by the franchise rules everyone expects today." Said on the Q3 earnings call as part of trust in the payment. said 9:13:59 AM ET · drafted 9:14:57 AM ET Mastercard said it signed a strategic partnership with OpenAI this quarter: "With openai this quarter we signed a broad strategic partnership that includes the use of agent pay and goes well beyond." said 9:15:06 AM ET · drafted 9:15:47 AM ET Mastercard said third-quarter net revenue rose 14% on a currency-neutral basis, excluding special items. "Net revenue was up 14%," the CFO said. Revenues were above expectations, the company said. said 9:17:32 AM ET · drafted 9:17:56 AM ET Mastercard CFO Linhai Zhang said third-quarter earnings per share "was $5.31." Net income rose 18% and EPS 21%, she said. Mastercard repurchased $3 billion of stock in the quarter. said 9:18:22 AM ET · drafted 9:19:04 AM ET Mastercard CFO Linhai Peng said "cross border volume increased 11% globally for the quarter" on its earnings call. Worldwide gross dollar volume rose 7%, and U.S. volume rose 6%, on a local currency basis. said 9:19:25 AM ET · drafted 9:20:05 AM ET "Value added services and net revenue increased 19%," Mastercard's CFO said of third-quarter results. Payment network net revenue rose 11%, driven by volume growth and pricing. said 9:20:36 AM ET · drafted 9:21:04 AM ET Mastercard said cross-border assessments rose 16% in the third quarter while cross-border volumes rose 11%, adding that the five-point difference is "driven primarily by pricing in international markets and mix." said 9:21:42 AM ET · drafted 9:22:07 AM ET Mastercard CFO on first three weeks of October: "Spend remained strong with metrics generally in line." Cross-border card-not-present ex-travel growth was affected by an EU customs fee and a tougher crypto comparison. said 9:24:09 AM ET · drafted 9:25:20 AM ET Mastercard's CFO said on its earnings call that consumers and businesses have demonstrated resilience, "but there is heightened geopolitical uncertainty," as the company looks to the fourth quarter. said 9:26:09 AM ET · drafted 9:26:19 AM ET Mastercard CFO on full-year 2026 guidance: "We expect net revenue growth to remain at the high end of low double digits range on a currency neutral basis," excluding inorganic activity. said 9:26:44 AM ET · drafted 9:27:19 AM ET Mastercard expects fourth-quarter net revenue growth "at the high end of low double digits range" on a currency-neutral basis, excluding inorganic activity, with about a 1-point FX headwind, the company said. said 9:27:48 AM ET · drafted 9:28:21 AM ET Mastercard expects fourth-quarter operating expense growth at the high end of the low double digits range. "We anticipate a one ppt drag from acquisitions and dispositions," the company's CFO said on its earnings call. said 9:28:28 AM ET · drafted 9:29:34 AM ET Mastercard exec on agentic commerce: "We are not supporting solutions that take a one time vcns out there as fronting a transaction that fundamentally breaks the transaction" on single-use virtual cards. said 9:32:30 AM ET · drafted 9:33:41 AM ET Mastercard's CFO said Q3 revenue benefited from "timing of services projects and also the signing of deals moving from q4 to q3," adding that "you will see a similar offset in q4." said 9:34:03 AM ET · drafted 9:34:59 AM ET Mastercard exec: cross-border card-not-present volume excluding travel went from 20% growth in Q2 to 15%. The slowdown is "mostly it's intra" volume, which is lower yielding, the exec said. said 9:24:45 AM ET · drafted 9:37:00 AM ET Mastercard's CFO said cross-border volume grew 11% and called that "very strong." Cross-border assessment revenue rose 16%. He said travel is expected to stay near its end-of-Q2 level for the rest of 2026. said 9:35:44 AM ET · drafted 9:38:04 AM ET Mastercard exec on competition from account-to-account systems in India and Brazil: the payment ecosystem is "to start with super competitive and there's nothing new there." said 9:39:11 AM ET · drafted 9:40:32 AM ET A Mastercard executive said "the indian government has led the setup of upi which is a tremendous system" and that reported UPI fees are "a decision that we fundamentally welcome." said 9:40:48 AM ET · drafted 9:42:34 AM ET Mastercard executive says "60% of our services are network linked" on its earnings call, describing a "flywheel effect" between payment volume and value-added services. said 9:43:40 AM ET · drafted 9:44:45 AM ET Mastercard's chief executive said on the company's earnings call: "Ai will create more vulnerabilities and therefore we will need to come up with the best solutions to help our customers and consumers." said 9:44:49 AM ET · drafted 9:46:06 AM ET Mastercard exec: "We're not expecting a significant kind of jump from one day to the other" in its cybersecurity business, which he said "has been growing very fast all the time." said 9:46:54 AM ET · drafted 9:47:25 AM ET Mastercard exec on European consumers, asked by a Goldman Sachs analyst: "The European consumers are very resilient. That's probably the best description." said 9:47:54 AM ET · drafted 9:48:27 AM ET A Mastercard executive on the earnings call said weaker intra-Europe volumes were "nothing structural it's more about timing and comparisons." The executive called the market "stable and consistent right now." said 9:48:26 AM ET · drafted 9:49:31 AM ET A Mastercard executive said the company is engaging the processor community on merchant readiness for agentic commerce, adding that "things like vcns are only a bridge." said 9:51:45 AM ET · drafted 9:51:54 AM ET Mastercard executive, on Global Money, a joint product with stablecoin firm BB&K, on the earnings call: "Tremendous product very good great in demand." Mastercard closed the acquisition between its last two earnings calls. said 9:53:27 AM ET · drafted 9:54:41 AM ET Mastercard CEO Michael Miebach said of digital assets: "I have really no conversation with a bank ceo where this topic doesn't come" up. He called BVNK demand strong but added it's early days. said 9:54:57 AM ET · drafted 9:56:12 AM ET Mastercard executive on pricing: "We price for value so we will always look for opportunities to price because we deliver value." Responding to analyst Trevor Williams on Q3 growth. said 9:56:35 AM ET · drafted 9:57:32 AM ET Mastercard executive on rebates and incentives: "This contra revenue is a reflection of our solid deal momentum in fact if that goes down sometimes I worry about it." Response to Rothschild & Co Redburn analyst question. said 9:58:43 AM ET · drafted 9:58:58 AM ET Mastercard exec on deals: "We're not just going to win every deal." Said rebates and incentives will be used to "drive the growth momentum." Said the company has not given guidance for 2026. said 9:59:43 AM ET · drafted 10:00:20 AM ET Mastercard exec, asked by Mizuho's Dan Dolev about 2027: "We're going to give our formal guidance in our next quarter's release so please stay tuned." said 10:01:40 AM ET · drafted 10:01:50 AM ET TRANSCRIPT (copy-edited; times Eastern) [8:45:22 AM ET] Welcome [8:45:22 AM ET] to [8:45:23 AM ET] Q3 [8:45:23 AM ET] 2026 [8:45:24 AM ET] MasterCard [8:45:25 AM ET] Inc. [8:45:25 AM ET] Earnings [8:45:26 AM ET] Conference [8:45:26 AM ET] welcome to q3 twenty twenty six mastercard incorporated earnings conference call [8:45:27 AM ET] Call. [8:45:27 AM ET] If [8:45:27 AM ET] read the [8:45:27 AM ET] registered [8:45:27 AM ET] in [8:45:28 AM ET] advance, [8:45:28 AM ET] if you've registered in advance [8:45:28 AM ET] please add yourself to the [8:45:29 AM ET] enter [8:45:29 AM ET] your [8:45:29 AM ET] unique [8:45:30 AM ET] passcode [8:45:31 AM ET] please enter your unique passcode now [8:45:31 AM ET] now. [8:45:32 AM ET] Otherwise, please enter your [8:45:32 AM ET] otherwise [8:45:32 AM ET] hold [8:45:32 AM ET] while you're in the [8:45:32 AM ET] we're going to be able to do [8:45:33 AM ET] we try pass the [8:45:33 AM ET] your [8:45:33 AM ET] you to the [8:45:34 AM ET] an [8:45:34 AM ET] AI [8:45:34 AM ET] agent [8:45:34 AM ET] for [8:45:36 AM ET] please hold while we transfer you to an ai agent for registration [8:45:37 AM ET] registration. [8:45:41 AM ET] Please help [8:45:41 AM ET] the [8:45:41 AM ET] while you're in middle [8:45:41 AM ET] of [8:45:42 AM ET] are trying to get away from the [8:45:42 AM ET] transferred [8:45:42 AM ET] an [8:45:43 AM ET] AI [8:45:43 AM ET] agent [8:45:44 AM ET] for reducing [8:45:44 AM ET] please hold while you are transferred [8:45:45 AM ET] to an ai agent for registration [8:45:46 AM ET] registration. [8:45:48 AM ET] Hello. [8:45:48 AM ET] I'll need to [8:45:48 AM ET] collect [8:45:48 AM ET] a [8:45:48 AM ET] few [8:45:48 AM ET] pieces of the [8:45:49 AM ET] information [8:45:50 AM ET] to [8:45:50 AM ET] hello i'll need to collect [8:45:50 AM ET] register [8:45:50 AM ET] you for the [8:45:51 AM ET] a few pieces of information to register you for the call [8:45:51 AM ET] call. 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[8:48:55 AM ET] I'll [8:48:55 AM ET] connect you to the next [8:48:55 AM ET] i'll connect [8:48:56 AM ET] please [8:48:56 AM ET] hold while you're in the [8:48:57 AM ET] a little bit [8:48:57 AM ET] transferred [8:48:57 AM ET] to [8:48:58 AM ET] an [8:48:58 AM ET] operator [8:48:58 AM ET] for a [8:48:59 AM ET] please hold while you are transferred to an operator for assistance [8:49:00 AM ET] assistance. [8:49:13 AM ET] Hi guys, I'm going to go to the next [8:49:13 AM ET] good [8:49:14 AM ET] morning, [8:49:14 AM ET] May I have [8:49:15 AM ET] hi good morning may i have your [8:49:15 AM ET] your [8:49:16 AM ET] are [8:49:17 AM ET] calling [8:49:17 AM ET] darling? [8:49:22 AM ET] Hello, there's a lot of [8:49:22 AM ET] good [8:49:22 AM ET] morning, [8:49:23 AM ET] Maya [8:49:23 AM ET] for your [8:49:24 AM ET] on last [8:49:24 AM ET] hello good morning may i have your first and last [8:49:24 AM ET] name [8:49:25 AM ET] name? [8:49:27 AM ET] I'm [8:49:27 AM ET] sorry, can't [8:49:27 AM ET] see [8:49:27 AM ET] hear [8:49:28 AM ET] anyone [8:49:28 AM ET] on [8:49:28 AM ET] the [8:49:28 AM ET] other [8:49:29 AM ET] line, [8:49:29 AM ET] on my [8:49:29 AM ET] i'm sorry i can't hear anyone on the other line i'm not really [8:49:29 AM ET] release [8:49:29 AM ET] the [8:49:30 AM ET] call. Thank [8:49:31 AM ET] the call thank you [8:49:31 AM ET] you [8:50:02 AM ET] Welcome [8:50:02 AM ET] to [8:50:02 AM ET] Q3 [8:50:03 AM ET] 2026 [8:50:04 AM ET] MasterCard [8:50:04 AM ET] Inc. [8:50:05 AM ET] Earnings [8:50:05 AM ET] Conference [8:50:06 AM ET] welcome to q3 twenty twenty six mastercard incorporated earnings conference call [8:50:06 AM ET] Call. [8:50:07 AM ET] If [8:50:07 AM ET] you've [8:50:07 AM ET] registered [8:50:07 AM ET] in [8:50:08 AM ET] if you've registered in advance [8:50:08 AM ET] advance, [8:50:08 AM ET] please add yourself to the [8:50:09 AM ET] enter your [8:50:09 AM ET] unique [8:50:10 AM ET] passcode [8:50:10 AM ET] please enter your unique passcode now [8:50:11 AM ET] now. [8:50:11 AM ET] otherwise [8:50:11 AM ET] Otherwise, please enter your [8:50:12 AM ET] hold [8:50:12 AM ET] while you're in the [8:50:12 AM ET] we watch [8:50:12 AM ET] try to pass [8:50:13 AM ET] your [8:50:13 AM ET] you to the [8:50:13 AM ET] an [8:50:14 AM ET] AI [8:50:14 AM ET] agent [8:50:14 AM ET] for [8:50:15 AM ET] please hold while we transfer you to an ai agent for registration [8:50:16 AM ET] registration. [8:50:21 AM ET] Please help [8:50:21 AM ET] hold on to the next [8:50:21 AM ET] while you're in middle [8:50:21 AM ET] you [8:50:21 AM ET] are [8:50:21 AM ET] trying to do [8:50:22 AM ET] transferred the [8:50:22 AM ET] an [8:50:23 AM ET] AI [8:50:23 AM ET] agent [8:50:23 AM ET] for [8:50:23 AM ET] please hold while you are [8:50:24 AM ET] to an ai agent for registration [8:50:25 AM ET] registration. [8:50:28 AM ET] Hello. [8:50:28 AM ET] I'll need to [8:50:28 AM ET] collect [8:50:28 AM ET] a [8:50:28 AM ET] few [8:50:29 AM ET] pieces of the [8:50:29 AM ET] hello [8:50:30 AM ET] information [8:50:30 AM ET] to [8:50:30 AM ET] register [8:50:31 AM ET] i'll need to collect a few pieces of information to register you [8:50:31 AM ET] you. [8:50:33 AM ET] I'm [8:50:34 AM ET] sorry. [8:50:34 AM ET] I didn't catch your [8:50:35 AM ET] i'm sorry i didn't catch your name [8:50:35 AM ET] name. May [8:50:35 AM ET] I have a [8:50:36 AM ET] may i [8:50:38 AM ET] a nice little bit of a name? [8:50:48 AM ET] Thank [8:50:49 AM ET] you. [8:50:49 AM ET] I have Hudson [8:50:50 AM ET] Leach, [8:50:50 AM ET] thank you i have hudson leach h u [8:50:51 AM ET] H.U. [8:50:53 AM ET] Here we have [8:51:03 AM ET] Thank [8:51:04 AM ET] you. [8:51:04 AM ET] I have Hudson [8:51:05 AM ET] Leach. [8:51:05 AM ET] thank you i have hudson leach eight [8:51:07 AM ET] A. [8:51:17 AM ET] Thank [8:51:18 AM ET] you. [8:51:18 AM ET] I have Hudson [8:51:19 AM ET] Leach, [8:51:20 AM ET] thank you i have hudson leach h u [8:51:20 AM ET] H-U-D. [8:51:23 AM ET] D. [8:51:32 AM ET] Thank [8:51:33 AM ET] you. [8:51:33 AM ET] I have [8:51:33 AM ET] Hudson [8:51:34 AM ET] Leach, [8:51:34 AM ET] thank you i have hudson leach h u d [8:51:35 AM ET] H-U-D-A. [8:51:47 AM ET] Thank [8:51:47 AM ET] you. [8:51:48 AM ET] I have Hudson [8:51:48 AM ET] Leach, [8:51:49 AM ET] thank you i have hudson leach h u d [8:51:49 AM ET] H.U.D. [8:51:52 AM ET] D [8:52:27 AM ET] Welcome [8:52:27 AM ET] to [8:52:28 AM ET] Q3 [8:52:28 AM ET] 2026 [8:52:29 AM ET] MasterCard [8:52:30 AM ET] Incorporated [8:52:30 AM ET] Earnings [8:52:30 AM ET] Conference [8:52:31 AM ET] welcome to q3 twenty twenty six mastercard incorporated earnings conference call [8:52:31 AM ET] Call. [8:52:31 AM ET] If [8:52:32 AM ET] you've [8:52:32 AM ET] registered [8:52:32 AM ET] in [8:52:33 AM ET] advance, [8:52:33 AM ET] if you've registered in advance [8:52:33 AM ET] please add [8:52:34 AM ET] enter [8:52:34 AM ET] your [8:52:34 AM ET] unique [8:52:35 AM ET] passcode [8:52:35 AM ET] please enter your unique passcode now [8:52:36 AM ET] now. [8:52:36 AM ET] Otherwise, please enter the [8:52:37 AM ET] otherwise [8:52:37 AM ET] hold your [8:52:37 AM ET] while you're in the [8:52:37 AM ET] we try to pass [8:52:38 AM ET] the [8:52:38 AM ET] you to [8:52:38 AM ET] an [8:52:39 AM ET] AI [8:52:39 AM ET] agent for a [8:52:40 AM ET] please hold while we transfer you to an ai agent for registration [8:52:41 AM ET] registration. [8:52:46 AM ET] Please help [8:52:46 AM ET] hold the [8:52:46 AM ET] while you're in middle [8:52:46 AM ET] you [8:52:46 AM ET] are trying to get away from the [8:52:47 AM ET] transferred your [8:52:47 AM ET] an [8:52:48 AM ET] AI [8:52:48 AM ET] agent [8:52:48 AM ET] for [8:52:48 AM ET] please hold while you are [8:52:49 AM ET] to an ai agent for registration [8:52:50 AM ET] registration. [8:52:52 AM ET] hello [8:52:52 AM ET] Hello. [8:52:53 AM ET] I'll need to [8:52:53 AM ET] collect [8:52:53 AM ET] a [8:52:53 AM ET] few [8:52:53 AM ET] pieces of the [8:52:54 AM ET] information [8:52:54 AM ET] to [8:52:55 AM ET] register [8:52:55 AM ET] you for the next [8:52:56 AM ET] i'll need to collect a few pieces of information to register you for [8:52:58 AM ET] that. [8:53:04 AM ET] Thank [8:53:04 AM ET] I'm [8:53:05 AM ET] sorry, I didn't know [8:53:05 AM ET] catch [8:53:05 AM ET] your [8:53:05 AM ET] name [8:53:06 AM ET] i'm sorry i didn't catch your name clearly [8:53:07 AM ET] clearly. [8:53:21 AM ET] Thank [8:53:22 AM ET] you. [8:53:22 AM ET] I have [8:53:22 AM ET] Hudson [8:53:23 AM ET] Leach, [8:53:23 AM ET] thank you i have hudson leach h [8:53:24 AM ET] H. [8:53:38 AM ET] Thank [8:53:39 AM ET] you. [8:53:39 AM ET] I have highlighted the [8:53:40 AM ET] Hudson [8:53:40 AM ET] Leach, [8:53:41 AM ET] thank you i have hudson leach [8:53:41 AM ET] H U D [8:53:41 AM ET] h u d s [8:53:41 AM ET] S [8:53:56 AM ET] Thank [8:53:56 AM ET] you. [8:53:57 AM ET] I have Hudson [8:53:58 AM ET] Leach, [8:53:59 AM ET] thank you i have hudson leach h u d [8:53:59 AM ET] H-U-D-S. [8:54:13 AM ET] Thank [8:54:14 AM ET] you. [8:54:14 AM ET] I have Hudson [8:54:15 AM ET] Leach, [8:54:15 AM ET] H-U-D-S [8:54:16 AM ET] thank you i have hudson leach h u d s o [8:54:16 AM ET] D. S. O. [8:54:31 AM ET] Thank [8:54:31 AM ET] you. [8:54:32 AM ET] I have Hudson [8:54:32 AM ET] Leach, [8:54:33 AM ET] thank you i have hudson leach h u d s [8:54:33 AM ET] H-U-D-S. [8:54:48 AM ET] Thank [8:54:49 AM ET] you. [8:54:49 AM ET] I have Hudson [8:54:49 AM ET] Leach [8:54:50 AM ET] thank you i have hudson leach h u d s [8:54:51 AM ET] H-U-D-S-O. [8:58:27 AM ET] Welcome [8:58:27 AM ET] to [8:58:28 AM ET] Q3 [8:58:29 AM ET] 2026 [8:58:29 AM ET] MasterCard [8:58:30 AM ET] Inc. [8:58:30 AM ET] Earnings [8:58:31 AM ET] Conference [8:58:31 AM ET] welcome to q3 twenty twenty six mastercard incorporated earnings conference call [8:58:32 AM ET] Call. [8:58:32 AM ET] If [8:58:32 AM ET] you've [8:58:32 AM ET] registered [8:58:33 AM ET] in [8:58:33 AM ET] if you've registered in advance [8:58:33 AM ET] advance, [8:58:34 AM ET] please add a new advanced [8:58:34 AM ET] your [8:58:34 AM ET] unique [8:58:35 AM ET] passcode [8:58:36 AM ET] please enter your unique passcode now [8:58:36 AM ET] now. [8:58:37 AM ET] otherwise [8:58:37 AM ET] Otherwise, please enter the [8:58:37 AM ET] hold your [8:58:37 AM ET] while you're in the [8:58:38 AM ET] we try to pass [8:58:38 AM ET] the [8:58:38 AM ET] you to [8:58:39 AM ET] an [8:58:39 AM ET] AI [8:58:39 AM ET] agent for a [8:58:41 AM ET] please hold while we transfer you to an ai agent for registration [8:58:42 AM ET] registration. [8:58:46 AM ET] Please help [8:58:46 AM ET] hold while you're in the middle [8:58:46 AM ET] of [8:58:47 AM ET] you [8:58:47 AM ET] are trying to get away from [8:58:47 AM ET] transferred to the [8:58:48 AM ET] an [8:58:48 AM ET] AI [8:58:49 AM ET] agent [8:58:49 AM ET] for [8:58:49 AM ET] please hold while you are transferred [8:58:50 AM ET] to an ai agent for registration [8:58:51 AM ET] registration. [8:58:52 AM ET] Hello, all needs to be [8:58:53 AM ET] collect a few of [8:58:53 AM ET] pieces the [8:58:54 AM ET] of [8:58:54 AM ET] information [8:58:54 AM ET] to raise a new [8:58:55 AM ET] you [8:58:55 AM ET] hello i'll need to collect a few pieces of information to register [8:58:55 AM ET] for [8:58:55 AM ET] the [8:58:56 AM ET] you for the call [8:58:56 AM ET] call. [8:59:05 AM ET] Thank [8:59:06 AM ET] you. [8:59:07 AM ET] I have Hudson [8:59:07 AM ET] Leach [8:59:08 AM ET] H-U-D [8:59:10 AM ET] L-E-A-C-H [8:59:10 AM ET] Is [8:59:10 AM ET] that [8:59:10 AM ET] thank you i have hudson leach h u d s o n [8:59:10 AM ET] L E A [8:59:11 AM ET] C [8:59:11 AM ET] is [8:59:11 AM ET] that [8:59:12 AM ET] l e a c h is that l e a c h is that correct [8:59:13 AM ET] correct? [8:59:28 AM ET] Thank [8:59:29 AM ET] you. [8:59:30 AM ET] And which firm are [8:59:30 AM ET] you [8:59:30 AM ET] thank you and which firm are you with [8:59:31 AM ET] with? [8:59:34 AM ET] Are you [8:59:50 AM ET] Thank [8:59:50 AM ET] you, [8:59:51 AM ET] Hudson. [8:59:51 AM ET] And which [8:59:51 AM ET] firm is aware of the [8:59:52 AM ET] are [8:59:52 AM ET] you [8:59:52 AM ET] thank you hudson and which firm are you with [8:59:53 AM ET] with? [9:00:13 AM ET] I'm not sure if I can do [9:00:13 AM ET] a lot of [9:00:13 AM ET] your [9:00:13 AM ET] name [9:00:14 AM ET] confirmed. Thank [9:00:15 AM ET] you. [9:00:15 AM ET] Now [9:00:15 AM ET] which friends are in the name of the name of [9:00:15 AM ET] are [9:00:15 AM ET] you [9:00:16 AM ET] i have your name confirmed thank you now which firm are you with [9:00:17 AM ET] with? [9:00:52 AM ET] Welcome [9:00:52 AM ET] to [9:00:53 AM ET] Q3 [9:00:54 AM ET] 2026 [9:00:54 AM ET] MasterCard in [9:00:55 AM ET] Inc. [9:00:55 AM ET] Incorporated [9:00:55 AM ET] Earnings [9:00:56 AM ET] Conference [9:00:56 AM ET] welcome to q3 twenty twenty six mastercard incorporated earnings conference call [9:00:57 AM ET] Call. [9:00:57 AM ET] If [9:00:57 AM ET] read the [9:00:58 AM ET] registered [9:00:58 AM ET] in [9:00:58 AM ET] advance, [9:00:58 AM ET] if you've registered in advance [9:00:59 AM ET] please add yourself to the [9:00:59 AM ET] enter your [9:01:00 AM ET] unique [9:01:00 AM ET] passcode [9:01:01 AM ET] please enter your unique passcode now [9:01:01 AM ET] now. [9:01:02 AM ET] otherwise [9:01:02 AM ET] Otherwise, please enter your [9:01:02 AM ET] hold [9:01:03 AM ET] while you're in the [9:01:03 AM ET] we're going to be able to do [9:01:03 AM ET] we try pass the [9:01:03 AM ET] your [9:01:03 AM ET] you to the [9:01:04 AM ET] an [9:01:04 AM ET] AI [9:01:05 AM ET] agent [9:01:05 AM ET] for [9:01:06 AM ET] please hold while we transfer you to an ai agent for registration [9:01:07 AM ET] registration. [9:01:11 AM ET] Please help [9:01:11 AM ET] hold the [9:01:11 AM ET] while you're in middle [9:01:12 AM ET] of [9:01:12 AM ET] are trying to get away from the [9:01:12 AM ET] transferred [9:01:13 AM ET] an [9:01:13 AM ET] AI [9:01:14 AM ET] agent [9:01:14 AM ET] for reducing [9:01:14 AM ET] please hold while you are transferred [9:01:15 AM ET] to an ai agent for registration [9:01:16 AM ET] registration. [9:01:18 AM ET] Hello. [9:01:19 AM ET] I'll need to [9:01:19 AM ET] collect [9:01:19 AM ET] a [9:01:19 AM ET] few [9:01:19 AM ET] pieces of [9:01:20 AM ET] hello [9:01:20 AM ET] information [9:01:20 AM ET] to [9:01:21 AM ET] register [9:01:21 AM ET] you [9:01:21 AM ET] for [9:01:21 AM ET] the [9:01:22 AM ET] i'll need to collect a few pieces of information to register you for the call [9:01:23 AM ET] the [9:01:23 AM ET] call. [9:01:35 AM ET] Thank [9:01:36 AM ET] you. [9:01:37 AM ET] I have [9:01:37 AM ET] Hudson with the [9:01:37 AM ET] thank you [9:01:38 AM ET] Leach, [9:01:39 AM ET] H-U-D-S-O-N, [9:01:40 AM ET] L-E-A-C-H, [9:01:40 AM ET] is [9:01:41 AM ET] that [9:01:41 AM ET] i have hudson leach h u d s o n l e a c h [9:01:41 AM ET] is that correct [9:01:42 AM ET] correct? [9:01:42 AM ET] L [9:01:42 AM ET] E A C [9:01:43 AM ET] is [9:01:43 AM ET] that [9:01:44 AM ET] l e a c h is that correct [9:01:45 AM ET] correct? [9:02:00 AM ET] Thank [9:02:01 AM ET] you. [9:02:01 AM ET] I have Hudson [9:02:02 AM ET] Leach, [9:02:03 AM ET] H-U-D-S-O-N, [9:02:04 AM ET] thank you i have hudson leach h u d s o n l e a c h [9:02:05 AM ET] L-E-A-C-H. Is [9:02:05 AM ET] that [9:02:05 AM ET] is that correct [9:02:06 AM ET] correct? [9:02:25 AM ET] Thank [9:02:25 AM ET] you, [9:02:26 AM ET] thank you hudson [9:02:26 AM ET] Hudson. [9:02:27 AM ET] I'll note [9:02:27 AM ET] you at the end of the [9:02:27 AM ET] as [9:02:27 AM ET] a [9:02:27 AM ET] private [9:02:28 AM ET] investor. [9:02:29 AM ET] i'll note you as a private investor per [9:02:29 AM ET] Perfect. [9:02:29 AM ET] Please [9:02:30 AM ET] stay [9:02:30 AM ET] on [9:02:30 AM ET] the [9:02:31 AM ET] line. You will be able to do [9:02:31 AM ET] connected [9:02:31 AM ET] to [9:02:32 AM ET] the [9:02:32 AM ET] event [9:02:33 AM ET] please stay on the line you will be connected to the event shortly [9:02:33 AM ET] shortly. [9:02:34 AM ET] Net revenue [9:02:34 AM ET] growth will be [9:02:34 AM ET] was [9:02:34 AM ET] up [9:02:35 AM ET] 14% and [9:02:36 AM ET] net [9:02:36 AM ET] income [9:02:36 AM ET] up [9:02:37 AM ET] 18% in [9:02:37 AM ET] the third [9:02:38 AM ET] net revenue growth was up fourteen percent and net income up eighteen percent in the third [9:02:38 AM ET] quarter [9:02:38 AM ET] quarter on [9:02:39 AM ET] a [9:02:40 AM ET] year-over-year [9:02:40 AM ET] non-GAP [9:02:41 AM ET] currency [9:02:41 AM ET] neutral [9:02:41 AM ET] on a year over year non gaap currency neutral basis [9:02:42 AM ET] basis. [9:02:43 AM ET] While there continues to be a very important case, the [9:02:43 AM ET] to [9:02:43 AM ET] be [9:02:44 AM ET] economic [9:02:44 AM ET] and [9:02:44 AM ET] geopolitical unsuccessfully, the economy [9:02:45 AM ET] uncertainty, [9:02:46 AM ET] consumers [9:02:46 AM ET] can be a very [9:02:46 AM ET] to [9:02:46 AM ET] while there continues to be economic and geopolitical uncertainty consumers continue [9:02:46 AM ET] spending the [9:02:47 AM ET] spend, [9:02:48 AM ET] businesses continue spending spend [9:02:48 AM ET] to invest [9:02:49 AM ET] and [9:02:50 AM ET] commerce continue to [9:02:50 AM ET] continues [9:02:50 AM ET] invest in [9:02:51 AM ET] to [9:02:51 AM ET] spend businesses continue to invest and commerce continues to expand [9:02:52 AM ET] expand. [9:02:52 AM ET] The economy is a very important thing to [9:02:53 AM ET] are [9:02:53 AM ET] our [9:02:53 AM ET] overall business, and the economy is a [9:02:54 AM ET] our [9:02:54 AM ET] and network [9:02:54 AM ET] have [9:02:55 AM ET] a [9:02:55 AM ET] resilient [9:02:56 AM ET] the economy our overall business and our network have a resilient backdrop [9:02:57 AM ET] backdrop. [9:02:59 AM ET] At its core, our network [9:02:59 AM ET] helps [9:03:00 AM ET] people [9:03:00 AM ET] in [9:03:00 AM ET] and [9:03:00 AM ET] businesses try to get to the [9:03:01 AM ET] transact [9:03:01 AM ET] and protect the [9:03:01 AM ET] in [9:03:01 AM ET] at its core our network helps [9:03:02 AM ET] the [9:03:03 AM ET] economy. [9:03:03 AM ET] and our advantage [9:03:03 AM ET] here is the [9:03:04 AM ET] people and businesses transact and participate in the economy and our advantage here is clear [9:03:05 AM ET] clear. [9:03:05 AM ET] A [9:03:06 AM ET] diversified [9:03:06 AM ET] business, [9:03:06 AM ET] attracts a [9:03:07 AM ET] global [9:03:07 AM ET] network [9:03:08 AM ET] and [9:03:08 AM ET] the ability to be able to use the [9:03:09 AM ET] help [9:03:09 AM ET] our [9:03:09 AM ET] a diversified business a trusted global network and the ability to help our [9:03:09 AM ET] customers [9:03:10 AM ET] customers grow [9:03:11 AM ET] grow. [9:03:11 AM ET] We're building on [9:03:11 AM ET] that at the end of the [9:03:12 AM ET] advantage [9:03:12 AM ET] by extending the [9:03:13 AM ET] reach of the [9:03:13 AM ET] and [9:03:14 AM ET] utility of [9:03:14 AM ET] our [9:03:15 AM ET] we're building on that advantage by expanding the reach [9:03:15 AM ET] and utility of our network [9:03:16 AM ET] network. [9:03:16 AM ET] We now have [9:03:17 AM ET] more than [9:03:17 AM ET] 200 [9:03:18 AM ET] million [9:03:18 AM ET] acceptance [9:03:19 AM ET] locations [9:03:19 AM ET] and 300 [9:03:19 AM ET] three [9:03:20 AM ET] hundred [9:03:20 AM ET] million [9:03:20 AM ET] we now have more than two hundred million acceptance [9:03:20 AM ET] more [9:03:21 AM ET] digital [9:03:21 AM ET] access [9:03:21 AM ET] points around the [9:03:23 AM ET] world. [9:03:23 AM ET] That is [9:03:23 AM ET] locations and three hundred million more digital access points around world [9:03:25 AM ET] unmatched. [9:03:25 AM ET] On a year-over-year basis, the best of the world is [9:03:25 AM ET] basis, problem that [9:03:26 AM ET] in the first half of the [9:03:27 AM ET] 2020, first year [9:03:27 AM ET] that is unmatched on a year over year [9:03:28 AM ET] 2026, much of the year-you [9:03:28 AM ET] acceptance [9:03:29 AM ET] is up to [9:03:30 AM ET] 20%. [9:03:30 AM ET] and [9:03:31 AM ET] in the first half of twenty twenty six merchant acceptance is up twenty percent and growing [9:03:31 AM ET] growing. [9:03:32 AM ET] This includes [9:03:32 AM ET] initiatives like [9:03:33 AM ET] our [9:03:33 AM ET] pay [9:03:33 AM ET] Local [9:03:34 AM ET] program, [9:03:34 AM ET] which extends the [9:03:35 AM ET] expands [9:03:35 AM ET] acceptance by the [9:03:35 AM ET] this includes initiatives like our pay local program [9:03:36 AM ET] embedding [9:03:36 AM ET] cards [9:03:36 AM ET] into local [9:03:38 AM ET] wallets. [9:03:38 AM ET] And tap on [9:03:39 AM ET] phone a small [9:03:39 AM ET] expands acceptance by embedding cards into local wallets [9:03:39 AM ET] smart [9:03:40 AM ET] acceptance [9:03:40 AM ET] and tap on phone a smart acceptance solution [9:03:41 AM ET] solution. [9:03:41 AM ET] However, [9:03:41 AM ET] when not a phone is a [9:03:42 AM ET] only doing [9:03:42 AM ET] lot of the same [9:03:42 AM ET] accepting [9:03:42 AM ET] to [9:03:43 AM ET] how do [9:03:43 AM ET] much we're going to be able to [9:03:43 AM ET] merchants [9:03:43 AM ET] except the [9:03:44 AM ET] payments, [9:03:44 AM ET] we're [9:03:45 AM ET] also [9:03:45 AM ET] finding [9:03:45 AM ET] however we're not only expanding how merchants accept payments we [9:03:46 AM ET] valuable [9:03:46 AM ET] ways [9:03:46 AM ET] to [9:03:46 AM ET] get [9:03:46 AM ET] more [9:03:47 AM ET] master [9:03:48 AM ET] credentials [9:03:48 AM ET] to more [9:03:49 AM ET] we're also finding valuable ways to get more mastercard credentials to more people [9:03:49 AM ET] more [9:03:49 AM ET] people. [9:03:51 AM ET] That spans [9:03:51 AM ET] the [9:03:51 AM ET] full [9:03:51 AM ET] consumer [9:03:52 AM ET] spectrum [9:03:52 AM ET] from [9:03:53 AM ET] premium [9:03:53 AM ET] offerings [9:03:53 AM ET] for [9:03:54 AM ET] affluent [9:03:54 AM ET] consumers [9:03:54 AM ET] and [9:03:55 AM ET] business [9:03:55 AM ET] that spans the full consumer spectrum from premium offerings [9:03:55 AM ET] owners [9:03:55 AM ET] to [9:03:56 AM ET] products that [9:03:56 AM ET] give [9:03:56 AM ET] people [9:03:57 AM ET] their [9:03:57 AM ET] first [9:03:57 AM ET] access to the [9:03:58 AM ET] for affluent consumers and business owners to products that give people their first access [9:03:58 AM ET] the financial [9:03:59 AM ET] to the financial system [9:04:00 AM ET] system. [9:04:00 AM ET] There are a huge number of [9:04:00 AM ET] people who are in the [9:04:00 AM ET] financial [9:04:01 AM ET] of [9:04:01 AM ET] financially [9:04:01 AM ET] under the banks of the United [9:04:02 AM ET] people around the [9:04:03 AM ET] the [9:04:03 AM ET] there are huge numbers of financially underserved people around the world [9:04:04 AM ET] world. [9:04:04 AM ET] Our new essential debit is a new [9:04:05 AM ET] production very important thing to [9:04:05 AM ET] product built in the [9:04:05 AM ET] on [9:04:05 AM ET] our [9:04:06 AM ET] long [9:04:06 AM ET] long-standing [9:04:06 AM ET] work to [9:04:07 AM ET] help [9:04:07 AM ET] open [9:04:07 AM ET] the [9:04:08 AM ET] door [9:04:08 AM ET] to [9:04:08 AM ET] our new essential debit product builds on our long standing work [9:04:08 AM ET] broader [9:04:09 AM ET] financial [9:04:09 AM ET] opportunities [9:04:10 AM ET] and [9:04:10 AM ET] economic [9:04:11 AM ET] to help open the door to broader financial opportunities and economic resilience [9:04:12 AM ET] resilience. [9:04:13 AM ET] We have signed 15 [9:04:13 AM ET] essential [9:04:13 AM ET] debit [9:04:14 AM ET] programs this [9:04:14 AM ET] year across the [9:04:15 AM ET] 70 [9:04:15 AM ET] seven [9:04:16 AM ET] we've signed fifteen essential debit programs this year across seven markets [9:04:16 AM ET] markets. [9:04:17 AM ET] These [9:04:17 AM ET] programs [9:04:17 AM ET] give [9:04:17 AM ET] our [9:04:18 AM ET] partners [9:04:18 AM ET] tools [9:04:18 AM ET] to [9:04:18 AM ET] address [9:04:19 AM ET] up [9:04:19 AM ET] to seven million [9:04:19 AM ET] 70 [9:04:20 AM ET] million [9:04:20 AM ET] unbanked [9:04:21 AM ET] these programs give our partners tools to address up to seventy million unbanked adults [9:04:21 AM ET] adults [9:04:21 AM ET] in [9:04:21 AM ET] those [9:04:22 AM ET] in those markets [9:04:23 AM ET] markets. [9:04:23 AM ET] This [9:04:23 AM ET] means [9:04:23 AM ET] more than [9:04:24 AM ET] people [9:04:24 AM ET] have a new [9:04:25 AM ET] payment [9:04:25 AM ET] option [9:04:25 AM ET] or a [9:04:26 AM ET] cards [9:04:26 AM ET] that [9:04:27 AM ET] offer [9:04:27 AM ET] this means more people have a new payment option our cards [9:04:27 AM ET] protections [9:04:28 AM ET] and [9:04:28 AM ET] broad access to the [9:04:29 AM ET] not [9:04:29 AM ET] offered [9:04:29 AM ET] by [9:04:30 AM ET] local [9:04:30 AM ET] payment [9:04:31 AM ET] that offer protections and broad acceptance not offered by local payment options [9:04:32 AM ET] options. [9:04:32 AM ET] We're [9:04:33 AM ET] seeing [9:04:33 AM ET] early [9:04:33 AM ET] traction around [9:04:33 AM ET] a range [9:04:34 AM ET] of [9:04:34 AM ET] we're seeing early traction across a range of partners [9:04:35 AM ET] partners. [9:04:36 AM ET] These credentials [9:04:36 AM ET] are [9:04:36 AM ET] now [9:04:36 AM ET] issued by the [9:04:36 AM ET] within [9:04:37 AM ET] Airtel's [9:04:38 AM ET] scaled [9:04:38 AM ET] mobile [9:04:38 AM ET] wallet [9:04:39 AM ET] ecosystem [9:04:39 AM ET] these credentials are now issued within airtel's scaled mobile wallet [9:04:40 AM ET] launching [9:04:40 AM ET] next [9:04:40 AM ET] quarter in the [9:04:42 AM ET] Nigeria. [9:04:42 AM ET] And by Finnish, I think it's a very good [9:04:43 AM ET] Uncle, I'm going to go to [9:04:43 AM ET] and [9:04:43 AM ET] launching next quarter in nigeria and by finan cope [9:04:44 AM ET] Corp [9:04:44 AM ET] which supports [9:04:44 AM ET] the [9:04:44 AM ET] a lot [9:04:44 AM ET] large [9:04:45 AM ET] network [9:04:45 AM ET] of [9:04:46 AM ET] cooperative [9:04:46 AM ET] institutions [9:04:46 AM ET] and [9:04:47 AM ET] in [9:04:47 AM ET] which supports a large network of cooperative institutions in ecuador [9:04:48 AM ET] Ecuador. [9:04:49 AM ET] This year, the United States is a very [9:04:49 AM ET] US important part of [9:04:50 AM ET] we have [9:04:50 AM ET] already won the United [9:04:51 AM ET] 100 [9:04:52 AM ET] new [9:04:52 AM ET] this year we have already won one hundred new [9:04:52 AM ET] affluent [9:04:53 AM ET] credit [9:04:53 AM ET] and [9:04:53 AM ET] debit [9:04:54 AM ET] programs [9:04:54 AM ET] and [9:04:54 AM ET] launched [9:04:54 AM ET] more [9:04:55 AM ET] than [9:04:55 AM ET] 25 [9:04:56 AM ET] world [9:04:56 AM ET] legend [9:04:57 AM ET] affluent credit and debit programs and launched more than twenty five world legend programs [9:04:57 AM ET] programs. [9:04:58 AM ET] MonsterCard [9:04:58 AM ET] Affluent programs are a lot more [9:04:59 AM ET] portfolios have [9:04:59 AM ET] higher [9:05:00 AM ET] engagement [9:05:00 AM ET] and higher [9:05:01 AM ET] cross-border [9:05:02 AM ET] mastercard affluent portfolios have higher engagement and higher cross border spend [9:05:02 AM ET] spend. [9:05:02 AM ET] In [9:05:03 AM ET] fact, [9:05:03 AM ET] our affluent spending is a very important [9:05:04 AM ET] spend growing [9:05:04 AM ET] two [9:05:05 AM ET] times [9:05:05 AM ET] as fast as [9:05:05 AM ET] than the [9:05:05 AM ET] overall [9:05:06 AM ET] in fact our affluent spend is growing two times faster than overall credit [9:05:07 AM ET] credit. [9:05:07 AM ET] This quarter, you [9:05:08 AM ET] UBS, and the [9:05:09 AM ET] a [9:05:09 AM ET] super [9:05:10 AM ET] premium in the [9:05:11 AM ET] invitation-only, [9:05:11 AM ET] MasterCard [9:05:11 AM ET] this quarter ubs launched a super premium invitation only [9:05:12 AM ET] credit [9:05:12 AM ET] product [9:05:12 AM ET] in [9:05:13 AM ET] Switzerland's [9:05:13 AM ET] highly [9:05:14 AM ET] competitive [9:05:14 AM ET] affluent [9:05:15 AM ET] I think it's a very important [9:05:16 AM ET] It [9:05:16 AM ET] includes [9:05:16 AM ET] mastercard credit product in switzerland's highly competitive affluent market [9:05:16 AM ET] our [9:05:17 AM ET] concierge [9:05:17 AM ET] it includes our concierge service [9:05:17 AM ET] service [9:05:17 AM ET] and [9:05:18 AM ET] frequent [9:05:18 AM ET] traveler [9:05:19 AM ET] and frequent traveler benefits [9:05:20 AM ET] benefits. [9:05:21 AM ET] Core to our [9:05:21 AM ET] programs [9:05:22 AM ET] is making a lot of [9:05:22 AM ET] real [9:05:22 AM ET] connection to the [9:05:23 AM ET] with [9:05:23 AM ET] people [9:05:24 AM ET] and [9:05:24 AM ET] offering a lot of [9:05:24 AM ET] core to our programs is making a real connection with people and offering a [9:05:24 AM ET] product [9:05:25 AM ET] that [9:05:25 AM ET] appeals to the [9:05:25 AM ET] their [9:05:26 AM ET] needs. [9:05:27 AM ET] That focuses on [9:05:27 AM ET] meeting [9:05:28 AM ET] new [9:05:28 AM ET] people [9:05:28 AM ET] where they [9:05:29 AM ET] product that appeals to their needs that focus on meeting new people where they are [9:05:29 AM ET] are lets me [9:05:29 AM ET] to [9:05:30 AM ET] our [9:05:30 AM ET] new [9:05:31 AM ET] partnership [9:05:31 AM ET] and [9:05:31 AM ET] co-brand [9:05:31 AM ET] program [9:05:32 AM ET] with [9:05:32 AM ET] Beast [9:05:33 AM ET] led to our new partnership and co brand program with beast industries [9:05:34 AM ET] Industries. [9:05:34 AM ET] This program spans [9:05:35 AM ET] considerable [9:05:35 AM ET] and [9:05:35 AM ET] small [9:05:36 AM ET] business [9:05:36 AM ET] creator [9:05:37 AM ET] this program spans consumer and small business creator cards [9:05:38 AM ET] cards. [9:05:38 AM ET] With more than [9:05:38 AM ET] one business, the business is a good [9:05:39 AM ET] billion [9:05:39 AM ET] followers across the [9:05:40 AM ET] world, city of world is a great [9:05:40 AM ET] the the United [9:05:40 AM ET] social [9:05:41 AM ET] media, [9:05:41 AM ET] Mr. [9:05:41 AM ET] Beast [9:05:41 AM ET] is watching the [9:05:41 AM ET] of most [9:05:42 AM ET] one [9:05:42 AM ET] with more than one billion followers across social media mrbeast [9:05:43 AM ET] influential [9:05:43 AM ET] creators in the [9:05:44 AM ET] the [9:05:44 AM ET] world. [9:05:45 AM ET] But that was the first thing [9:05:45 AM ET] is not a good [9:05:45 AM ET] just great [9:05:46 AM ET] about [9:05:46 AM ET] clicking on the [9:05:46 AM ET] is one of the most influential creators in the world [9:05:47 AM ET] It's [9:05:47 AM ET] capturing [9:05:47 AM ET] the [9:05:48 AM ET] culture of the [9:05:48 AM ET] power [9:05:49 AM ET] of [9:05:49 AM ET] digital [9:05:49 AM ET] but that work is not just about clicks it's capturing the culture [9:05:50 AM ET] communities [9:05:50 AM ET] and [9:05:50 AM ET] driving [9:05:51 AM ET] economic [9:05:51 AM ET] and [9:05:52 AM ET] social [9:05:52 AM ET] cultural power of digital communities and driving economic and social opportunity [9:05:53 AM ET] opportunity. [9:05:54 AM ET] Together we [9:05:55 AM ET] will [9:05:55 AM ET] connect creative [9:05:56 AM ET] creators [9:05:56 AM ET] and [9:05:56 AM ET] their [9:05:56 AM ET] communities [9:05:57 AM ET] and [9:05:57 AM ET] in [9:05:57 AM ET] new [9:05:57 AM ET] together we will connect creators [9:05:57 AM ET] ways [9:05:58 AM ET] bringing [9:05:58 AM ET] MasterCard [9:05:59 AM ET] scale [9:05:59 AM ET] and [9:05:59 AM ET] capabilities [9:06:00 AM ET] to [9:06:00 AM ET] the [9:06:00 AM ET] next [9:06:00 AM ET] and their communities in new ways bringing mastercard's scale and capabilities to the next [9:06:01 AM ET] generation [9:06:01 AM ET] as [9:06:01 AM ET] they [9:06:01 AM ET] are [9:06:02 AM ET] financial [9:06:02 AM ET] lives [9:06:03 AM ET] generation as their financial lives evolve [9:06:04 AM ET] evolve. [9:06:04 AM ET] What does all of that [9:06:05 AM ET] this [9:06:05 AM ET] tell [9:06:05 AM ET] us, [9:06:07 AM ET] MasterCard products are in [9:06:07 AM ET] demand. [9:06:08 AM ET] and that demand [9:06:08 AM ET] continues [9:06:08 AM ET] to be a good [9:06:08 AM ET] what does all of this tell us mastercard products are in demand and that demand continues [9:06:09 AM ET] to grow [9:06:09 AM ET] grow. [9:06:10 AM ET] More cards and more [9:06:11 AM ET] acceptance [9:06:11 AM ET] points [9:06:11 AM ET] drive more than a [9:06:12 AM ET] transactions [9:06:12 AM ET] and [9:06:13 AM ET] data, [9:06:13 AM ET] strengthening [9:06:14 AM ET] the [9:06:14 AM ET] power of [9:06:14 AM ET] more cards and more acceptance points drive more transactions [9:06:14 AM ET] our [9:06:15 AM ET] network and [9:06:15 AM ET] the value of the [9:06:15 AM ET] our [9:06:15 AM ET] we [9:06:16 AM ET] and data strengthening the power of our network and the value we deliver [9:06:17 AM ET] deliver. [9:06:19 AM ET] Across over two years, we have a lot of people who [9:06:19 AM ET] countries, we [9:06:20 AM ET] in [9:06:20 AM ET] and [9:06:21 AM ET] territories, [9:06:21 AM ET] every market is not a good [9:06:21 AM ET] very [9:06:21 AM ET] across over two hundred countries and territories every market [9:06:21 AM ET] and regional area important [9:06:21 AM ET] is a part of the [9:06:22 AM ET] used to be very [9:06:22 AM ET] and region is unique [9:06:22 AM ET] is [9:06:23 AM ET] unique. [9:06:23 AM ET] And we're [9:06:24 AM ET] winning, leveraging [9:06:24 AM ET] our [9:06:24 AM ET] global [9:06:25 AM ET] capabilities, and we're going to be able to [9:06:25 AM ET] and we're winning leveraging our global capabilities [9:06:25 AM ET] and [9:06:26 AM ET] that level of [9:06:26 AM ET] local [9:06:27 AM ET] and that local expertise [9:06:28 AM ET] expertise. [9:06:28 AM ET] Let's look at a few [9:06:29 AM ET] wins from the next [9:06:29 AM ET] this [9:06:30 AM ET] let's look at few wins from this quarter [9:06:31 AM ET] quarter. [9:06:31 AM ET] In the [9:06:32 AM ET] Nordics, we've got a lot of the [9:06:32 AM ET] been able to get [9:06:32 AM ET] our [9:06:32 AM ET] partnership with the United [9:06:33 AM ET] National [9:06:33 AM ET] hundreds of [9:06:33 AM ET] Bank [9:06:34 AM ET] Banking [9:06:34 AM ET] and [9:06:35 AM ET] in the nordics we renewed our partnerships with handelsbanken and swedbank [9:06:35 AM ET] Sweatbank. [9:06:35 AM ET] following [9:06:36 AM ET] a [9:06:36 AM ET] previously [9:06:36 AM ET] signed [9:06:37 AM ET] exclusive [9:06:38 AM ET] agreement with [9:06:38 AM ET] following a previously signed exclusive agreement with seb [9:06:39 AM ET] SEB. [9:06:39 AM ET] These [9:06:39 AM ET] wins [9:06:39 AM ET] a [9:06:40 AM ET] include [9:06:40 AM ET] services [9:06:41 AM ET] like [9:06:41 AM ET] fraud [9:06:41 AM ET] detection, and the products are not [9:06:42 AM ET] and [9:06:42 AM ET] these wins include services like fraud detection and loyalty [9:06:43 AM ET] loyalty. [9:06:44 AM ET] Strengthening our [9:06:44 AM ET] position is one of the most [9:06:45 AM ET] advanced [9:06:46 AM ET] digital [9:06:46 AM ET] payment [9:06:47 AM ET] strengthening our position in one of the most advanced digital payment markets [9:06:48 AM ET] markets. [9:06:48 AM ET] At the same time, the payment is a big [9:06:49 AM ET] renewed DSG is a very important thing to [9:06:50 AM ET] fault [9:06:50 AM ET] and [9:06:50 AM ET] the [9:06:50 AM ET] its [9:06:51 AM ET] did [9:06:51 AM ET] setbank [9:06:51 AM ET] two of [9:06:52 AM ET] Germany's [9:06:52 AM ET] at the same time we renewed dskfau and zetbank [9:06:52 AM ET] largest banks. [9:06:53 AM ET] banking [9:06:54 AM ET] two of germany's largest banking organizations [9:06:55 AM ET] organizations. [9:06:55 AM ET] Let's put that [9:06:55 AM ET] in [9:06:56 AM ET] context. [9:06:57 AM ET] These renewals deepen [9:06:57 AM ET] our [9:06:57 AM ET] relationship with the [9:06:58 AM ET] two of [9:06:58 AM ET] the [9:06:59 AM ET] leading [9:06:59 AM ET] let's put that in context these renewals deepen our relationship [9:06:59 AM ET] credit [9:06:59 AM ET] issuers in the [9:07:00 AM ET] Europe's last [9:07:00 AM ET] largest [9:07:01 AM ET] economy. [9:07:02 AM ET] They [9:07:02 AM ET] position us to be able to do [9:07:03 AM ET] capture the best of the [9:07:03 AM ET] with two of the leading credit issuers in europe's largest economy [9:07:03 AM ET] substantial [9:07:04 AM ET] secular [9:07:05 AM ET] opportunity [9:07:05 AM ET] in [9:07:06 AM ET] they position us to capture the substantial secular opportunity in germany [9:07:07 AM ET] Germany. [9:07:07 AM ET] In [9:07:07 AM ET] China, the US is a very important part of the [9:07:08 AM ET] our team is a very important part of the [9:07:08 AM ET] on ground are same as [9:07:08 AM ET] a lot of the [9:07:09 AM ET] are very [9:07:09 AM ET] busy [9:07:10 AM ET] building [9:07:10 AM ET] and [9:07:10 AM ET] solidifying [9:07:11 AM ET] our [9:07:11 AM ET] position in the [9:07:11 AM ET] in china our teams on the grounds are very busy building and solidifying our position in the [9:07:12 AM ET] local [9:07:13 AM ET] market. [9:07:13 AM ET] This [9:07:13 AM ET] strong foundation is a very important [9:07:14 AM ET] of the market [9:07:14 AM ET] long [9:07:14 AM ET] a [9:07:14 AM ET] long-term [9:07:15 AM ET] growth [9:07:15 AM ET] is rooted in the [9:07:15 AM ET] growth of the [9:07:16 AM ET] acceptance of the [9:07:16 AM ET] local market this strong foundation for long term growth is rooted in the growing acceptance [9:07:17 AM ET] and [9:07:17 AM ET] signing [9:07:18 AM ET] issue [9:07:18 AM ET] a [9:07:18 AM ET] deals [9:07:18 AM ET] to make sure that the market is a good [9:07:18 AM ET] make [9:07:19 AM ET] MasterCard [9:07:19 AM ET] the [9:07:20 AM ET] preferred [9:07:21 AM ET] and signing issuer deals to make mastercard the preferred brand [9:07:21 AM ET] brand. [9:07:21 AM ET] This [9:07:22 AM ET] includes [9:07:22 AM ET] new [9:07:22 AM ET] programs [9:07:22 AM ET] with new [9:07:23 AM ET] China's top [9:07:23 AM ET] 50 [9:07:24 AM ET] 15 [9:07:25 AM ET] issuers. [9:07:25 AM ET] This [9:07:25 AM ET] this includes new programs with china's top fifteen issuers [9:07:26 AM ET] quarter [9:07:26 AM ET] we [9:07:26 AM ET] added [9:07:26 AM ET] to [9:07:27 AM ET] that with [9:07:27 AM ET] the [9:07:27 AM ET] new [9:07:27 AM ET] World [9:07:28 AM ET] History of the United [9:07:28 AM ET] Hilton [9:07:29 AM ET] co-brand [9:07:29 AM ET] with Bank of the United [9:07:30 AM ET] this quarter we added to that with the new world hilton co brand [9:07:31 AM ET] Communications. [9:07:31 AM ET] and a [9:07:31 AM ET] consumer [9:07:31 AM ET] debit [9:07:31 AM ET] deal [9:07:31 AM ET] Bank of [9:07:32 AM ET] China [9:07:32 AM ET] who [9:07:33 AM ET] alone [9:07:33 AM ET] serves hundreds of [9:07:34 AM ET] with bank of communications and a consumer debit deal with bank [9:07:34 AM ET] millions [9:07:34 AM ET] of [9:07:35 AM ET] retail [9:07:36 AM ET] customers. [9:07:36 AM ET] Two [9:07:37 AM ET] of china who alone serves hundreds of millions of retail customers [9:07:37 AM ET] fantastic [9:07:37 AM ET] deals [9:07:37 AM ET] to [9:07:38 AM ET] capture [9:07:38 AM ET] the majority of [9:07:38 AM ET] and [9:07:39 AM ET] cross-border [9:07:39 AM ET] spend in [9:07:40 AM ET] the [9:07:40 AM ET] deliver [9:07:40 AM ET] value [9:07:40 AM ET] two fantastic deals to capture domestic and [9:07:41 AM ET] services [9:07:41 AM ET] and [9:07:42 AM ET] solutions in the [9:07:43 AM ET] cross border spend and deliver value add services and solutions in the market [9:07:44 AM ET] market. [9:07:44 AM ET] In the United States, the US is the same as the United [9:07:44 AM ET] States a very [9:07:44 AM ET] is important [9:07:45 AM ET] we have a lot of [9:07:45 AM ET] secured [9:07:45 AM ET] majority of the [9:07:46 AM ET] win [9:07:46 AM ET] in [9:07:46 AM ET] this [9:07:46 AM ET] with [9:07:46 AM ET] pinnacle [9:07:47 AM ET] of [9:07:47 AM ET] Financial [9:07:48 AM ET] Partners, the [9:07:48 AM ET] newly [9:07:48 AM ET] in the united states we secured a major win with pinnacle financial partners [9:07:48 AM ET] combined bank [9:07:49 AM ET] banks [9:07:49 AM ET] entire [9:07:50 AM ET] issuing [9:07:50 AM ET] portfolio [9:07:50 AM ET] will [9:07:51 AM ET] move on to the [9:07:51 AM ET] our [9:07:52 AM ET] network [9:07:52 AM ET] starting [9:07:52 AM ET] in [9:07:52 AM ET] the newly combined bank's entire issuing portfolio will move on to our network starting in [9:07:54 AM ET] 2027. [9:07:54 AM ET] This [9:07:54 AM ET] includes [9:07:55 AM ET] consumer [9:07:55 AM ET] credit, and the customer is a good [9:07:55 AM ET] debt, and [9:07:56 AM ET] and credit [9:07:56 AM ET] business, the banks, the [9:07:57 AM ET] and consumer [9:07:57 AM ET] commercial [9:07:57 AM ET] twenty twenty seven this includes consumer credit debit small business [9:07:58 AM ET] and commercial cards we [9:07:58 AM ET] cards. [9:07:59 AM ET] And [9:07:59 AM ET] finally moving [9:07:59 AM ET] to [9:08:00 AM ET] India with [9:08:00 AM ET] a lot of [9:08:00 AM ET] large number [9:08:01 AM ET] domestic [9:08:02 AM ET] scheme. [9:08:02 AM ET] this is one of [9:08:02 AM ET] the [9:08:02 AM ET] world's [9:08:03 AM ET] most [9:08:03 AM ET] competitive [9:08:03 AM ET] and finally moving to india with a large domestic scheme that [9:08:04 AM ET] markets. [9:08:05 AM ET] This quarter [9:08:05 AM ET] we [9:08:05 AM ET] signed [9:08:05 AM ET] an [9:08:06 AM ET] important [9:08:06 AM ET] small [9:08:06 AM ET] business [9:08:06 AM ET] is one of the world's most competitive markets this quarter [9:08:06 AM ET] deal [9:08:07 AM ET] with [9:08:07 AM ET] HDFC [9:08:08 AM ET] Bank. [9:08:08 AM ET] It's [9:08:09 AM ET] India's [9:08:09 AM ET] largest [9:08:09 AM ET] private [9:08:10 AM ET] we signed an important small business deal with hdfc bank [9:08:10 AM ET] sector bank. [9:08:10 AM ET] with [9:08:10 AM ET] nearly 20% of the [9:08:11 AM ET] 10,000 [9:08:12 AM ET] branches over the [9:08:12 AM ET] 100% of the [9:08:13 AM ET] it's india's largest private sector bank with nearly ten thousand branches [9:08:13 AM ET] million [9:08:14 AM ET] over one hundred million customers [9:08:14 AM ET] customers. [9:08:15 AM ET] This [9:08:15 AM ET] deal [9:08:15 AM ET] includes very [9:08:15 AM ET] value-adsering the [9:08:16 AM ET] services [9:08:16 AM ET] and [9:08:17 AM ET] solutions in the [9:08:17 AM ET] a [9:08:17 AM ET] its [9:08:17 AM ET] expected to be [9:08:18 AM ET] add [9:08:18 AM ET] $3 [9:08:18 AM ET] three [9:08:19 AM ET] million [9:08:19 AM ET] this deal includes value add services and solutions and is expected [9:08:19 AM ET] to add three million cards [9:08:19 AM ET] cards [9:08:19 AM ET] to [9:08:19 AM ET] the [9:08:20 AM ET] Master [9:08:21 AM ET] to the mastercard network [9:08:22 AM ET] network. [9:08:22 AM ET] Beyond the same thing, we will be able to do that. [9:08:22 AM ET] the small small smaller colours, beyond [9:08:23 AM ET] small [9:08:23 AM ET] beyond small business [9:08:23 AM ET] business, [9:08:24 AM ET] we [9:08:24 AM ET] see [9:08:24 AM ET] a [9:08:24 AM ET] sizable [9:08:25 AM ET] opportunity across the [9:08:26 AM ET] commercial [9:08:26 AM ET] payments, [9:08:27 AM ET] including [9:08:27 AM ET] invoice [9:08:28 AM ET] we see a sizable opportunity across commercial payments including invoice payments [9:08:28 AM ET] payments. [9:08:29 AM ET] I'll work in invoice [9:08:29 AM ET] payments [9:08:30 AM ET] helps [9:08:30 AM ET] transform the [9:08:30 AM ET] work of [9:08:31 AM ET] dated [9:08:31 AM ET] cumbersome, and [9:08:32 AM ET] accounts pay. [9:08:32 AM ET] payable [9:08:33 AM ET] our work in invoice payments helps transform dated cumbersome [9:08:33 AM ET] processes [9:08:33 AM ET] into [9:08:34 AM ET] automated [9:08:34 AM ET] digital [9:08:35 AM ET] workflows [9:08:35 AM ET] with [9:08:36 AM ET] virtual [9:08:36 AM ET] accounts payable processes into automated digital workflows with virtual cards [9:08:37 AM ET] cards. [9:08:38 AM ET] We can do that. [9:08:38 AM ET] We focus on bringing the [9:08:38 AM ET] more virtual [9:08:39 AM ET] cards to the [9:08:40 AM ET] market in the [9:08:40 AM ET] bet [9:08:40 AM ET] them [9:08:41 AM ET] directly [9:08:41 AM ET] into [9:08:41 AM ET] tools, [9:08:41 AM ET] we focus on bringing more virtual cards to market and embed them directly [9:08:41 AM ET] business, and [9:08:42 AM ET] businesses [9:08:42 AM ET] already [9:08:43 AM ET] tools businesses already use [9:08:44 AM ET] use. [9:08:44 AM ET] Tungsten [9:08:45 AM ET] Automation [9:08:45 AM ET] is [9:08:45 AM ET] adding [9:08:46 AM ET] MasterCard's [9:08:46 AM ET] virtual [9:08:46 AM ET] card [9:08:47 AM ET] technology [9:08:47 AM ET] into [9:08:47 AM ET] its [9:08:48 AM ET] tungsten automation is adding mastercard's virtual card technology into [9:08:48 AM ET] automated [9:08:48 AM ET] account [9:08:49 AM ET] payable [9:08:50 AM ET] its automated accounts payable offerings [9:08:50 AM ET] offerings. [9:08:51 AM ET] A leader in intelligent [9:08:52 AM ET] document [9:08:52 AM ET] processing, Tonga, and the process of the [9:08:53 AM ET] service, [9:08:53 AM ET] serves more than a few [9:08:53 AM ET] 20 [9:08:54 AM ET] 25,000 [9:08:55 AM ET] a leader in intelligent document processing tungsten serves more than twenty five [9:08:56 AM ET] customers. [9:08:56 AM ET] This will [9:08:57 AM ET] enable [9:08:57 AM ET] their entry to the [9:08:57 AM ET] customers customize the [9:08:57 AM ET] to [9:08:57 AM ET] create a new [9:08:58 AM ET] generate a new [9:08:59 AM ET] virtual [9:08:59 AM ET] thousand customers this will enable their enterprise [9:08:59 AM ET] cards [9:09:00 AM ET] seamlessly and [9:09:00 AM ET] with [9:09:00 AM ET] the [9:09:01 AM ET] DAD [9:09:01 AM ET] accelerates [9:09:02 AM ET] supply [9:09:02 AM ET] customers to generate virtual cards seamlessly with that [9:09:02 AM ET] payments, [9:09:03 AM ET] reducing [9:09:03 AM ET] accelerates supplier payments reducing cost [9:09:04 AM ET] cost, [9:09:04 AM ET] friction, and [9:09:05 AM ET] friction and risk [9:09:06 AM ET] risk. [9:09:06 AM ET] That is [9:09:07 AM ET] tangible [9:09:08 AM ET] value. [9:09:09 AM ET] And we've seen those [9:09:09 AM ET] results [9:09:09 AM ET] play [9:09:10 AM ET] that is tangible value [9:09:10 AM ET] and we've seen those results play out [9:09:10 AM ET] out. [9:09:11 AM ET] For example, a [9:09:11 AM ET] lot of the [9:09:11 AM ET] USB [9:09:12 AM ET] U.S. [9:09:12 AM ET] retailer [9:09:13 AM ET] consolidated [9:09:13 AM ET] more [9:09:13 AM ET] than [9:09:13 AM ET] $100 [9:09:14 AM ET] hundred million [9:09:14 AM ET] in support of the [9:09:15 AM ET] for example a large u s retailer consolidated more than one hundred million dollars [9:09:15 AM ET] supplier payments [9:09:15 AM ET] using [9:09:16 AM ET] MasterCard [9:09:16 AM ET] Virtual [9:09:17 AM ET] cards [9:09:17 AM ET] through [9:09:17 AM ET] our [9:09:18 AM ET] partner [9:09:19 AM ET] Cooper. [9:09:19 AM ET] in supplier payments using mastercard virtual cards through our partner coupa [9:09:19 AM ET] This one [9:09:20 AM ET] decision is a very important [9:09:20 AM ET] we [9:09:20 AM ET] used [9:09:20 AM ET] to [9:09:20 AM ET] not be able do [9:09:20 AM ET] of [9:09:21 AM ET] number [9:09:22 AM ET] suppliers [9:09:22 AM ET] that [9:09:22 AM ET] needed [9:09:22 AM ET] to [9:09:22 AM ET] be [9:09:22 AM ET] on [9:09:23 AM ET] this one decision reduced the number of suppliers that needed to be onboarded [9:09:23 AM ET] onboarded, [9:09:24 AM ET] saving [9:09:24 AM ET] an [9:09:24 AM ET] estimate of the [9:09:24 AM ET] 30% [9:09:25 AM ET] of the [9:09:25 AM ET] million in the [9:09:26 AM ET] onboarding [9:09:27 AM ET] saving an estimated thirty five million dollars in onboarding costs [9:09:27 AM ET] costs. [9:09:28 AM ET] That's valuable [9:09:29 AM ET] savings for [9:09:29 AM ET] just one of the most [9:09:29 AM ET] their [9:09:30 AM ET] many [9:09:30 AM ET] clients and [9:09:31 AM ET] Coupa is one [9:09:31 AM ET] of [9:09:31 AM ET] many [9:09:32 AM ET] as valuable savings for just one of their many clients [9:09:32 AM ET] partners working with the [9:09:32 AM ET] us [9:09:33 AM ET] on improving the [9:09:34 AM ET] B2B [9:09:34 AM ET] supplier [9:09:34 AM ET] pay. [9:09:35 AM ET] and coupa is one of many partners working with us on improving b2b supplier payments [9:09:36 AM ET] payments. [9:09:37 AM ET] So, I'm going to go ahead and do a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a powerful thing. [9:09:37 AM ET] similar [9:09:37 AM ET] value in the [9:09:38 AM ET] travel [9:09:38 AM ET] vertical, [9:09:38 AM ET] where [9:09:39 AM ET] today [9:09:39 AM ET] we [9:09:39 AM ET] partner with the [9:09:40 AM ET] eight [9:09:40 AM ET] a similar value in the travel vertical [9:09:40 AM ET] out of [9:09:40 AM ET] the [9:09:41 AM ET] ten [9:09:41 AM ET] largest [9:09:41 AM ET] players [9:09:41 AM ET] to [9:09:42 AM ET] capture [9:09:42 AM ET] the [9:09:42 AM ET] secular [9:09:43 AM ET] where today we partner with eight out of the ten largest players [9:09:44 AM ET] to capture the secular opportunities [9:09:44 AM ET] opportunities. [9:09:45 AM ET] After that, I'm going to be able to do [9:09:45 AM ET] our experience is a very important thing [9:09:45 AM ET] to [9:09:45 AM ET] resources are a very [9:09:46 AM ET] is important [9:09:46 AM ET] with the community [9:09:46 AM ET] China is a very important [9:09:47 AM ET] and [9:09:47 AM ET] the [9:09:48 AM ET] UAE. [9:09:48 AM ET] and you [9:09:49 AM ET] have [9:09:49 AM ET] after that our expanded relationship with checkout dot com in the uae [9:09:49 AM ET] another [9:09:49 AM ET] channel to [9:09:50 AM ET] bring [9:09:50 AM ET] MasterCard [9:09:51 AM ET] virtual [9:09:51 AM ET] cards [9:09:51 AM ET] to [9:09:52 AM ET] travel [9:09:52 AM ET] businesses [9:09:52 AM ET] at [9:09:53 AM ET] and you have another channel to bring mastercard virtual cards to travel businesses at scale [9:09:54 AM ET] scale. [9:09:55 AM ET] The aggregate of our [9:09:55 AM ET] travel relationships are [9:09:56 AM ET] ways of [9:09:56 AM ET] from the [9:09:57 AM ET] just [9:09:57 AM ET] this [9:09:57 AM ET] quarter [9:09:58 AM ET] is [9:09:58 AM ET] expected to be a very good [9:09:58 AM ET] long [9:09:58 AM ET] the aggregate of our travel related wins from just this quarter [9:09:58 AM ET] generate a lot of the [9:09:58 AM ET] more than [9:09:59 AM ET] 20% of the [9:10:00 AM ET] billion [9:10:00 AM ET] in [9:10:01 AM ET] incremental [9:10:01 AM ET] spend [9:10:01 AM ET] on [9:10:01 AM ET] our [9:10:02 AM ET] is expected to generate more than twenty billion dollars in incremental spend on our network [9:10:02 AM ET] network [9:10:02 AM ET] over the next [9:10:02 AM ET] last [9:10:03 AM ET] lives [9:10:03 AM ET] of [9:10:03 AM ET] the [9:10:04 AM ET] over the lives of the agreements [9:10:05 AM ET] agreements. [9:10:06 AM ET] These [9:10:06 AM ET] wins reflect the [9:10:06 AM ET] our [9:10:07 AM ET] differentiated [9:10:08 AM ET] capabilities [9:10:08 AM ET] that address the capacity of the [9:10:09 AM ET] these wins reflect our differentiated capabilities that address [9:10:09 AM ET] specific [9:10:09 AM ET] customer [9:10:10 AM ET] needs, but [9:10:11 AM ET] also [9:10:11 AM ET] create [9:10:12 AM ET] opportunities for the [9:10:12 AM ET] to [9:10:12 AM ET] live on the [9:10:12 AM ET] a [9:10:13 AM ET] more [9:10:13 AM ET] value [9:10:13 AM ET] through [9:10:13 AM ET] specific customer needs but also create opportunities to deliver more value [9:10:14 AM ET] value [9:10:14 AM ET] value-added [9:10:15 AM ET] services [9:10:15 AM ET] and so [9:10:16 AM ET] through value added services and solutions [9:10:17 AM ET] solutions. [9:10:18 AM ET] Now many of our services are a lot of the [9:10:18 AM ET] same as [9:10:19 AM ET] directly support the [9:10:20 AM ET] growth [9:10:20 AM ET] and [9:10:20 AM ET] our [9:10:20 AM ET] payment [9:10:21 AM ET] now many of our services directly support growth in our payment network [9:10:22 AM ET] network. [9:10:22 AM ET] Our [9:10:23 AM ET] analytics, marketing, and [9:10:23 AM ET] law, and marketing, and the [9:10:24 AM ET] consulting [9:10:24 AM ET] services have been [9:10:25 AM ET] us to do [9:10:25 AM ET] helps [9:10:26 AM ET] clients [9:10:26 AM ET] our analytics marketing loyalty and consulting services helps clients [9:10:26 AM ET] acquire [9:10:26 AM ET] and [9:10:27 AM ET] engage, [9:10:27 AM ET] and reduce [9:10:27 AM ET] retain [9:10:28 AM ET] customers [9:10:29 AM ET] while building a lot of the [9:10:29 AM ET] healthier [9:10:30 AM ET] portfolios [9:10:30 AM ET] acquire engage and retain customers while building healthier portfolios [9:10:30 AM ET] and [9:10:31 AM ET] driving [9:10:31 AM ET] more pay. [9:10:32 AM ET] payment [9:10:32 AM ET] and driving more payment activity [9:10:33 AM ET] activity. [9:10:33 AM ET] For [9:10:33 AM ET] example, [9:10:34 AM ET] through our students, we have a lot [9:10:34 AM ET] strategic [9:10:34 AM ET] partnership, we have a lot of power to [9:10:35 AM ET] with [9:10:35 AM ET] Qatar [9:10:35 AM ET] National Bank [9:10:36 AM ET] Group, [9:10:36 AM ET] we deployed a lot of [9:10:37 AM ET] the [9:10:37 AM ET] for example through our strategic partnership with qatar national bank group [9:10:37 AM ET] these [9:10:38 AM ET] capabilities across the [9:10:38 AM ET] Q [9:10:38 AM ET] and [9:10:39 AM ET] B S [9:10:39 AM ET] presence in the [9:10:40 AM ET] more than 20 [9:10:40 AM ET] 28 [9:10:41 AM ET] we're deploying these capabilities across qnb's presence in more than twenty eight countries [9:10:41 AM ET] countries [9:10:41 AM ET] to strengthen the QR [9:10:42 AM ET] customer [9:10:43 AM ET] relationships and [9:10:43 AM ET] drive [9:10:44 AM ET] to strengthen customer relationships and drive growth [9:10:45 AM ET] growth. [9:10:46 AM ET] An American [9:10:46 AM ET] Airlines is one [9:10:46 AM ET] of [9:10:47 AM ET] the [9:10:47 AM ET] industry's [9:10:48 AM ET] largest [9:10:48 AM ET] airline [9:10:48 AM ET] credit [9:10:49 AM ET] card [9:10:49 AM ET] and american airlines is one of the industry's largest airline credit [9:10:50 AM ET] programs. [9:10:50 AM ET] We are [9:10:50 AM ET] supporting [9:10:50 AM ET] customer [9:10:51 AM ET] acquisition [9:10:52 AM ET] for its [9:10:52 AM ET] refresh [9:10:53 AM ET] premium [9:10:53 AM ET] card programs we are supporting customer acquisition for its [9:10:53 AM ET] offering the [9:10:54 AM ET] City [9:10:54 AM ET] A [9:10:54 AM ET] Advantage [9:10:55 AM ET] Executive [9:10:55 AM ET] World [9:10:56 AM ET] Legend [9:10:56 AM ET] refreshed premium offering the city a advantage executive world legend mastercard [9:10:57 AM ET] MasterCard. [9:10:58 AM ET] These [9:10:58 AM ET] capabilities power the [9:10:59 AM ET] and [9:10:59 AM ET] by code of [9:10:59 AM ET] our [9:11:00 AM ET] data, [9:11:00 AM ET] can [9:11:00 AM ET] deliver [9:11:01 AM ET] meaningful [9:11:01 AM ET] results across the [9:11:01 AM ET] many different [9:11:02 AM ET] mastercard [9:11:02 AM ET] these capabilities powered by our data can deliver meaningful results [9:11:02 AM ET] marketing [9:11:03 AM ET] services [9:11:04 AM ET] campaigns on the [9:11:04 AM ET] a [9:11:04 AM ET] global [9:11:05 AM ET] basis, our [9:11:06 AM ET] clients [9:11:06 AM ET] see [9:11:06 AM ET] an [9:11:06 AM ET] across mastercard marketing services campaigns on a global basis our clients see an [9:11:07 AM ET] average [9:11:07 AM ET] increase [9:11:07 AM ET] spend [9:11:08 AM ET] growth [9:11:08 AM ET] of [9:11:09 AM ET] 8 percentage [9:11:09 AM ET] points [9:11:09 AM ET] over [9:11:10 AM ET] the [9:11:10 AM ET] measurement [9:11:11 AM ET] average incremental spend growth of eight percentage points over the measurement period [9:11:12 AM ET] period. [9:11:14 AM ET] As commerce becomes a very important thing, the [9:11:14 AM ET] more [9:11:15 AM ET] digital [9:11:15 AM ET] and [9:11:15 AM ET] AI [9:11:16 AM ET] as commerce becomes more digital and ai changes [9:11:16 AM ET] changes [9:11:16 AM ET] elements [9:11:16 AM ET] of [9:11:17 AM ET] payments, [9:11:17 AM ET] our [9:11:17 AM ET] security [9:11:18 AM ET] solutions [9:11:18 AM ET] are becoming a very important [9:11:19 AM ET] more [9:11:20 AM ET] elements of payments our security solutions are becoming more relevant [9:11:20 AM ET] relevant. [9:11:21 AM ET] As a [9:11:21 AM ET] reminder, security is a very important [9:11:22 AM ET] solutions are not [9:11:23 AM ET] include [9:11:23 AM ET] as a reminder security solutions include fraud [9:11:24 AM ET] fraud, [9:11:24 AM ET] identity, and [9:11:24 AM ET] identity [9:11:25 AM ET] and [9:11:25 AM ET] cybersecurity. [9:11:26 AM ET] and cyber security [9:11:27 AM ET] A portfolio is [9:11:27 AM ET] carefully designed to be a very important [9:11:28 AM ET] help [9:11:28 AM ET] our [9:11:29 AM ET] partners protect the current [9:11:29 AM ET] their own [9:11:30 AM ET] ecosystem [9:11:30 AM ET] and [9:11:31 AM ET] we [9:11:31 AM ET] see [9:11:31 AM ET] our portfolio is carefully designed to help our partners protect the ecosystem [9:11:31 AM ET] the [9:11:31 AM ET] demand across the [9:11:32 AM ET] and we see demand across the board [9:11:33 AM ET] board. [9:11:34 AM ET] This quarter we [9:11:34 AM ET] added [9:11:35 AM ET] our [9:11:35 AM ET] extended [9:11:35 AM ET] fraud [9:11:35 AM ET] in [9:11:36 AM ET] identifying [9:11:36 AM ET] identity [9:11:37 AM ET] wins [9:11:37 AM ET] with [9:11:37 AM ET] standard [9:11:37 AM ET] Bank [9:11:38 AM ET] this quarter we added our extended fraud and identity wins with standard bank [9:11:38 AM ET] Monzo, [9:11:39 AM ET] and [9:11:39 AM ET] Staling [9:11:40 AM ET] Bank. [9:11:40 AM ET] Staling for [9:11:41 AM ET] example extended [9:11:41 AM ET] its [9:11:41 AM ET] use [9:11:42 AM ET] of [9:11:42 AM ET] fraud [9:11:42 AM ET] rule [9:11:43 AM ET] monzo and starling bank starling for example extended its use of fraud rule manager [9:11:43 AM ET] Manager, [9:11:43 AM ET] helping [9:11:44 AM ET] it respond to the rule of the United [9:11:44 AM ET] faster than the [9:11:44 AM ET] to [9:11:45 AM ET] emerging [9:11:46 AM ET] attacks, [9:11:46 AM ET] reduce [9:11:46 AM ET] false [9:11:47 AM ET] declines, [9:11:47 AM ET] and [9:11:48 AM ET] helping it respond faster to emerging attacks reduce false declines [9:11:48 AM ET] protect [9:11:48 AM ET] the [9:11:48 AM ET] customer [9:11:49 AM ET] experience at the [9:11:50 AM ET] and protect the customer experience at scale [9:11:51 AM ET] scale. [9:11:51 AM ET] Within cybersecurity, [9:11:52 AM ET] we continue to do [9:11:52 AM ET] see the security of the [9:11:53 AM ET] maintenance [9:11:54 AM ET] one-to-one [9:11:54 AM ET] platform [9:11:55 AM ET] sales, [9:11:55 AM ET] but [9:11:55 AM ET] even [9:11:55 AM ET] within cybersecurity we continue to scale one to one platform sales [9:11:55 AM ET] more [9:11:56 AM ET] so [9:11:56 AM ET] new [9:11:56 AM ET] network [9:11:57 AM ET] products [9:11:57 AM ET] like [9:11:57 AM ET] our [9:11:57 AM ET] newly [9:11:58 AM ET] launched [9:11:58 AM ET] digital [9:11:59 AM ET] risk [9:11:59 AM ET] but even more so new network products like our newly launched digital risk protection [9:12:00 AM ET] Protection. [9:12:00 AM ET] This capability is a lot of the [9:12:01 AM ET] helps [9:12:02 AM ET] organizations identify the [9:12:03 AM ET] vulnerabilities [9:12:03 AM ET] in [9:12:03 AM ET] their [9:12:04 AM ET] own [9:12:04 AM ET] digital [9:12:04 AM ET] this capability helps organizations identify vulnerabilities in their own [9:12:05 AM ET] digital environments [9:12:05 AM ET] environments. [9:12:06 AM ET] After only a [9:12:06 AM ET] few months, we have lot of [9:12:06 AM ET] the data is a very important thing to [9:12:06 AM ET] and [9:12:07 AM ET] in Marketing, the [9:12:07 AM ET] it [9:12:07 AM ET] now serves as a [9:12:08 AM ET] nearly [9:12:08 AM ET] 80% of the [9:12:08 AM ET] 800 [9:12:09 AM ET] enterprise [9:12:10 AM ET] after only a few months in market it now serves nearly eight hundred enterprise customers [9:12:11 AM ET] customers. [9:12:11 AM ET] Additionally, [9:12:12 AM ET] our [9:12:12 AM ET] enhanced third-party customer is [9:12:13 AM ET] risk is a lot of the rest of the [9:12:13 AM ET] options [9:12:13 AM ET] offering [9:12:14 AM ET] brings together [9:12:14 AM ET] risk is a lot of [9:12:15 AM ET] additionally our enhanced third party risk offering [9:12:15 AM ET] recon or [9:12:15 AM ET] the [9:12:15 AM ET] recorded [9:12:16 AM ET] future [9:12:16 AM ET] capabilities [9:12:17 AM ET] in [9:12:17 AM ET] one [9:12:18 AM ET] brings together risk recon or recorded future capabilities in one solution [9:12:18 AM ET] solution. [9:12:19 AM ET] It helps [9:12:19 AM ET] identify [9:12:19 AM ET] prioritize, and solve the idea of the [9:12:20 AM ET] respond to the [9:12:21 AM ET] risks before we can [9:12:21 AM ET] they begin to [9:12:22 AM ET] become [9:12:22 AM ET] business [9:12:23 AM ET] to help identify prioritize respond to risks [9:12:23 AM ET] before they become business disruptions [9:12:24 AM ET] disruptions. [9:12:25 AM ET] But AI is not a good [9:12:25 AM ET] only lot of the [9:12:26 AM ET] not [9:12:26 AM ET] changing [9:12:26 AM ET] the [9:12:26 AM ET] demand for the [9:12:27 AM ET] our [9:12:27 AM ET] security [9:12:28 AM ET] solutions, [9:12:28 AM ET] it's also a [9:12:28 AM ET] changing the demand for the [9:12:28 AM ET] but ai is not only changing the demand for our security solutions [9:12:29 AM ET] how commerce is the most important [9:12:30 AM ET] it's also changing how commerce happens [9:12:31 AM ET] happens. [9:12:32 AM ET] The foundation I described [9:12:33 AM ET] earlier brought the foundation of the foundation [9:12:33 AM ET] participation in [9:12:33 AM ET] the [9:12:34 AM ET] global [9:12:35 AM ET] acceptance [9:12:35 AM ET] and [9:12:35 AM ET] the foundation i described earlier broad participation global acceptance and trust [9:12:35 AM ET] trusted [9:12:36 AM ET] capabilities [9:12:37 AM ET] positions [9:12:37 AM ET] us [9:12:37 AM ET] to [9:12:37 AM ET] help [9:12:38 AM ET] shape [9:12:38 AM ET] the [9:12:38 AM ET] next [9:12:39 AM ET] evolution [9:12:39 AM ET] of [9:12:39 AM ET] capabilities positions us to help shape the next evolution of commerce [9:12:40 AM ET] commerce. [9:12:40 AM ET] That [9:12:41 AM ET] includes a [9:12:41 AM ET] Gentic [9:12:41 AM ET] commerce [9:12:42 AM ET] where [9:12:42 AM ET] a [9:12:42 AM ET] buyer uses a [9:12:43 AM ET] AI [9:12:43 AM ET] agents [9:12:44 AM ET] to [9:12:44 AM ET] discover, select the US, and the [9:12:44 AM ET] that includes agent pay commerce where a buyer uses ai agents to discover select [9:12:45 AM ET] and personalize the [9:12:46 AM ET] a [9:12:46 AM ET] product [9:12:47 AM ET] or [9:12:47 AM ET] and purchase a product or service [9:12:48 AM ET] service. [9:12:48 AM ET] There are two [9:12:49 AM ET] forms, machine to [9:12:49 AM ET] and machine [9:12:50 AM ET] to to [9:12:50 AM ET] traditional [9:12:51 AM ET] e [9:12:52 AM ET] there are two forms machine to machine and traditional e commerce [9:12:53 AM ET] Combined, they [9:12:53 AM ET] create significant [9:12:53 AM ET] opportunities for the [9:12:55 AM ET] for [9:12:55 AM ET] MasterCards [9:12:55 AM ET] from [9:12:55 AM ET] more [9:12:56 AM ET] combined they create significant opportunity for mastercard's [9:12:56 AM ET] transactions [9:12:56 AM ET] to [9:12:57 AM ET] new [9:12:57 AM ET] B2B [9:12:58 AM ET] carded [9:12:59 AM ET] payments. [9:12:59 AM ET] as [9:12:59 AM ET] businesses [9:13:00 AM ET] from more transactions to new b2b carded payments [9:13:00 AM ET] as businesses utilize [9:13:00 AM ET] utilize [9:13:01 AM ET] agents. [9:13:02 AM ET] And [9:13:03 AM ET] eventually an entirely new address is a very important thing to [9:13:03 AM ET] market good [9:13:03 AM ET] is a very [9:13:04 AM ET] of marketing [9:13:05 AM ET] agents and eventually an entirely new addressable market of micro transactions [9:13:05 AM ET] microtransactions. [9:13:06 AM ET] all the while creating [9:13:06 AM ET] more [9:13:07 AM ET] opportunity for the [9:13:08 AM ET] our [9:13:09 AM ET] services [9:13:09 AM ET] from [9:13:10 AM ET] fraud [9:13:10 AM ET] to [9:13:10 AM ET] all the while creating more opportunity for our services from fraud [9:13:10 AM ET] longer [9:13:10 AM ET] term [9:13:11 AM ET] potential [9:13:11 AM ET] in [9:13:12 AM ET] insights [9:13:12 AM ET] and [9:13:13 AM ET] to longer term potential in insights and loyalty [9:13:14 AM ET] loyalty. [9:13:14 AM ET] Consumers are [9:13:15 AM ET] beginning to be able to do [9:13:15 AM ET] use [9:13:16 AM ET] agents [9:13:16 AM ET] to [9:13:16 AM ET] discuss the [9:13:16 AM ET] and [9:13:17 AM ET] purchase [9:13:18 AM ET] consumers are already beginning to use agents to discover and purchase products [9:13:18 AM ET] products. [9:13:19 AM ET] We expect that trend is a very important thing to [9:13:19 AM ET] be able do [9:13:19 AM ET] use the [9:13:19 AM ET] build a lot of [9:13:20 AM ET] as hard as we [9:13:20 AM ET] holiday [9:13:20 AM ET] shopping [9:13:21 AM ET] ramps [9:13:21 AM ET] up and [9:13:22 AM ET] to continue [9:13:22 AM ET] well [9:13:22 AM ET] beyond [9:13:22 AM ET] we expect that trend to build as holiday shopping ramps up [9:13:23 AM ET] the [9:13:23 AM ET] and to continue well beyond the season [9:13:24 AM ET] season. [9:13:24 AM ET] It is still [9:13:24 AM ET] early [9:13:25 AM ET] days and [9:13:25 AM ET] number of the [9:13:25 AM ET] are [9:13:25 AM ET] not [9:13:25 AM ET] yet [9:13:26 AM ET] significant [9:13:26 AM ET] in [9:13:26 AM ET] the [9:13:27 AM ET] grand [9:13:27 AM ET] scheme, [9:13:28 AM ET] but [9:13:28 AM ET] is [9:13:28 AM ET] it is still early days and the numbers are not yet significant in the grand scheme but [9:13:28 AM ET] the [9:13:28 AM ET] AI is [9:13:29 AM ET] as the ai [9:13:29 AM ET] agenda is a very important [9:13:30 AM ET] assistant is a very important [9:13:30 AM ET] good [9:13:30 AM ET] have [9:13:31 AM ET] emerged, [9:13:32 AM ET] Gentic transactions are [9:13:33 AM ET] ramping [9:13:33 AM ET] up [9:13:33 AM ET] at [9:13:34 AM ET] agentic assistance have emerged agentic transactions are ramping up at impressive [9:13:34 AM ET] impressive [9:13:35 AM ET] weekly [9:13:35 AM ET] growth [9:13:35 AM ET] weekly growth rates [9:13:36 AM ET] rates. [9:13:36 AM ET] We're now seeing the rows of the [9:13:37 AM ET] early stage of the rate of the rate of [9:13:38 AM ET] stages consumer [9:13:39 AM ET] now seeing the early stages of consumer adoption [9:13:40 AM ET] adoption. [9:13:40 AM ET] For this time, we're going to be able to do [9:13:41 AM ET] of age, [9:13:41 AM ET] the game is a very good [9:13:41 AM ET] company [9:13:42 AM ET] to the company, the company [9:13:42 AM ET] at same [9:13:43 AM ET] scale, [9:13:43 AM ET] we [9:13:43 AM ET] need [9:13:43 AM ET] four [9:13:44 AM ET] for this type of agent e commerce to function at scale we need four things [9:13:44 AM ET] things. [9:13:45 AM ET] Trust in the [9:13:45 AM ET] trust in the payment [9:13:46 AM ET] payment, the aid of [9:13:47 AM ET] agent, the [9:13:47 AM ET] the agent [9:13:47 AM ET] ecosystem, [9:13:48 AM ET] and [9:13:48 AM ET] your [9:13:49 AM ET] ubiquitous [9:13:50 AM ET] reach. [9:13:50 AM ET] MasterGuard is [9:13:51 AM ET] has built [9:13:51 AM ET] capabilities are a very important thing to [9:13:51 AM ET] for the [9:13:51 AM ET] each of [9:13:52 AM ET] the ecosystem and ubiquitous reach [9:13:52 AM ET] these [9:13:52 AM ET] mastercard has built capabilities for each of these four [9:13:53 AM ET] four. [9:13:54 AM ET] For trust in the [9:13:55 AM ET] for trust in the payment [9:13:55 AM ET] payment, [9:13:55 AM ET] tokenized. [9:13:55 AM ET] is [9:13:56 AM ET] embedded in the [9:13:56 AM ET] agent [9:13:57 AM ET] pay. [9:13:57 AM ET] and [9:13:57 AM ET] backed [9:13:57 AM ET] by [9:13:57 AM ET] the [9:13:58 AM ET] franchise [9:13:59 AM ET] rules [9:13:59 AM ET] everyone [9:13:59 AM ET] expects to [9:14:00 AM ET] tokenization is embedded in agent pay and backed by the franchise rules everyone expects [9:14:00 AM ET] today. [9:14:00 AM ET] for trust in [9:14:01 AM ET] the [9:14:02 AM ET] agent, [9:14:02 AM ET] agent pay [9:14:03 AM ET] ensures agent [9:14:03 AM ET] are [9:14:03 AM ET] very [9:14:04 AM ET] verified [9:14:04 AM ET] and [9:14:04 AM ET] today for trust in the agent agent pay ensures agents are verified and [9:14:04 AM ET] authorized to be able to do [9:14:05 AM ET] by the [9:14:06 AM ET] buyer and that [9:14:06 AM ET] the [9:14:06 AM ET] merchant [9:14:07 AM ET] and [9:14:07 AM ET] issuer [9:14:07 AM ET] are aware [9:14:08 AM ET] authorized by the buyer and that the merchant and issuer are aware [9:14:10 AM ET] For trust in the [9:14:10 AM ET] ecosystem, [9:14:10 AM ET] we [9:14:11 AM ET] bring [9:14:11 AM ET] transparency [9:14:11 AM ET] and [9:14:12 AM ET] continuity [9:14:12 AM ET] through [9:14:12 AM ET] the [9:14:13 AM ET] payment [9:14:13 AM ET] for trust in the ecosystem we bring transparency and continuity through the [9:14:14 AM ET] payment flow [9:14:14 AM ET] flow. [9:14:15 AM ET] Verifiable [9:14:15 AM ET] intent [9:14:16 AM ET] captures [9:14:16 AM ET] the [9:14:16 AM ET] buyer [9:14:17 AM ET] intent. [9:14:17 AM ET] and [9:14:17 AM ET] our [9:14:18 AM ET] recently [9:14:18 AM ET] launched [9:14:18 AM ET] Agentic [9:14:19 AM ET] Trust [9:14:19 AM ET] verifiable intent captures the buyer intent and our recently launched agentic [9:14:19 AM ET] Intelligence solution is a very important [9:14:20 AM ET] has been lot of the [9:14:20 AM ET] helps [9:14:20 AM ET] banks [9:14:21 AM ET] and [9:14:21 AM ET] merchants [9:14:22 AM ET] evaluate [9:14:23 AM ET] transactions and [9:14:23 AM ET] by the production of the production [9:14:23 AM ET] intelligence solution helps banks and merchants evaluate transactions [9:14:24 AM ET] any [9:14:25 AM ET] AI [9:14:25 AM ET] initiated by any ai agent [9:14:26 AM ET] agent. [9:14:27 AM ET] And that [9:14:27 AM ET] allows [9:14:27 AM ET] these [9:14:27 AM ET] transactions to the [9:14:28 AM ET] occur [9:14:29 AM ET] wherever [9:14:29 AM ET] markets [9:14:30 AM ET] is [9:14:30 AM ET] and that allows these transactions to occur wherever mastercard is accepted [9:14:31 AM ET] accepted. [9:14:31 AM ET] That is the [9:14:32 AM ET] unparalleled and [9:14:32 AM ET] growing [9:14:33 AM ET] reach [9:14:33 AM ET] I talked [9:14:33 AM ET] about [9:14:34 AM ET] that is the unparalleled and growing reach i talked about earlier [9:14:35 AM ET] earlier. [9:14:35 AM ET] At the same [9:14:35 AM ET] time, we have a lot of people who are going to be [9:14:36 AM ET] helping [9:14:36 AM ET] merchants ready to be able to get the [9:14:36 AM ET] themselves reach [9:14:36 AM ET] be do [9:14:37 AM ET] and [9:14:37 AM ET] more the [9:14:38 AM ET] discoverable [9:14:38 AM ET] to [9:14:39 AM ET] agents [9:14:39 AM ET] at the same time we are helping merchants ready themselves and be more discoverable [9:14:39 AM ET] with [9:14:39 AM ET] our [9:14:39 AM ET] new [9:14:40 AM ET] agent [9:14:40 AM ET] Connect [9:14:41 AM ET] to agents with our new agent connect solution [9:14:42 AM ET] solution. [9:14:43 AM ET] Many [9:14:44 AM ET] partners [9:14:44 AM ET] are [9:14:44 AM ET] putting off [9:14:44 AM ET] all of [9:14:45 AM ET] this [9:14:45 AM ET] into [9:14:46 AM ET] practice. [9:14:46 AM ET] For [9:14:46 AM ET] example, [9:14:46 AM ET] many partners are putting all of this into practice [9:14:47 AM ET] Shopify, through [9:14:48 AM ET] ShopPay is [9:14:48 AM ET] using [9:14:48 AM ET] an [9:14:48 AM ET] agent [9:14:49 AM ET] pay [9:14:49 AM ET] in [9:14:49 AM ET] our [9:14:49 AM ET] network [9:14:50 AM ET] tokens to make sure that we're going [9:14:50 AM ET] a [9:14:50 AM ET] gentic [9:14:50 AM ET] for example shopify through shop pay is using agent pay and our network tokens to make a [9:14:51 AM ET] payments [9:14:51 AM ET] more [9:14:52 AM ET] secure [9:14:52 AM ET] and [9:14:52 AM ET] seems to be a [9:14:52 AM ET] good [9:14:53 AM ET] while presenting the [9:14:54 AM ET] preserving [9:14:54 AM ET] integrity [9:14:54 AM ET] of the [9:14:55 AM ET] consumer's [9:14:55 AM ET] payments more secure and seamless by preserving the integrity [9:14:56 AM ET] credential [9:14:57 AM ET] end-to-end, [9:14:58 AM ET] ShopPay is [9:14:58 AM ET] already [9:14:58 AM ET] available on the [9:14:59 AM ET] multiple [9:14:59 AM ET] Agentic [9:14:59 AM ET] of the consumer's credential end to end shop pay is already available on multiple [9:15:00 AM ET] platforms [9:15:00 AM ET] with [9:15:00 AM ET] more [9:15:00 AM ET] to [9:15:01 AM ET] agentic platforms with more to follow [9:15:02 AM ET] follow. [9:15:03 AM ET] And I think that's a good question. [9:15:03 AM ET] And with open [9:15:03 AM ET] OpenAI, [9:15:03 AM ET] this is a very important [9:15:04 AM ET] quarter we [9:15:04 AM ET] signed [9:15:04 AM ET] a [9:15:05 AM ET] broad [9:15:05 AM ET] strategic [9:15:06 AM ET] partnership [9:15:06 AM ET] that [9:15:06 AM ET] and with openai this quarter we signed a broad [9:15:06 AM ET] includes [9:15:07 AM ET] the [9:15:07 AM ET] use [9:15:07 AM ET] of [9:15:07 AM ET] agent [9:15:08 AM ET] pay. [9:15:08 AM ET] and [9:15:08 AM ET] goes [9:15:08 AM ET] well [9:15:09 AM ET] strategic partnership that includes the use of agent pay and goes well beyond [9:15:09 AM ET] beyond. [9:15:10 AM ET] Our agreement [9:15:10 AM ET] establishes [9:15:11 AM ET] collaboration across the [9:15:12 AM ET] payments, joint payments, and [9:15:12 AM ET] services, [9:15:13 AM ET] growth, [9:15:13 AM ET] and [9:15:14 AM ET] AI [9:15:14 AM ET] our agreement establishes collaboration across payments [9:15:15 AM ET] joint services growth and ai transformation [9:15:16 AM ET] transformation. [9:15:16 AM ET] And we [9:15:17 AM ET] cannot [9:15:17 AM ET] forget [9:15:17 AM ET] the [9:15:18 AM ET] other [9:15:18 AM ET] technology [9:15:18 AM ET] that [9:15:19 AM ET] and we cannot forget the other technology that is [9:15:19 AM ET] is [9:15:19 AM ET] part [9:15:19 AM ET] of [9:15:20 AM ET] virtually [9:15:20 AM ET] every [9:15:21 AM ET] conversation. [9:15:21 AM ET] Digital [9:15:22 AM ET] assets [9:15:22 AM ET] and [9:15:22 AM ET] stable [9:15:23 AM ET] stablecoins. [9:15:23 AM ET] part of virtually every conversation digital assets and stablecoins [9:15:24 AM ET] our customers I'm [9:15:24 AM ET] and [9:15:25 AM ET] partners are continuing to do [9:15:25 AM ET] selling the cost of the cost of the [9:15:25 AM ET] about [9:15:25 AM ET] current [9:15:26 AM ET] how to do [9:15:26 AM ET] they [9:15:26 AM ET] might use [9:15:27 AM ET] the [9:15:27 AM ET] technology in [9:15:27 AM ET] their [9:15:28 AM ET] our customers and partners are continually thinking about how they might use the technology in their offerings [9:15:28 AM ET] offerings. [9:15:29 AM ET] To be [9:15:29 AM ET] useful, this is a very important [9:15:30 AM ET] little assets that are [9:15:30 AM ET] to be [9:15:30 AM ET] work with the [9:15:31 AM ET] exactly same [9:15:32 AM ET] financial [9:15:32 AM ET] and [9:15:32 AM ET] commercial [9:15:33 AM ET] to be useful digital assets need to work with existing financial and commercial services [9:15:33 AM ET] services. [9:15:34 AM ET] That [9:15:34 AM ET] means [9:15:34 AM ET] enable the [9:15:34 AM ET] customers to be able to do [9:15:35 AM ET] connect to the [9:15:35 AM ET] with [9:15:36 AM ET] digital [9:15:36 AM ET] asset [9:15:37 AM ET] capabilities [9:15:37 AM ET] with [9:15:37 AM ET] the [9:15:38 AM ET] that means enabling customers to connect digital asset capabilities [9:15:38 AM ET] accounts, [9:15:38 AM ET] payments, and [9:15:38 AM ET] systems, the [9:15:39 AM ET] money [9:15:39 AM ET] movement, [9:15:40 AM ET] experiences [9:15:41 AM ET] already in the middle of the [9:15:41 AM ET] with the accounts payment systems and money movement experiences already in use [9:15:42 AM ET] use. [9:15:42 AM ET] That is why [9:15:43 AM ET] we [9:15:43 AM ET] acquired [9:15:44 AM ET] that is why we acquired bb and k [9:15:45 AM ET] BBNK. [9:15:46 AM ET] For BBNK, we are excited about the [9:15:47 AM ET] expanding [9:15:47 AM ET] infrastructure that we [9:15:47 AM ET] can be used to be able to do the same [9:15:48 AM ET] connects [9:15:48 AM ET] stablecoin [9:15:48 AM ET] coins [9:15:49 AM ET] with [9:15:49 AM ET] traditional [9:15:49 AM ET] through bb and k we are expanding the infrastructure that connects stablecoins with [9:15:50 AM ET] payment [9:15:50 AM ET] and [9:15:50 AM ET] money [9:15:51 AM ET] movement [9:15:52 AM ET] traditional payment and money movement experiences [9:15:52 AM ET] experiences. [9:15:53 AM ET] Financial [9:15:54 AM ET] institutions and [9:15:54 AM ET] fintechs [9:15:54 AM ET] today [9:15:54 AM ET] struggle [9:15:55 AM ET] to [9:15:55 AM ET] offer [9:15:55 AM ET] both fee and [9:15:56 AM ET] and [9:15:56 AM ET] stable [9:15:57 AM ET] coin [9:15:57 AM ET] financial institutions and fintechs today struggle to offer both fiat [9:15:58 AM ET] accounts creating [9:15:58 AM ET] the [9:15:58 AM ET] risk of [9:15:58 AM ET] customer [9:15:59 AM ET] deposits [9:15:59 AM ET] moving to the current [9:16:00 AM ET] competing [9:16:00 AM ET] stable [9:16:01 AM ET] coin [9:16:01 AM ET] and stablecoin accounts creating the risk of customer deposits moving to competing [9:16:01 AM ET] stablecoin accounts [9:16:02 AM ET] accounts. [9:16:03 AM ET] A first [9:16:03 AM ET] combined [9:16:03 AM ET] MasterCard [9:16:04 AM ET] BVM is a very [9:16:04 AM ET] cap [9:16:04 AM ET] production is a very [9:16:05 AM ET] product [9:16:05 AM ET] the [9:16:05 AM ET] MasterCard [9:16:06 AM ET] Global [9:16:06 AM ET] Money [9:16:06 AM ET] our first combined mastercard bbnk product [9:16:07 AM ET] is the mastercard global money platform [9:16:07 AM ET] platform. [9:16:08 AM ET] enables financial institutions to be able to do [9:16:09 AM ET] and [9:16:09 AM ET] fintechs [9:16:10 AM ET] to [9:16:10 AM ET] offer [9:16:10 AM ET] accounts [9:16:11 AM ET] where customers are able to access the [9:16:11 AM ET] can [9:16:12 AM ET] enables financial institutions and fintechs to offer accounts where customers can hold [9:16:12 AM ET] hold [9:16:13 AM ET] convert, save, and [9:16:13 AM ET] send [9:16:14 AM ET] receive [9:16:14 AM ET] across [9:16:15 AM ET] fiat [9:16:15 AM ET] currencies [9:16:16 AM ET] and [9:16:16 AM ET] stablecoin. [9:16:17 AM ET] convert send and receive across fiat currencies and stablecoins [9:16:18 AM ET] coins. [9:16:18 AM ET] MasterCard move is also in the case of the [9:16:19 AM ET] integrated, [9:16:19 AM ET] bringing [9:16:19 AM ET] its [9:16:20 AM ET] 17 [9:16:20 AM ET] billion [9:16:21 AM ET] end [9:16:21 AM ET] to the [9:16:22 AM ET] mastercard move is also integrated bringing its seventeen billion endpoints to the platform [9:16:22 AM ET] platform. [9:16:23 AM ET] This [9:16:23 AM ET] enables [9:16:23 AM ET] businesses to the [9:16:23 AM ET] pay for [9:16:24 AM ET] out [9:16:24 AM ET] stablecoin back to the [9:16:25 AM ET] balances [9:16:25 AM ET] directly to the [9:16:26 AM ET] into [9:16:26 AM ET] recipients [9:16:27 AM ET] this enables businesses to pay out stablecoin balances directly into recipients [9:16:27 AM ET] local banks. [9:16:27 AM ET] bank [9:16:29 AM ET] accounts. [9:16:29 AM ET] NUVE and MAKETA will be able to do [9:16:30 AM ET] among [9:16:30 AM ET] the [9:16:31 AM ET] first [9:16:31 AM ET] customers [9:16:31 AM ET] to introduce the [9:16:31 AM ET] local bank accounts nouve and marketa will be among the first [9:16:32 AM ET] platform [9:16:32 AM ET] with [9:16:32 AM ET] more [9:16:33 AM ET] partners [9:16:33 AM ET] to [9:16:33 AM ET] be [9:16:34 AM ET] announced [9:16:35 AM ET] soon. [9:16:35 AM ET] And all of [9:16:35 AM ET] customers to integrate the platform with more partners to be announced soon [9:16:36 AM ET] this is a very important [9:16:36 AM ET] complementary [9:16:37 AM ET] to [9:16:37 AM ET] our [9:16:37 AM ET] existing [9:16:38 AM ET] stablecoin [9:16:38 AM ET] offerings such [9:16:38 AM ET] as [9:16:39 AM ET] crypto co-brands [9:16:40 AM ET] and [9:16:40 AM ET] and all of this is complementary to our existing stablecoin offerings such as crypto co brands and [9:16:40 AM ET] Stablecoin. [9:16:41 AM ET] stablecoin settlement [9:16:42 AM ET] Settlement. [9:16:43 AM ET] So, I'm going to go ahead and do a little bit of a little bit of a little bit of a good idea. [9:16:43 AM ET] So stepping [9:16:44 AM ET] back [9:16:44 AM ET] the quality of [9:16:44 AM ET] is a good [9:16:44 AM ET] the market very important [9:16:44 AM ET] is [9:16:44 AM ET] demonstrates [9:16:45 AM ET] the breadth of the [9:16:45 AM ET] and [9:16:45 AM ET] consistency of the breadth of the [9:16:46 AM ET] our [9:16:46 AM ET] so stepping back the quarter [9:16:47 AM ET] strategy [9:16:47 AM ET] We're expanding [9:16:48 AM ET] the [9:16:48 AM ET] reach [9:16:48 AM ET] and [9:16:48 AM ET] utility [9:16:49 AM ET] of [9:16:49 AM ET] our [9:16:49 AM ET] demonstrates the breadth and consistency of our strategy we're [9:16:49 AM ET] network [9:16:50 AM ET] solidifying [9:16:52 AM ET] differentiation. [9:16:52 AM ET] expanding the reach and utility of our network solidifying differentiation [9:16:53 AM ET] We continue to [9:16:53 AM ET] win [9:16:53 AM ET] important [9:16:53 AM ET] relationships with the United [9:16:54 AM ET] and deal [9:16:54 AM ET] deepen [9:16:54 AM ET] those [9:16:55 AM ET] relationships [9:16:55 AM ET] with [9:16:56 AM ET] differentiated [9:16:56 AM ET] we continue to win important relationships and deepen those [9:16:57 AM ET] relationships with differentiated services [9:16:57 AM ET] services. [9:16:57 AM ET] growing [9:16:58 AM ET] payments [9:16:58 AM ET] and [9:16:58 AM ET] protecting [9:16:58 AM ET] the [9:17:00 AM ET] ecosystem. [9:17:01 AM ET] And we're [9:17:01 AM ET] extending [9:17:01 AM ET] our [9:17:01 AM ET] trusted [9:17:01 AM ET] growing payments and protecting the ecosystem [9:17:02 AM ET] capabilities [9:17:02 AM ET] into [9:17:02 AM ET] a [9:17:03 AM ET] Gentic [9:17:03 AM ET] commerce [9:17:03 AM ET] and [9:17:04 AM ET] digital [9:17:05 AM ET] and we're extending our trusted capabilities into agentic commerce and digital assets [9:17:05 AM ET] assets. [9:17:06 AM ET] We're executing and [9:17:06 AM ET] delivering [9:17:07 AM ET] today while [9:17:07 AM ET] in the [9:17:07 AM ET] investing [9:17:07 AM ET] in [9:17:08 AM ET] solidifying [9:17:08 AM ET] our [9:17:09 AM ET] position for the [9:17:10 AM ET] we're executing and delivering today while investing in solidifying our position for the future [9:17:10 AM ET] future. [9:17:10 AM ET] and [9:17:10 AM ET] with [9:17:11 AM ET] that, I'll be able to do [9:17:11 AM ET] will [9:17:11 AM ET] turn it into the [9:17:11 AM ET] over to [9:17:12 AM ET] for [9:17:12 AM ET] the [9:17:12 AM ET] very [9:17:12 AM ET] first [9:17:13 AM ET] time [9:17:13 AM ET] to [9:17:13 AM ET] Ling [9:17:13 AM ET] and with that i will turn it over for the very first time to linhai [9:17:14 AM ET] Hai. Thank [9:17:14 AM ET] you, [9:17:15 AM ET] thank you michael [9:17:16 AM ET] Michael. [9:17:17 AM ET] Turning to [9:17:17 AM ET] page [9:17:17 AM ET] turning to page three [9:17:18 AM ET] 3, [9:17:18 AM ET] which shows you the [9:17:18 AM ET] our [9:17:19 AM ET] financial [9:17:19 AM ET] performance [9:17:19 AM ET] for [9:17:20 AM ET] the third [9:17:20 AM ET] quarter [9:17:20 AM ET] on [9:17:21 AM ET] a [9:17:21 AM ET] current [9:17:21 AM ET] in [9:17:21 AM ET] neutral [9:17:22 AM ET] which shows our financial performance for the third quarter on a currency neutral basis [9:17:23 AM ET] basis. [9:17:23 AM ET] excluding [9:17:23 AM ET] where [9:17:24 AM ET] applicants [9:17:25 AM ET] special items [9:17:25 AM ET] excluding where applicable special items [9:17:26 AM ET] and [9:17:26 AM ET] the [9:17:26 AM ET] impact [9:17:26 AM ET] of [9:17:26 AM ET] gains [9:17:27 AM ET] and [9:17:27 AM ET] losses [9:17:27 AM ET] on [9:17:27 AM ET] our [9:17:28 AM ET] equity [9:17:29 AM ET] and the impact of gains and losses on our equity investments [9:17:30 AM ET] investments. [9:17:31 AM ET] Net revenue was [9:17:31 AM ET] up [9:17:32 AM ET] 14%. [9:17:32 AM ET] net revenue was up fourteen percent [9:17:33 AM ET] reflecting [9:17:34 AM ET] continued [9:17:34 AM ET] growth in the [9:17:34 AM ET] our pay. [9:17:35 AM ET] payment [9:17:35 AM ET] reflecting continued growth in our payment network [9:17:36 AM ET] network and [9:17:36 AM ET] our [9:17:36 AM ET] value [9:17:37 AM ET] value-added [9:17:37 AM ET] services and [9:17:38 AM ET] and our value added services and solutions [9:17:39 AM ET] solutions. [9:17:40 AM ET] with minimum [9:17:40 AM ET] impact [9:17:40 AM ET] from [9:17:41 AM ET] acquisitions [9:17:41 AM ET] and [9:17:42 AM ET] with minimum impact from acquisitions and dispositions [9:17:43 AM ET] dispositions. [9:17:44 AM ET] These [9:17:44 AM ET] revenues [9:17:44 AM ET] were [9:17:44 AM ET] above the [9:17:45 AM ET] our [9:17:46 AM ET] these revenues were above our expectations [9:17:47 AM ET] expectations. [9:17:47 AM ET] primarily due to the [9:17:48 AM ET] conditions of [9:17:49 AM ET] strength [9:17:49 AM ET] of [9:17:49 AM ET] our [9:17:51 AM ET] business. [9:17:51 AM ET] and the [9:17:51 AM ET] timing of our [9:17:51 AM ET] primarily due to the continued strength of our business [9:17:51 AM ET] both [9:17:52 AM ET] services [9:17:53 AM ET] and the timing of both services projects [9:17:53 AM ET] projects [9:17:53 AM ET] and [9:17:54 AM ET] payment [9:17:54 AM ET] network [9:17:55 AM ET] and payment network deals [9:17:56 AM ET] deals. [9:17:57 AM ET] Operating [9:17:58 AM ET] expenses [9:17:58 AM ET] increased [9:17:59 AM ET] 12%. [9:17:59 AM ET] operating expenses increased twelve percent [9:18:00 AM ET] including [9:18:00 AM ET] a [9:18:01 AM ET] 1 [9:18:01 AM ET] PPT [9:18:02 AM ET] increase [9:18:02 AM ET] from [9:18:03 AM ET] acquisitions [9:18:03 AM ET] and [9:18:04 AM ET] including a one ppt increase from acquisitions and dispositions [9:18:05 AM ET] dispositions. [9:18:06 AM ET] And operating income [9:18:06 AM ET] was [9:18:07 AM ET] up [9:18:08 AM ET] and operating income was up fifteen percent [9:18:08 AM ET] 15%. [9:18:09 AM ET] Net income [9:18:10 AM ET] and [9:18:10 AM ET] EPS [9:18:11 AM ET] increased [9:18:12 AM ET] 18%. [9:18:12 AM ET] net income and eps increased eighteen percent [9:18:12 AM ET] and [9:18:13 AM ET] 21% [9:18:15 AM ET] and twenty one percent respectively [9:18:15 AM ET] respectively. [9:18:15 AM ET] driven [9:18:16 AM ET] primarily [9:18:16 AM ET] by [9:18:16 AM ET] the shortcomings of [9:18:17 AM ET] operation the 19th [9:18:17 AM ET] income [9:18:18 AM ET] growth [9:18:18 AM ET] in [9:18:18 AM ET] the [9:18:19 AM ET] driven primarily by the strong operating income growth in the quarter [9:18:20 AM ET] quarter. [9:18:20 AM ET] EPS [9:18:21 AM ET] was [9:18:22 AM ET] $5.31. [9:18:22 AM ET] eps was five point three one dollars [9:18:23 AM ET] which [9:18:23 AM ET] increased [9:18:24 AM ET] a [9:18:25 AM ET] 16 [9:18:25 AM ET] cent [9:18:26 AM ET] contribution [9:18:26 AM ET] from [9:18:26 AM ET] share [9:18:27 AM ET] which includes a zero one six dollars contribution from share repurchases [9:18:28 AM ET] repurchases. [9:18:29 AM ET] During [9:18:29 AM ET] the course of the year, the review of [9:18:30 AM ET] during the quarter [9:18:30 AM ET] quarter, [9:18:31 AM ET] we [9:18:31 AM ET] repurchased the quality of the [9:18:32 AM ET] three [9:18:32 AM ET] $3 [9:18:32 AM ET] billion worth of [9:18:33 AM ET] we repurchased three billion dollars worth of stock [9:18:34 AM ET] of [9:18:34 AM ET] stock. [9:18:34 AM ET] and $6 [9:18:35 AM ET] $600 [9:18:36 AM ET] million worth of [9:18:37 AM ET] additional [9:18:38 AM ET] stock [9:18:38 AM ET] through [9:18:38 AM ET] October [9:18:38 AM ET] and six forty eight million dollars of additional stock [9:18:39 AM ET] 26th of [9:18:39 AM ET] the [9:18:39 AM ET] this [9:18:40 AM ET] through october twenty six of this year [9:18:41 AM ET] year. [9:18:43 AM ET] Now to the next [9:18:44 AM ET] turning [9:18:44 AM ET] to page [9:18:45 AM ET] 4, [9:18:45 AM ET] where [9:18:45 AM ET] I'll [9:18:45 AM ET] speak to [9:18:45 AM ET] now turning to page four [9:18:45 AM ET] the [9:18:46 AM ET] growth [9:18:46 AM ET] where i'll speak to the growth rates [9:18:46 AM ET] rates [9:18:46 AM ET] of [9:18:47 AM ET] our [9:18:47 AM ET] key [9:18:47 AM ET] volume [9:18:48 AM ET] of our key volume drivers [9:18:48 AM ET] drivers [9:18:48 AM ET] for [9:18:49 AM ET] the [9:18:49 AM ET] third [9:18:49 AM ET] quarter on the third [9:18:50 AM ET] low [9:18:50 AM ET] local [9:18:50 AM ET] currency [9:18:51 AM ET] for the third quarter on a local currency basis [9:18:52 AM ET] basis. [9:18:53 AM ET] Worldwide [9:18:53 AM ET] growth [9:18:53 AM ET] all [9:18:53 AM ET] dollar [9:18:54 AM ET] volume [9:18:54 AM ET] or [9:18:55 AM ET] worldwide gross dollar volume or gdv [9:18:55 AM ET] GDV. [9:18:56 AM ET] increased [9:18:56 AM ET] by [9:18:57 AM ET] 7% [9:18:57 AM ET] year [9:18:57 AM ET] over [9:18:58 AM ET] increased by seven percent year over year [9:18:58 AM ET] year. [9:18:59 AM ET] In the [9:19:00 AM ET] U.S., [9:19:00 AM ET] GPS is a very important [9:19:00 AM ET] thing to [9:19:00 AM ET] the [9:19:01 AM ET] increased six [9:19:02 AM ET] in the us gdv increased six percent [9:19:02 AM ET] 6%. [9:19:03 AM ET] with credit [9:19:03 AM ET] growth [9:19:03 AM ET] of [9:19:04 AM ET] 10%. [9:19:04 AM ET] with credit growth of ten percent [9:19:05 AM ET] and [9:19:05 AM ET] debit [9:19:05 AM ET] growth of [9:19:07 AM ET] and debit growth of one percent [9:19:07 AM ET] 1%. [9:19:07 AM ET] which increases the growth of the [9:19:08 AM ET] importance of the [9:19:09 AM ET] the [9:19:09 AM ET] capital [9:19:10 AM ET] 1 [9:19:10 AM ET] debit [9:19:11 AM ET] which includes the impact of the capital one debit migration [9:19:12 AM ET] migration. [9:19:13 AM ET] Outside of [9:19:13 AM ET] the U.S., the USA, the [9:19:13 AM ET] is a very important [9:19:13 AM ET] US [9:19:14 AM ET] outside of the u s [9:19:14 AM ET] GDP, the US, the US, the [9:19:15 AM ET] is a very important thing to [9:19:15 AM ET] includes the [9:19:15 AM ET] increased [9:19:16 AM ET] gdv increased eight percent [9:19:16 AM ET] 8%. [9:19:17 AM ET] with [9:19:17 AM ET] credit [9:19:17 AM ET] growth of [9:19:18 AM ET] with credit growth of six percent [9:19:19 AM ET] 6%, [9:19:19 AM ET] and [9:19:19 AM ET] debit [9:19:19 AM ET] growth of [9:19:20 AM ET] and debit growth [9:19:21 AM ET] of ten percent [9:19:21 AM ET] 10%. [9:19:23 AM ET] Cross-border [9:19:23 AM ET] volume equals [9:19:24 AM ET] increased in [9:19:25 AM ET] 11% [9:19:25 AM ET] globally for [9:19:25 AM ET] the [9:19:26 AM ET] cross border volume increased eleven percent globally for the quarter [9:19:27 AM ET] quarter. [9:19:27 AM ET] reflecting the volume of the [9:19:28 AM ET] continued [9:19:28 AM ET] reflecting continued growth [9:19:28 AM ET] growth [9:19:28 AM ET] in [9:19:29 AM ET] both [9:19:29 AM ET] in both travel [9:19:30 AM ET] travel [9:19:30 AM ET] and [9:19:31 AM ET] non-travel [9:19:31 AM ET] and non travel related [9:19:31 AM ET] related [9:19:32 AM ET] cross-border [9:19:33 AM ET] cross border spending [9:19:34 AM ET] spending. [9:19:36 AM ET] Turning to page [9:19:36 AM ET] pay. [9:19:37 AM ET] turning to page five [9:19:37 AM ET] five. [9:19:38 AM ET] switch [9:19:38 AM ET] to [9:19:39 AM ET] transactions [9:19:39 AM ET] grew [9:19:40 AM ET] 9% [9:19:40 AM ET] year [9:19:40 AM ET] over [9:19:40 AM ET] year [9:19:41 AM ET] in [9:19:41 AM ET] switched transactions grew nine percent year over year in q three [9:19:42 AM ET] Q3. [9:19:43 AM ET] We can continue to continue. [9:19:43 AM ET] We continue [9:19:43 AM ET] to [9:19:43 AM ET] drive [9:19:44 AM ET] contact [9:19:46 AM ET] penetration, [9:19:46 AM ET] which [9:19:46 AM ET] in [9:19:46 AM ET] we continue to drive contactless penetration [9:19:47 AM ET] Q3 [9:19:47 AM ET] stood [9:19:47 AM ET] at [9:19:48 AM ET] 80% of the 20th [9:19:48 AM ET] of the 19th [9:19:49 AM ET] all [9:19:50 AM ET] in-person [9:19:50 AM ET] which in q3 stood at eighty one percent of all in person [9:19:50 AM ET] switched [9:19:51 AM ET] purchase [9:19:52 AM ET] switched purchase transactions [9:19:53 AM ET] transactions. [9:19:53 AM ET] This is [9:19:53 AM ET] up for the first [9:19:55 AM ET] PPT [9:19:55 AM ET] since [9:19:55 AM ET] the [9:19:55 AM ET] same [9:19:56 AM ET] period last [9:19:57 AM ET] this is up five ppt since the same period last year [9:19:57 AM ET] last [9:19:57 AM ET] year. [9:19:58 AM ET] In [9:19:59 AM ET] in addition [9:19:59 AM ET] addition, [9:19:59 AM ET] cutting the current [9:19:59 AM ET] growth is a very important [9:20:00 AM ET] was five [9:20:01 AM ET] card growth was five percent [9:20:01 AM ET] 5%. [9:20:03 AM ET] Globally, there [9:20:03 AM ET] are [9:20:03 AM ET] they're [9:20:03 AM ET] now [9:20:04 AM ET] 3.8 [9:20:05 AM ET] billion [9:20:06 AM ET] globally there are now three point eight billion mastercard [9:20:06 AM ET] MasterCard [9:20:06 AM ET] and [9:20:07 AM ET] Maestro [9:20:07 AM ET] branded [9:20:08 AM ET] cards [9:20:08 AM ET] and maestro branded cards issued [9:20:09 AM ET] issued. [9:20:10 AM ET] Turning [9:20:11 AM ET] to [9:20:11 AM ET] slide [9:20:11 AM ET] 6 for the [9:20:12 AM ET] a look at [9:20:12 AM ET] the middle of the [9:20:12 AM ET] into our [9:20:13 AM ET] net [9:20:13 AM ET] revenue [9:20:13 AM ET] growth [9:20:13 AM ET] turning to slide six for a look [9:20:14 AM ET] rates [9:20:14 AM ET] for [9:20:14 AM ET] the third [9:20:15 AM ET] into our net revenue growth rates for the third quarter [9:20:15 AM ET] quarter. [9:20:16 AM ET] discussed [9:20:16 AM ET] on [9:20:16 AM ET] a [9:20:16 AM ET] currency [9:20:17 AM ET] neutral [9:20:17 AM ET] discussed on a currency neutral basis [9:20:18 AM ET] basis. [9:20:19 AM ET] Payment [9:20:19 AM ET] network [9:20:20 AM ET] net [9:20:20 AM ET] revenue [9:20:21 AM ET] increased a [9:20:22 AM ET] payment network net revenue increased eleven percent [9:20:22 AM ET] 11%. [9:20:22 AM ET] percent. [9:20:23 AM ET] primarily driven [9:20:23 AM ET] by the [9:20:23 AM ET] network of [9:20:24 AM ET] domestic [9:20:24 AM ET] and [9:20:25 AM ET] cross-border [9:20:26 AM ET] transaction [9:20:26 AM ET] volume [9:20:26 AM ET] primarily driven by domestic and cross border transaction volume growth [9:20:27 AM ET] growth. [9:20:27 AM ET] as [9:20:27 AM ET] well [9:20:28 AM ET] as well as pricing [9:20:29 AM ET] pricing. [9:20:30 AM ET] It also [9:20:30 AM ET] includes [9:20:30 AM ET] growth [9:20:30 AM ET] in [9:20:31 AM ET] rebates [9:20:31 AM ET] and [9:20:32 AM ET] it also includes growth in rebates and incentives [9:20:33 AM ET] incentives. [9:20:34 AM ET] Value-added [9:20:34 AM ET] services [9:20:35 AM ET] and [9:20:35 AM ET] solutions are [9:20:35 AM ET] net [9:20:36 AM ET] revenue [9:20:36 AM ET] increased [9:20:37 AM ET] value added services and [9:20:37 AM ET] net revenue increased nineteen percent [9:20:38 AM ET] 19%. [9:20:39 AM ET] This [9:20:39 AM ET] includes [9:20:39 AM ET] a [9:20:39 AM ET] minimum [9:20:40 AM ET] impact [9:20:40 AM ET] from actual [9:20:41 AM ET] acquisitions [9:20:41 AM ET] and [9:20:42 AM ET] this includes a minimum impact from acquisitions and dispositions [9:20:42 AM ET] dispositions. [9:20:43 AM ET] And now [9:20:43 AM ET] reflects the concept of [9:20:43 AM ET] the [9:20:44 AM ET] from [9:20:45 AM ET] BVN [9:20:45 AM ET] and now reflects the contributions from bb and k [9:20:47 AM ET] Excluding [9:20:47 AM ET] these in the [9:20:47 AM ET] excluding these impacts [9:20:48 AM ET] the increase in the impact of the impact of the [9:20:48 AM ET] in [9:20:48 AM ET] will be [9:20:48 AM ET] driven by the increase in the [9:20:49 AM ET] primarily by the increase in the increase [9:20:50 AM ET] the increase was driven primarily by [9:20:50 AM ET] primarily by [9:20:51 AM ET] growth [9:20:51 AM ET] in [9:20:51 AM ET] our [9:20:51 AM ET] underlying [9:20:52 AM ET] growth in our underlying drivers [9:20:53 AM ET] drivers. [9:20:53 AM ET] strong [9:20:54 AM ET] demand across the [9:20:55 AM ET] consumer [9:20:55 AM ET] acquisition [9:20:56 AM ET] and [9:20:56 AM ET] strong demand across consumer acquisition and engagement [9:20:57 AM ET] engagement. [9:20:57 AM ET] business [9:20:58 AM ET] and [9:20:58 AM ET] marketing [9:20:59 AM ET] business and marketing sites [9:20:59 AM ET] sites, security, and [9:21:00 AM ET] security solutions [9:21:01 AM ET] solutions. [9:21:01 AM ET] as well [9:21:02 AM ET] as [9:21:03 AM ET] as well as digital [9:21:03 AM ET] digital [9:21:03 AM ET] and [9:21:04 AM ET] and authentication [9:21:05 AM ET] authentication. [9:21:05 AM ET] And [9:21:06 AM ET] finally, [9:21:07 AM ET] and finally pricing [9:21:07 AM ET] pricing. [9:21:10 AM ET] Now, I think that's a good [9:21:10 AM ET] let's [9:21:10 AM ET] go ahead and use the same [9:21:10 AM ET] it into [9:21:10 AM ET] to next [9:21:10 AM ET] page [9:21:11 AM ET] now let's turn to page seven [9:21:12 AM ET] 7 to discuss the [9:21:13 AM ET] key [9:21:13 AM ET] to discuss key metrics [9:21:14 AM ET] metrics related to the [9:21:15 AM ET] payment [9:21:15 AM ET] related to the payment network [9:21:16 AM ET] network. [9:21:17 AM ET] Again, [9:21:17 AM ET] all growth is a lot [9:21:17 AM ET] rates [9:21:17 AM ET] are [9:21:18 AM ET] described by the payment of the [9:21:18 AM ET] on [9:21:18 AM ET] a [9:21:19 AM ET] currency [9:21:19 AM ET] neutral [9:21:20 AM ET] again all growth rates are described on a currency neutral basis [9:21:20 AM ET] basis [9:21:20 AM ET] unless [9:21:20 AM ET] otherwise known as [9:21:21 AM ET] unless otherwise noted [9:21:22 AM ET] noted. [9:21:23 AM ET] Looking [9:21:23 AM ET] quickly at [9:21:24 AM ET] each [9:21:24 AM ET] key [9:21:25 AM ET] looking quickly at each key metric [9:21:26 AM ET] metric. [9:21:27 AM ET] Domestic [9:21:27 AM ET] assessments [9:21:27 AM ET] will update the [9:21:28 AM ET] up [9:21:29 AM ET] domestic assessments were up thirteen percent [9:21:29 AM ET] 13%. [9:21:30 AM ET] while [9:21:30 AM ET] World War II was [9:21:30 AM ET] GPS [9:21:31 AM ET] grew [9:21:32 AM ET] while worldwide gdv grew seven percent [9:21:32 AM ET] 7%. [9:21:34 AM ET] The 66% of the 2008-100% of the 20% of the GDPR is the same as the [9:21:34 AM ET] difference [9:21:35 AM ET] primarily the [9:21:35 AM ET] driven by the [9:21:37 AM ET] pricing [9:21:37 AM ET] the six ppt difference is primarily driven by pricing [9:21:37 AM ET] and [9:21:37 AM ET] and mix [9:21:38 AM ET] mix. [9:21:40 AM ET] Cross-border [9:21:40 AM ET] assessments [9:21:41 AM ET] increased [9:21:42 AM ET] 16%. [9:21:42 AM ET] cross border assessments increased sixteen percent [9:21:43 AM ET] while [9:21:43 AM ET] cross-border assessment [9:21:44 AM ET] volumes [9:21:45 AM ET] increased [9:21:46 AM ET] while cross border volumes increased eleven percent [9:21:46 AM ET] 11%. [9:21:47 AM ET] The five [9:21:47 AM ET] PPT differences are the [9:21:48 AM ET] the five ppt difference [9:21:48 AM ET] difference [9:21:48 AM ET] is driven by the [9:21:49 AM ET] 10% of [9:21:49 AM ET] primarily by the [9:21:50 AM ET] by pricing [9:21:50 AM ET] in [9:21:51 AM ET] international [9:21:52 AM ET] is driven primarily by pricing in international markets [9:21:52 AM ET] markets [9:21:52 AM ET] and [9:21:53 AM ET] and mix [9:21:53 AM ET] mix. [9:21:55 AM ET] Transaction [9:21:55 AM ET] processing [9:21:56 AM ET] assessments [9:21:56 AM ET] will [9:21:56 AM ET] up [9:21:57 AM ET] transaction processing assessments were up fourteen percent [9:21:57 AM ET] 14%. [9:21:58 AM ET] while Switch was [9:21:58 AM ET] to the [9:21:59 AM ET] transactions grew [9:22:00 AM ET] while switched transactions grew nine percent [9:22:00 AM ET] 9%. [9:22:02 AM ET] The [9:22:02 AM ET] 5 PPT difference was the 20% of the [9:22:03 AM ET] is [9:22:03 AM ET] primarily the difference between the [9:22:03 AM ET] related to the [9:22:03 AM ET] 2000 [9:22:05 AM ET] the five ppt difference is primarily related to pricing [9:22:05 AM ET] pricing and [9:22:05 AM ET] the face of the price of the price of the [9:22:07 AM ET] and a favorable mix [9:22:07 AM ET] mix, [9:22:07 AM ET] partially [9:22:08 AM ET] partially offset [9:22:08 AM ET] offset [9:22:09 AM ET] by [9:22:09 AM ET] lower [9:22:09 AM ET] revenue [9:22:10 AM ET] from [9:22:10 AM ET] FX [9:22:11 AM ET] by lower revenue from fx volatility [9:22:12 AM ET] volatility. [9:22:13 AM ET] Other network [9:22:14 AM ET] assessments [9:22:14 AM ET] were [9:22:15 AM ET] 285 [9:22:16 AM ET] other network assessments were two eighty five million dollars [9:22:16 AM ET] million. [9:22:16 AM ET] this [9:22:17 AM ET] this quarter [9:22:18 AM ET] quarter. [9:22:18 AM ET] Mm-hmm. [9:22:18 AM ET] Moving on to the [9:22:19 AM ET] paying a lot of [9:22:20 AM ET] moving on to page eight [9:22:20 AM ET] page [9:22:20 AM ET] 8. [9:22:21 AM ET] you can see [9:22:21 AM ET] that on the [9:22:21 AM ET] a [9:22:22 AM ET] non-GAP, [9:22:23 AM ET] currency in [9:22:23 AM ET] neutral [9:22:24 AM ET] basis, [9:22:24 AM ET] you can see that on a non gaap currency neutral basis [9:22:25 AM ET] excluding [9:22:25 AM ET] special [9:22:26 AM ET] excluding special items [9:22:26 AM ET] items. [9:22:27 AM ET] total [9:22:27 AM ET] adjusted [9:22:28 AM ET] operating [9:22:28 AM ET] expenses [9:22:29 AM ET] increased [9:22:30 AM ET] total adjusted operating expenses increased twelve percent [9:22:30 AM ET] 12%. [9:22:31 AM ET] including [9:22:31 AM ET] a [9:22:32 AM ET] 1 [9:22:32 AM ET] PPT [9:22:33 AM ET] including a one ppt increase [9:22:33 AM ET] increase [9:22:33 AM ET] from [9:22:34 AM ET] acquisitions [9:22:34 AM ET] and [9:22:35 AM ET] from acquisitions and dispositions [9:22:36 AM ET] dispositions. [9:22:37 AM ET] The growth in operating [9:22:38 AM ET] expenses [9:22:38 AM ET] was [9:22:39 AM ET] primarily [9:22:39 AM ET] driven by the [9:22:40 AM ET] spending [9:22:40 AM ET] to [9:22:41 AM ET] drive [9:22:41 AM ET] the [9:22:41 AM ET] execution of the [9:22:41 AM ET] the growth in operating expenses was primarily driven by [9:22:42 AM ET] our [9:22:42 AM ET] strategic [9:22:43 AM ET] spending to drive the execution of our strategic priorities [9:22:44 AM ET] priorities, [9:22:45 AM ET] including [9:22:45 AM ET] product [9:22:46 AM ET] innovation [9:22:47 AM ET] geographic [9:22:48 AM ET] expansion, [9:22:48 AM ET] including product innovation geographic expansion [9:22:49 AM ET] and [9:22:49 AM ET] continued [9:22:50 AM ET] and continued investments [9:22:50 AM ET] investments [9:22:50 AM ET] in [9:22:50 AM ET] our [9:22:51 AM ET] in our technology [9:22:52 AM ET] technology. [9:22:53 AM ET] So, I think that's a good idea. [9:22:54 AM ET] Turning to the [9:22:55 AM ET] page [9:22:55 AM ET] turning to page nine [9:22:56 AM ET] 9. [9:22:56 AM ET] Let me [9:22:56 AM ET] comment on the [9:22:57 AM ET] operating [9:22:58 AM ET] metric [9:22:58 AM ET] trends [9:22:58 AM ET] for [9:22:59 AM ET] let me comment on the operating metric trends for q3 [9:22:59 AM ET] Q3 and [9:22:59 AM ET] the [9:23:00 AM ET] first [9:23:00 AM ET] three [9:23:00 AM ET] weeks of [9:23:01 AM ET] and the first three weeks of october [9:23:02 AM ET] October. [9:23:03 AM ET] Starting [9:23:04 AM ET] with QA, we have a few of the [9:23:04 AM ET] starting with q3 [9:23:06 AM ET] switch [9:23:06 AM ET] of all [9:23:06 AM ET] volume [9:23:06 AM ET] and try to QR [9:23:06 AM ET] the [9:23:08 AM ET] transaction [9:23:08 AM ET] metrics. [9:23:08 AM ET] are [9:23:08 AM ET] generally [9:23:08 AM ET] the [9:23:08 AM ET] with [9:23:09 AM ET] switched volume and transaction metrics are generally in line with q2 [9:23:09 AM ET] line [9:23:10 AM ET] Q2 [9:23:10 AM ET] and [9:23:10 AM ET] remain to [9:23:11 AM ET] and remained strong [9:23:12 AM ET] strong. [9:23:12 AM ET] Of [9:23:13 AM ET] off note [9:23:13 AM ET] note, [9:23:13 AM ET] the [9:23:13 AM ET] sequence of the same is the [9:23:13 AM ET] sequence sequence [9:23:14 AM ET] increase of the of the [9:23:14 AM ET] sequence sequence [9:23:14 AM ET] is [9:23:14 AM ET] in [9:23:15 AM ET] the [9:23:15 AM ET] URL is the [9:23:16 AM ET] switched [9:23:16 AM ET] volume [9:23:17 AM ET] was [9:23:17 AM ET] primarily due to the [9:23:17 AM ET] the sequential increase in the u s switched volume [9:23:18 AM ET] recent [9:23:19 AM ET] commercial [9:23:19 AM ET] was primarily due to recent commercial wins [9:23:20 AM ET] wins. [9:23:21 AM ET] Looking at [9:23:22 AM ET] looking at cross border [9:23:23 AM ET] cross-border. [9:23:24 AM ET] first of [9:23:24 AM ET] first [9:23:25 AM ET] lower [9:23:25 AM ET] yield [9:23:25 AM ET] yielding [9:23:26 AM ET] intra-you [9:23:26 AM ET] volumes [9:23:27 AM ET] were [9:23:27 AM ET] down [9:23:28 AM ET] sequentially [9:23:28 AM ET] from Q [9:23:28 AM ET] Q2 [9:23:28 AM ET] to [9:23:29 AM ET] lower yielding intra europe volumes were down sequentially from q2 to [9:23:30 AM ET] Q3. [9:23:30 AM ET] driven by the QR [9:23:30 AM ET] in-depth [9:23:31 AM ET] of the [9:23:31 AM ET] related to QR [9:23:31 AM ET] the [9:23:32 AM ET] a [9:23:32 AM ET] new [9:23:33 AM ET] customs [9:23:33 AM ET] fee in the case of the [9:23:34 AM ET] q3 driven by the impacts related to a new customs [9:23:34 AM ET] fee in the eu [9:23:34 AM ET] EU. [9:23:35 AM ET] timing of the [9:23:36 AM ET] large [9:23:36 AM ET] retail [9:23:37 AM ET] promotional [9:23:37 AM ET] timing of large retail promotional events [9:23:38 AM ET] events. [9:23:38 AM ET] and [9:23:39 AM ET] lower [9:23:39 AM ET] crypto [9:23:40 AM ET] purchases in [9:23:40 AM ET] the [9:23:40 AM ET] and lower crypto purchases in the quarter [9:23:41 AM ET] quarter compared to [9:23:41 AM ET] the crypto [9:23:41 AM ET] last [9:23:42 AM ET] compared to last year [9:23:42 AM ET] to [9:23:42 AM ET] last [9:23:43 AM ET] year. [9:23:44 AM ET] These [9:23:44 AM ET] these impacts [9:23:45 AM ET] impacts [9:23:45 AM ET] on any of [9:23:46 AM ET] intra-Europe [9:23:46 AM ET] cross-border were [9:23:47 AM ET] the [9:23:47 AM ET] primary [9:23:48 AM ET] reasons [9:23:48 AM ET] for [9:23:48 AM ET] the [9:23:49 AM ET] decline [9:23:49 AM ET] in [9:23:49 AM ET] card [9:23:49 AM ET] on intra europe cross border were the primary reasons for the decline [9:23:50 AM ET] knot [9:23:50 AM ET] not [9:23:50 AM ET] present [9:23:51 AM ET] ex-travel [9:23:52 AM ET] in card not present ex travel sequentially [9:23:53 AM ET] sequentially. [9:23:54 AM ET] And growth [9:23:54 AM ET] in [9:23:54 AM ET] higher [9:23:55 AM ET] yielding [9:23:55 AM ET] other [9:23:56 AM ET] and growth in higher yielding other cross border [9:23:57 AM ET] cross-border [9:23:57 AM ET] remains [9:23:58 AM ET] stable [9:23:58 AM ET] and slightly [9:23:59 AM ET] remains stable and slightly higher [9:23:59 AM ET] higher [9:24:00 AM ET] quarter over [9:24:01 AM ET] quarter over quarter [9:24:02 AM ET] quarter. [9:24:03 AM ET] As we look to [9:24:04 AM ET] the first three [9:24:04 AM ET] weeks [9:24:04 AM ET] of [9:24:05 AM ET] as we look to the first three weeks of october [9:24:05 AM ET] October, spending a lot of [9:24:07 AM ET] remains [9:24:07 AM ET] strong. [9:24:07 AM ET] with [9:24:08 AM ET] metrics [9:24:08 AM ET] generally [9:24:09 AM ET] in [9:24:09 AM ET] spend remained strong with metrics generally in line [9:24:10 AM ET] line. [9:24:11 AM ET] A few [9:24:11 AM ET] points to the [9:24:11 AM ET] a few points to note [9:24:12 AM ET] note. [9:24:12 AM ET] In the [9:24:13 AM ET] U.S., [9:24:14 AM ET] switched to the [9:24:14 AM ET] volume [9:24:15 AM ET] improved [9:24:16 AM ET] sequentially [9:24:16 AM ET] as [9:24:16 AM ET] we became a [9:24:16 AM ET] in the us switched volume improved sequentially [9:24:16 AM ET] to use the [9:24:17 AM ET] see [9:24:17 AM ET] lack of [9:24:18 AM ET] as we began to see the lapping [9:24:18 AM ET] lapping [9:24:18 AM ET] of [9:24:18 AM ET] the [9:24:19 AM ET] capital [9:24:19 AM ET] one [9:24:19 AM ET] debit [9:24:20 AM ET] of the capital one debit migration [9:24:21 AM ET] migration, [9:24:21 AM ET] the [9:24:21 AM ET] lift [9:24:21 AM ET] from [9:24:22 AM ET] recent [9:24:22 AM ET] commercial [9:24:23 AM ET] the lift from recent commercial wings [9:24:23 AM ET] wings, [9:24:24 AM ET] and [9:24:24 AM ET] higher [9:24:24 AM ET] spend [9:24:24 AM ET] on [9:24:25 AM ET] and higher spend on gas [9:24:26 AM ET] gas. [9:24:27 AM ET] As a [9:24:27 AM ET] as a reminder [9:24:27 AM ET] reminder, [9:24:28 AM ET] the capital is a good [9:24:28 AM ET] one the [9:24:28 AM ET] same as [9:24:28 AM ET] days are [9:24:28 AM ET] is a good deal of [9:24:28 AM ET] market [9:24:29 AM ET] migration [9:24:29 AM ET] began in the United [9:24:30 AM ET] towards end of [9:24:30 AM ET] the [9:24:31 AM ET] Q3 last [9:24:32 AM ET] the capital one debit migration began towards the end of q3 last year [9:24:32 AM ET] year. [9:24:32 AM ET] and [9:24:32 AM ET] continues to be a very important [9:24:33 AM ET] through [9:24:34 AM ET] Q1 to [9:24:35 AM ET] and continued through q1 'twenty six [9:24:36 AM ET] Looking at the [9:24:37 AM ET] across the edge of the [9:24:38 AM ET] looking at cross border [9:24:38 AM ET] the body is a very good [9:24:38 AM ET] of [9:24:38 AM ET] the [9:24:38 AM ET] correct [9:24:39 AM ET] impact of the [9:24:39 AM ET] the sequential impact [9:24:40 AM ET] impacts [9:24:40 AM ET] remain [9:24:41 AM ET] predominantly in [9:24:42 AM ET] remain predominantly intra europe [9:24:43 AM ET] intra-Europe. [9:24:43 AM ET] Growth [9:24:43 AM ET] in [9:24:44 AM ET] cross-border [9:24:44 AM ET] cartinal [9:24:45 AM ET] or [9:24:45 AM ET] present. [9:24:46 AM ET] growth in cross border card not present ex travel [9:24:46 AM ET] ex-travel, [9:24:47 AM ET] continued [9:24:47 AM ET] to [9:24:47 AM ET] see [9:24:47 AM ET] the [9:24:48 AM ET] impacts [9:24:48 AM ET] from [9:24:48 AM ET] two [9:24:48 AM ET] of [9:24:49 AM ET] the [9:24:49 AM ET] areas [9:24:49 AM ET] I [9:24:50 AM ET] noted [9:24:50 AM ET] continue to see the impact from two of the areas i noted earlier [9:24:51 AM ET] earlier. [9:24:52 AM ET] notably [9:24:52 AM ET] the cutting [9:24:53 AM ET] customs [9:24:53 AM ET] notably the customs fee [9:24:53 AM ET] fee [9:24:53 AM ET] and [9:24:54 AM ET] the [9:24:54 AM ET] tougher [9:24:55 AM ET] and a tougher comp [9:24:55 AM ET] comp. [9:24:55 AM ET] due to the [9:24:55 AM ET] higher [9:24:56 AM ET] spend [9:24:56 AM ET] on [9:24:56 AM ET] crypto [9:24:57 AM ET] purchases [9:24:57 AM ET] last [9:24:58 AM ET] due to higher spend on crypto purchases last year [9:24:58 AM ET] last [9:24:59 AM ET] year. [9:24:59 AM ET] And the slide is a very important [9:24:59 AM ET] details are the [9:25:00 AM ET] deceleration [9:25:00 AM ET] in [9:25:01 AM ET] cross-border [9:25:02 AM ET] travel [9:25:02 AM ET] due to the [9:25:03 AM ET] and a slight deceleration in cross border travel [9:25:03 AM ET] timing [9:25:03 AM ET] of holiday. [9:25:04 AM ET] holidays. [9:25:04 AM ET] was due to timing of holidays [9:25:07 AM ET] Overall, [9:25:07 AM ET] underlying [9:25:08 AM ET] spend [9:25:09 AM ET] remains [9:25:09 AM ET] overall underlying spend remains [9:25:09 AM ET] strong [9:25:10 AM ET] strong. [9:25:10 AM ET] and [9:25:11 AM ET] consumers [9:25:11 AM ET] and [9:25:12 AM ET] and consumers and businesses [9:25:12 AM ET] businesses [9:25:13 AM ET] are [9:25:13 AM ET] are spending [9:25:14 AM ET] spending. [9:25:16 AM ET] Uh [9:25:17 AM ET] Turning to the [9:25:17 AM ET] page [9:25:18 AM ET] turning to page ten [9:25:18 AM ET] 10. [9:25:19 AM ET] I [9:25:19 AM ET] wanted [9:25:19 AM ET] to share the [9:25:20 AM ET] our [9:25:20 AM ET] thoughts for [9:25:20 AM ET] the [9:25:21 AM ET] remainder of the [9:25:22 AM ET] i wanted to share our thoughts for the remainder of the year [9:25:22 AM ET] the [9:25:23 AM ET] year. [9:25:23 AM ET] As [9:25:24 AM ET] mentioned, [9:25:24 AM ET] consumer is a very important part of the [9:25:25 AM ET] and [9:25:25 AM ET] commercial spending is a very [9:25:25 AM ET] was [9:25:26 AM ET] helpful to the [9:25:26 AM ET] in [9:25:27 AM ET] as mentioned consumer and commercial spend was [9:25:27 AM ET] in q3 [9:25:27 AM ET] Q3 and [9:25:27 AM ET] so [9:25:28 AM ET] far in [9:25:28 AM ET] into [9:25:29 AM ET] and so far into q4 [9:25:29 AM ET] Q4. [9:25:30 AM ET] Our business [9:25:31 AM ET] fundamentals [9:25:31 AM ET] are [9:25:32 AM ET] our business fundamentals are strong [9:25:32 AM ET] strong [9:25:32 AM ET] and [9:25:32 AM ET] we [9:25:32 AM ET] continue to be able to do [9:25:34 AM ET] deliver [9:25:34 AM ET] solid [9:25:35 AM ET] and we continue to deliver solid growth [9:25:35 AM ET] growth [9:25:35 AM ET] across the [9:25:36 AM ET] both [9:25:36 AM ET] our [9:25:36 AM ET] payment [9:25:37 AM ET] across both our payment network [9:25:37 AM ET] network [9:25:37 AM ET] and [9:25:38 AM ET] value [9:25:39 AM ET] services [9:25:39 AM ET] and [9:25:40 AM ET] and value added services and solutions [9:25:41 AM ET] solutions. [9:25:41 AM ET] These results are [9:25:42 AM ET] reflect the [9:25:42 AM ET] our [9:25:42 AM ET] winning [9:25:44 AM ET] these results reflect our winning strategy [9:25:44 AM ET] strategy. [9:25:45 AM ET] Strength of [9:25:45 AM ET] our [9:25:46 AM ET] strength of our innovations [9:25:46 AM ET] innovations, [9:25:47 AM ET] diversity, and our [9:25:47 AM ET] of [9:25:47 AM ET] our [9:25:48 AM ET] diversification of our business [9:25:49 AM ET] business, [9:25:49 AM ET] and [9:25:49 AM ET] our [9:25:50 AM ET] relentless [9:25:50 AM ET] and our relentless commitment [9:25:51 AM ET] commitment [9:25:51 AM ET] to [9:25:51 AM ET] serving [9:25:51 AM ET] our [9:25:52 AM ET] to serving our customers [9:25:53 AM ET] customers. [9:25:53 AM ET] This is [9:25:54 AM ET] all under the [9:25:55 AM ET] by [9:25:55 AM ET] a [9:25:55 AM ET] supportive [9:25:56 AM ET] macro [9:25:57 AM ET] this is all underpinned by a supportive macroeconomic environment [9:25:58 AM ET] environment [9:25:58 AM ET] with [9:25:58 AM ET] balanced [9:25:59 AM ET] labor [9:26:00 AM ET] markets, [9:26:00 AM ET] strong [9:26:01 AM ET] household [9:26:01 AM ET] balance [9:26:02 AM ET] sheets, [9:26:02 AM ET] with balanced labor markets strong household balance sheets [9:26:02 AM ET] and [9:26:03 AM ET] continued [9:26:03 AM ET] wage [9:26:04 AM ET] and continued wage growth [9:26:05 AM ET] growth. [9:26:05 AM ET] To [9:26:05 AM ET] to date [9:26:06 AM ET] date, [9:26:06 AM ET] consumers [9:26:07 AM ET] employed the [9:26:07 AM ET] are a good [9:26:07 AM ET] have to be able to do [9:26:08 AM ET] demonstrated [9:26:09 AM ET] consumers and businesses have demonstrated resilience [9:26:10 AM ET] resilience. [9:26:11 AM ET] But there [9:26:11 AM ET] is [9:26:11 AM ET] heightened [9:26:12 AM ET] geopolitical [9:26:13 AM ET] but there is heightened geopolitical uncertainty [9:26:14 AM ET] uncertainty, [9:26:14 AM ET] which has a lot of different [9:26:14 AM ET] persisted in the [9:26:15 AM ET] for some [9:26:16 AM ET] time, [9:26:16 AM ET] driving [9:26:17 AM ET] energy [9:26:17 AM ET] prices [9:26:18 AM ET] which has persisted for some time driving energy prices higher [9:26:18 AM ET] higher [9:26:18 AM ET] and [9:26:19 AM ET] putting [9:26:19 AM ET] more [9:26:20 AM ET] focus [9:26:20 AM ET] on [9:26:20 AM ET] monetary [9:26:21 AM ET] policy around the [9:26:22 AM ET] and putting more focus on monetary policy around the world [9:26:22 AM ET] around the [9:26:23 AM ET] world. [9:26:25 AM ET] We will continue to do [9:26:25 AM ET] monitor [9:26:26 AM ET] the [9:26:27 AM ET] situation [9:26:27 AM ET] just [9:26:27 AM ET] as [9:26:27 AM ET] we [9:26:27 AM ET] we will continue to monitor the situation [9:26:28 AM ET] ought to [9:26:28 AM ET] always [9:26:28 AM ET] just as we always do [9:26:29 AM ET] do. [9:26:30 AM ET] Our outlook on [9:26:31 AM ET] growth for [9:26:31 AM ET] the remainder of the world is the most [9:26:31 AM ET] groups [9:26:31 AM ET] of [9:26:32 AM ET] the [9:26:32 AM ET] year continues to be a great [9:26:33 AM ET] remain [9:26:33 AM ET] our outlook on growth for the remainder of the year [9:26:34 AM ET] continues to remain positive [9:26:35 AM ET] positive. [9:26:36 AM ET] So turning to [9:26:36 AM ET] our [9:26:36 AM ET] expectations, we have to be able to do [9:26:36 AM ET] we [9:26:37 AM ET] so turning to our expectations [9:26:39 AM ET] For the full year [9:26:40 AM ET] for the full year twenty twenty six [9:26:40 AM ET] 2026, [9:26:40 AM ET] we are going to be able to do [9:26:40 AM ET] that we have a lot of the [9:26:40 AM ET] that very long [9:26:41 AM ET] net [9:26:41 AM ET] revenue [9:26:42 AM ET] growth [9:26:42 AM ET] to [9:26:42 AM ET] remain [9:26:43 AM ET] at the highest [9:26:43 AM ET] end of the [9:26:44 AM ET] low [9:26:44 AM ET] double [9:26:44 AM ET] digits [9:26:45 AM ET] we expect net revenue growth to remain at the high end of low double digits range [9:26:45 AM ET] range on [9:26:45 AM ET] a [9:26:46 AM ET] currency [9:26:46 AM ET] neutral [9:26:47 AM ET] on a currency neutral basis [9:26:47 AM ET] basis [9:26:48 AM ET] excluding in [9:26:49 AM ET] inorganic [9:26:49 AM ET] excluding inorganic activity [9:26:50 AM ET] activity. [9:26:51 AM ET] As a [9:26:52 AM ET] reminder, in [9:26:52 AM ET] Q2R, we are going to be able to use [9:26:53 AM ET] earnings, [9:26:53 AM ET] we talk about the QR [9:26:53 AM ET] you that are going to be able to do [9:26:53 AM ET] that you can see that we are [9:26:54 AM ET] our expectations are not going to be a very good [9:26:54 AM ET] are not important [9:26:54 AM ET] as a reminder in q2 earnings [9:26:55 AM ET] were [9:26:55 AM ET] higher [9:26:55 AM ET] in [9:26:56 AM ET] the rate [9:26:57 AM ET] range. [9:26:57 AM ET] compared to the [9:26:57 AM ET] we told you that our expectations were higher in the range [9:26:58 AM ET] earlier in the [9:26:59 AM ET] compared to earlier in the year [9:26:59 AM ET] the [9:26:59 AM ET] year. [9:27:00 AM ET] Our full year [9:27:00 AM ET] remains [9:27:01 AM ET] in [9:27:01 AM ET] line with the [9:27:01 AM ET] these [9:27:02 AM ET] our full year remains in line with these expectations [9:27:03 AM ET] expectations. [9:27:04 AM ET] We [9:27:04 AM ET] anticipate [9:27:05 AM ET] minimal [9:27:05 AM ET] impact [9:27:06 AM ET] from [9:27:06 AM ET] across the [9:27:06 AM ET] and [9:27:07 AM ET] we anticipate minimal impact from acquisitions and dispositions [9:27:08 AM ET] dispositions. [9:27:08 AM ET] and [9:27:08 AM ET] a [9:27:09 AM ET] and a tailwind [9:27:09 AM ET] tailwind [9:27:09 AM ET] of [9:27:09 AM ET] a [9:27:10 AM ET] a majority of the [9:27:10 AM ET] 1 [9:27:11 AM ET] of approximately one ppt [9:27:11 AM ET] ppt. [9:27:12 AM ET] from [9:27:12 AM ET] foreign [9:27:13 AM ET] from foreign exchange [9:27:14 AM ET] exchange. [9:27:16 AM ET] We [9:27:16 AM ET] also explained that the extraction of the [9:27:16 AM ET] maintenance is a very important [9:27:16 AM ET] that we have lot of [9:27:16 AM ET] for the [9:27:17 AM ET] operating [9:27:18 AM ET] expenses [9:27:18 AM ET] we also expect [9:27:18 AM ET] growth [9:27:18 AM ET] to [9:27:19 AM ET] remain [9:27:19 AM ET] in [9:27:19 AM ET] line [9:27:19 AM ET] with [9:27:20 AM ET] previous [9:27:21 AM ET] expectations at the end of the [9:27:21 AM ET] full year operating expenses growth to remain in line with previous expectations [9:27:21 AM ET] low [9:27:22 AM ET] double [9:27:22 AM ET] digits [9:27:23 AM ET] range [9:27:23 AM ET] versus [9:27:23 AM ET] a [9:27:23 AM ET] year [9:27:24 AM ET] ago on [9:27:25 AM ET] a [9:27:25 AM ET] currency [9:27:25 AM ET] neutral [9:27:26 AM ET] at the low double digits range versus a year ago [9:27:26 AM ET] basis, [9:27:26 AM ET] excluding in [9:27:27 AM ET] inorganic [9:27:28 AM ET] on a currency neutral basis excluding inorganic activity [9:27:29 AM ET] activity. [9:27:30 AM ET] We expect [9:27:30 AM ET] a minimum of [9:27:31 AM ET] impact [9:27:31 AM ET] from [9:27:31 AM ET] acquisitions [9:27:32 AM ET] and [9:27:33 AM ET] dispositions and [9:27:33 AM ET] we expect a minimal impact from acquisitions and dispositions [9:27:33 AM ET] ahead [9:27:34 AM ET] a headwind on [9:27:34 AM ET] of [9:27:35 AM ET] 0.5 to [9:27:35 AM ET] 1 [9:27:36 AM ET] ppt [9:27:36 AM ET] from [9:27:37 AM ET] foreign [9:27:37 AM ET] exchange on the [9:27:37 AM ET] a [9:27:38 AM ET] full [9:27:38 AM ET] and a headwind of zero point five to one ppt [9:27:38 AM ET] four-year [9:27:38 AM ET] from foreign exchange on a full year basis [9:27:39 AM ET] basis. [9:27:41 AM ET] As it relates to our [9:27:41 AM ET] expectations [9:27:42 AM ET] for [9:27:42 AM ET] the [9:27:42 AM ET] fourth [9:27:42 AM ET] quarter of the [9:27:43 AM ET] as it relates to our expectations for the fourth quarter of twenty twenty six [9:27:44 AM ET] 2026 [9:27:44 AM ET] year over 20 [9:27:45 AM ET] net [9:27:45 AM ET] revenue [9:27:46 AM ET] growth [9:27:46 AM ET] is [9:27:46 AM ET] expected to be [9:27:46 AM ET] a new [9:27:47 AM ET] at the highest [9:27:47 AM ET] high end of the [9:27:48 AM ET] low [9:27:48 AM ET] double [9:27:48 AM ET] year over year net revenue growth is expected to be at the high end of low double [9:27:49 AM ET] digits [9:27:49 AM ET] digits range [9:27:50 AM ET] range [9:27:50 AM ET] on [9:27:50 AM ET] the [9:27:50 AM ET] a [9:27:50 AM ET] currency [9:27:51 AM ET] neutral [9:27:52 AM ET] basis. [9:27:52 AM ET] excluding [9:27:52 AM ET] in [9:27:52 AM ET] all [9:27:53 AM ET] inorganic [9:27:54 AM ET] on a currency neutral basis excluding inorganic activity [9:27:55 AM ET] activity. [9:27:56 AM ET] We have to expect to get a minimum. [9:27:56 AM ET] We expect [9:27:56 AM ET] minimum inorganic [9:27:57 AM ET] from [9:27:57 AM ET] acquisitions [9:27:57 AM ET] and [9:27:59 AM ET] dispositions and [9:27:59 AM ET] a [9:27:59 AM ET] we expect minimum impact from acquisitions and dispositions [9:28:00 AM ET] headwind [9:28:00 AM ET] of [9:28:01 AM ET] approximately [9:28:01 AM ET] 1 [9:28:02 AM ET] ppt [9:28:02 AM ET] from [9:28:02 AM ET] foreign [9:28:03 AM ET] and a headwind of approximately one ppt from foreign exchange [9:28:04 AM ET] exchange. [9:28:04 AM ET] primarily during [9:28:05 AM ET] by [9:28:05 AM ET] the strength of the [9:28:06 AM ET] primarily driven by the strengthening [9:28:06 AM ET] of [9:28:06 AM ET] the [9:28:07 AM ET] U.S. [9:28:07 AM ET] of the u s dollar [9:28:08 AM ET] dollar [9:28:08 AM ET] over [9:28:08 AM ET] the [9:28:08 AM ET] past [9:28:09 AM ET] over the past quarter [9:28:10 AM ET] quarter. [9:28:11 AM ET] from [9:28:11 AM ET] an [9:28:11 AM ET] operating experience, the operating system is a very [9:28:12 AM ET] standpoint, the operating system is a good [9:28:13 AM ET] standpoint, [9:28:13 AM ET] we expect that [9:28:13 AM ET] can [9:28:14 AM ET] Q4 [9:28:15 AM ET] growth [9:28:15 AM ET] to be able [9:28:15 AM ET] at [9:28:15 AM ET] the highest [9:28:15 AM ET] from an operating expense standpoint we expect q4 growth [9:28:15 AM ET] high end of the QR [9:28:16 AM ET] low [9:28:16 AM ET] double [9:28:17 AM ET] digits [9:28:17 AM ET] range [9:28:18 AM ET] versus a [9:28:18 AM ET] year [9:28:19 AM ET] to be at the high end of low double digits range versus a year ago [9:28:19 AM ET] ago. [9:28:20 AM ET] Again, on the [9:28:20 AM ET] currency in [9:28:20 AM ET] neutral basis, the [9:28:21 AM ET] again on a currency neutral basis [9:28:22 AM ET] excluding ink [9:28:23 AM ET] inorganic [9:28:23 AM ET] excluding inorganic activity [9:28:24 AM ET] activity. [9:28:26 AM ET] We anticipate a [9:28:26 AM ET] 1 [9:28:26 AM ET] PPT [9:28:27 AM ET] drag [9:28:27 AM ET] from [9:28:28 AM ET] acquisitions [9:28:28 AM ET] and [9:28:28 AM ET] we anticipate a one ppt drag from acquisitions and [9:28:29 AM ET] dispositions [9:28:30 AM ET] while [9:28:30 AM ET] foreign [9:28:30 AM ET] exchange [9:28:31 AM ET] is foreign [9:28:31 AM ET] forecasted [9:28:31 AM ET] to [9:28:32 AM ET] be [9:28:32 AM ET] a [9:28:33 AM ET] dispositions while foreign exchange is forecasted to be a tailwind [9:28:33 AM ET] tailwind of [9:28:33 AM ET] a [9:28:33 AM ET] approximately a [9:28:34 AM ET] 0.5 [9:28:35 AM ET] ppt for [9:28:35 AM ET] the [9:28:36 AM ET] of approximately zero point five ppt for the quarter [9:28:37 AM ET] quarter. [9:28:38 AM ET] On other [9:28:38 AM ET] income [9:28:38 AM ET] and [9:28:39 AM ET] expense, it is a very important [9:28:39 AM ET] the [9:28:39 AM ET] Q4 [9:28:40 AM ET] we expect that [9:28:40 AM ET] to be able to increase the [9:28:40 AM ET] have a good [9:28:40 AM ET] an [9:28:40 AM ET] extension of [9:28:41 AM ET] on other income and expense in q4 we expect an expense [9:28:41 AM ET] expense approximately [9:28:43 AM ET] $115 [9:28:44 AM ET] million. [9:28:44 AM ET] of approximately one hundred and fifteen million dollars [9:28:45 AM ET] This [9:28:45 AM ET] excludes [9:28:46 AM ET] gains and [9:28:47 AM ET] losses under the [9:28:47 AM ET] our economic [9:28:48 AM ET] equity [9:28:48 AM ET] this excludes gains and losses on our equity investments [9:28:49 AM ET] investments, [9:28:49 AM ET] which [9:28:49 AM ET] are extremely [9:28:49 AM ET] from the best of the [9:28:50 AM ET] from [9:28:50 AM ET] our [9:28:51 AM ET] non-GAP [9:28:52 AM ET] which are excluded from our non gaap metrics [9:28:53 AM ET] metrics. [9:28:53 AM ET] And finally, we will be able to do this. [9:28:53 AM ET] And [9:28:54 AM ET] and finally [9:28:54 AM ET] finally, [9:28:54 AM ET] we explained that we have [9:28:54 AM ET] can do [9:28:55 AM ET] a number of [9:28:56 AM ET] tax [9:28:56 AM ET] we expect a non gaap tax rate [9:28:56 AM ET] rate in [9:28:57 AM ET] the [9:28:57 AM ET] range [9:28:57 AM ET] of [9:28:57 AM ET] 20 [9:28:57 AM ET] to [9:28:59 AM ET] 21%. [9:28:59 AM ET] in the range of twenty percent to twenty one percent [9:28:59 AM ET] percent [9:28:59 AM ET] for [9:28:59 AM ET] both of [9:29:00 AM ET] full [9:29:00 AM ET] year and the full [9:29:00 AM ET] for both the full year [9:29:01 AM ET] and [9:29:01 AM ET] and q4 [9:29:02 AM ET] Q4. [9:29:02 AM ET] And with [9:29:03 AM ET] and with that [9:29:03 AM ET] that, I'm going to use the QR [9:29:03 AM ET] be able do [9:29:04 AM ET] turn to [9:29:04 AM ET] the next [9:29:05 AM ET] i will turn the call [9:29:05 AM ET] call back to [9:29:05 AM ET] over the [9:29:06 AM ET] to [9:29:06 AM ET] back over to devin [9:29:07 AM ET] Devin. [9:29:07 AM ET] Thank [9:29:07 AM ET] thank you [9:29:08 AM ET] you. Elodie, you may [9:29:08 AM ET] now open [9:29:08 AM ET] the [9:29:08 AM ET] line for [9:29:09 AM ET] elodie you may now open the line for questions [9:29:12 AM ET] for questions. [9:29:16 AM ET] At this [9:29:17 AM ET] time, I think that's a good [9:29:17 AM ET] little bit [9:29:17 AM ET] to say [9:29:17 AM ET] thank [9:29:17 AM ET] remind you that I'm going be able [9:29:17 AM ET] can't do [9:29:18 AM ET] everyone that I would like [9:29:18 AM ET] in the next [9:29:18 AM ET] at this [9:29:18 AM ET] order [9:29:18 AM ET] to be able to do [9:29:19 AM ET] ask you [9:29:19 AM ET] a [9:29:20 AM ET] question, [9:29:20 AM ET] press [9:29:21 AM ET] star [9:29:21 AM ET] and [9:29:21 AM ET] then [9:29:21 AM ET] the [9:29:21 AM ET] time i would like to remind everyone order to ask a question press [9:29:21 AM ET] number [9:29:22 AM ET] one [9:29:22 AM ET] on [9:29:22 AM ET] your [9:29:22 AM ET] telephone [9:29:23 AM ET] star and then the number one on your telephone keypad [9:29:24 AM ET] keypad. [9:29:24 AM ET] Please [9:29:24 AM ET] only press [9:29:25 AM ET] star [9:29:25 AM ET] 1 once you're in the [9:29:25 AM ET] to [9:29:26 AM ET] keep pressure on [9:29:26 AM ET] up [9:29:26 AM ET] for [9:29:26 AM ET] a [9:29:27 AM ET] question. [9:29:27 AM ET] as [9:29:28 AM ET] pressing [9:29:28 AM ET] it [9:29:28 AM ET] please only press star one once to queue up for a question [9:29:28 AM ET] multiple [9:29:29 AM ET] times [9:29:29 AM ET] may [9:29:29 AM ET] affect [9:29:30 AM ET] your [9:29:30 AM ET] position in [9:29:30 AM ET] the [9:29:31 AM ET] queue. [9:29:32 AM ET] We'll pause just a [9:29:32 AM ET] as pressing it multiple times may affect your position in the queue [9:29:32 AM ET] moment to do [9:29:32 AM ET] complete the quality of the [9:29:33 AM ET] compile [9:29:33 AM ET] Q [9:29:33 AM ET] A [9:29:34 AM ET] we'll pause just a moment to compile the q and a roster [9:29:35 AM ET] roster. [9:29:40 AM ET] You're [9:29:40 AM ET] first [9:29:40 AM ET] question [9:29:41 AM ET] is for the next [9:29:41 AM ET] from [9:29:41 AM ET] line [9:29:41 AM ET] your first question is [9:29:41 AM ET] of [9:29:42 AM ET] her [9:29:42 AM ET] Hershita [9:29:43 AM ET] Rawat [9:29:43 AM ET] with [9:29:44 AM ET] from the line of harshita rawat with bernstein [9:29:44 AM ET] Bernstein. [9:29:44 AM ET] Please go [9:29:45 AM ET] please go ahead [9:29:46 AM ET] ahead. [9:29:47 AM ET] Hi, [9:29:47 AM ET] good [9:29:48 AM ET] morning. [9:29:49 AM ET] Michael, I want to ask [9:29:49 AM ET] about [9:29:49 AM ET] a [9:29:50 AM ET] hi good morning michael i want to ask about agenteq [9:29:50 AM ET] Agentic [9:29:51 AM ET] Commerce. [9:29:52 AM ET] A lot has been [9:29:52 AM ET] happening [9:29:53 AM ET] here [9:29:53 AM ET] and [9:29:53 AM ET] it [9:29:53 AM ET] feels [9:29:53 AM ET] like [9:29:54 AM ET] there's [9:29:54 AM ET] a [9:29:54 AM ET] lot [9:29:54 AM ET] of [9:29:55 AM ET] patchwork [9:29:55 AM ET] of [9:29:55 AM ET] commerce a lot has been happening here and it feels like there's a lot of patchwork of [9:29:55 AM ET] checkout [9:29:56 AM ET] options [9:29:56 AM ET] ranging [9:29:57 AM ET] checkout options ranging from [9:29:57 AM ET] from [9:29:57 AM ET] single [9:29:58 AM ET] use [9:29:58 AM ET] virtual [9:29:58 AM ET] cards [9:29:59 AM ET] to [9:29:59 AM ET] single use virtual cards to wallets [9:30:00 AM ET] wallets. [9:30:00 AM ET] My question [9:30:01 AM ET] is, how important is [9:30:02 AM ET] it [9:30:02 AM ET] is [9:30:02 AM ET] for [9:30:03 AM ET] you [9:30:03 AM ET] that Marketing [9:30:04 AM ET] MasterCard [9:30:04 AM ET] agent [9:30:04 AM ET] my question is how important it is for you that mastercard [9:30:05 AM ET] to [9:30:05 AM ET] open [9:30:05 AM ET] are [9:30:05 AM ET] being [9:30:06 AM ET] used as [9:30:06 AM ET] opposed to the [9:30:07 AM ET] agent opens or being used as opposed to [9:30:07 AM ET] to [9:30:08 AM ET] wallets [9:30:08 AM ET] or [9:30:08 AM ET] virtual [9:30:09 AM ET] cards [9:30:10 AM ET] and and I know you have your [9:30:10 AM ET] own [9:30:11 AM ET] probability [9:30:11 AM ET] based [9:30:11 AM ET] risk [9:30:12 AM ET] signals with [9:30:12 AM ET] Agent [9:30:12 AM ET] wallets or virtual cards and and i know you have your own probability based risk signals [9:30:12 AM ET] pay [9:30:13 AM ET] now as [9:30:13 AM ET] with agent pay now as well [9:30:14 AM ET] well. [9:30:14 AM ET] And how can [9:30:14 AM ET] you draw a lot of the [9:30:15 AM ET] drive [9:30:15 AM ET] adoption [9:30:16 AM ET] for [9:30:16 AM ET] master [9:30:17 AM ET] agent [9:30:17 AM ET] Pay? [9:30:18 AM ET] I know you talked [9:30:18 AM ET] about [9:30:18 AM ET] and how can you drive adoption for mastercard agent pay i know you talked about shop [9:30:19 AM ET] Shop Pay [9:30:19 AM ET] and [9:30:19 AM ET] OpenAI as [9:30:20 AM ET] well. [9:30:20 AM ET] and openai as well thanks [9:30:21 AM ET] Thanks. [9:30:23 AM ET] Thanks, [9:30:24 AM ET] Arshida. [9:30:25 AM ET] Morning, [9:30:25 AM ET] thanks harshita [9:30:26 AM ET] everyone. [9:30:26 AM ET] Um so [9:30:26 AM ET] morning everyone so [9:30:27 AM ET] um the [9:30:28 AM ET] um [9:30:28 AM ET] this is an [9:30:28 AM ET] important [9:30:29 AM ET] question. [9:30:30 AM ET] So Agentic [9:30:30 AM ET] Commerce, first of [9:30:31 AM ET] all, we [9:30:31 AM ET] think [9:30:31 AM ET] is [9:30:31 AM ET] the this is an important question so agenty commerce [9:30:32 AM ET] the [9:30:32 AM ET] next [9:30:33 AM ET] evolution [9:30:33 AM ET] of [9:30:33 AM ET] uh [9:30:34 AM ET] digital [9:30:35 AM ET] first of all we think is the next evolution of digital commerce [9:30:35 AM ET] commerce. [9:30:36 AM ET] It is [9:30:37 AM ET] went [9:30:38 AM ET] through you [9:30:38 AM ET] a [9:30:38 AM ET] year and [9:30:38 AM ET] a [9:30:39 AM ET] bit [9:30:39 AM ET] in terms of [9:30:39 AM ET] it is went through a year and a bit [9:30:40 AM ET] getting [9:30:40 AM ET] the [9:30:40 AM ET] ecosystem [9:30:41 AM ET] ready. [9:30:42 AM ET] Um [9:30:42 AM ET] there's [9:30:42 AM ET] agent pay. [9:30:42 AM ET] payout [9:30:43 AM ET] there. [9:30:43 AM ET] are the [9:30:43 AM ET] solutions out [9:30:44 AM ET] in terms of getting the ecosystem ready there is agent pay out there there are [9:30:44 AM ET] there. [9:30:45 AM ET] and you [9:30:45 AM ET] just [9:30:45 AM ET] ranged and [9:30:45 AM ET] an [9:30:46 AM ET] additional [9:30:47 AM ET] uh you just [9:30:47 AM ET] listed an [9:30:48 AM ET] additional [9:30:48 AM ET] set [9:30:48 AM ET] the solutions out there and you just ranged an additional you just listed [9:30:49 AM ET] of [9:30:49 AM ET] checkout [9:30:49 AM ET] ways [9:30:49 AM ET] that [9:30:49 AM ET] are out [9:30:50 AM ET] there. [9:30:51 AM ET] So the [9:30:51 AM ET] ecosystem is kind [9:30:51 AM ET] of [9:30:52 AM ET] an additional set of checkout ways that are out there so [9:30:52 AM ET] balancing [9:30:53 AM ET] out. [9:30:53 AM ET] So when you [9:30:54 AM ET] think [9:30:54 AM ET] about [9:30:54 AM ET] what maps [9:30:55 AM ET] what are [9:30:55 AM ET] I [9:30:55 AM ET] I'm going to do is that think [9:30:55 AM ET] I that's what I'm [9:30:55 AM ET] in [9:30:55 AM ET] the ecosystem is kind of balancing out so when you think about what [9:30:56 AM ET] my [9:30:56 AM ET] uh [9:30:57 AM ET] prepared [9:30:57 AM ET] remarks [9:30:58 AM ET] is [9:30:58 AM ET] the [9:30:58 AM ET] trust [9:30:58 AM ET] in [9:30:58 AM ET] payment of [9:30:59 AM ET] is [9:30:59 AM ET] this [9:30:59 AM ET] key [9:30:59 AM ET] the trust [9:30:59 AM ET] what i said in my prepared remarks is [9:30:59 AM ET] in [9:31:00 AM ET] the [9:31:00 AM ET] agent is [9:31:00 AM ET] key, [9:31:00 AM ET] the trust in the [9:31:01 AM ET] ecosystem is [9:31:02 AM ET] key, [9:31:02 AM ET] the trust in the payment is key the trust in the agent is key the trust in the ecosystem is key and [9:31:03 AM ET] and [9:31:03 AM ET] generally reaches the [9:31:03 AM ET] is [9:31:04 AM ET] key. [9:31:05 AM ET] So, we have to do a lot of the same [9:31:05 AM ET] So if we thank you, we can do [9:31:05 AM ET] I think that's a good [9:31:06 AM ET] that that [9:31:07 AM ET] matters [9:31:07 AM ET] to [9:31:07 AM ET] a [9:31:07 AM ET] merchants, [9:31:07 AM ET] that matters to [9:31:07 AM ET] generally reach is key so if we think that that [9:31:09 AM ET] to [9:31:09 AM ET] consumers. [9:31:10 AM ET] Altogether, I think this [9:31:11 AM ET] is [9:31:11 AM ET] the direction of [9:31:11 AM ET] matters to merchants that matters to consumers altogether i think [9:31:12 AM ET] that [9:31:12 AM ET] the economy [9:31:13 AM ET] is [9:31:13 AM ET] going [9:31:14 AM ET] into. [9:31:15 AM ET] this is the direction that the ecosystem is going into so [9:31:16 AM ET] So it's [9:31:16 AM ET] also [9:31:16 AM ET] true that the system is a very important [9:31:17 AM ET] though [9:31:17 AM ET] that [9:31:17 AM ET] not everyone's going to be able to do [9:31:18 AM ET] everybody's [9:31:18 AM ET] ready [9:31:18 AM ET] at [9:31:18 AM ET] the same [9:31:19 AM ET] time. [9:31:20 AM ET] So there's a [9:31:20 AM ET] lot [9:31:20 AM ET] of [9:31:20 AM ET] patchwork going [9:31:21 AM ET] it's also true though that not everybody is ready at the same time [9:31:21 AM ET] on right [9:31:22 AM ET] now and I [9:31:22 AM ET] wouldn't call it a lot of [9:31:22 AM ET] that [9:31:23 AM ET] solutions. [9:31:24 AM ET] It's kind of [9:31:24 AM ET] so there is a lot of patchwork going on right now and i wouldn't call that solutions it's kind of [9:31:24 AM ET] patching [9:31:24 AM ET] towards the [9:31:25 AM ET] what [9:31:25 AM ET] is [9:31:25 AM ET] the [9:31:25 AM ET] golden [9:31:25 AM ET] goal [9:31:26 AM ET] here. [9:31:26 AM ET] and the gold [9:31:26 AM ET] goal I [9:31:27 AM ET] just [9:31:27 AM ET] listed [9:31:28 AM ET] is you [9:31:28 AM ET] know [9:31:28 AM ET] have [9:31:28 AM ET] patching towards what is the gold goal here and the gold goal i just listed is you have [9:31:28 AM ET] pretty you [9:31:29 AM ET] know a [9:31:29 AM ET] protect [9:31:29 AM ET] the [9:31:30 AM ET] transaction [9:31:30 AM ET] that [9:31:30 AM ET] works [9:31:31 AM ET] in [9:31:31 AM ET] the [9:31:31 AM ET] same [9:31:31 AM ET] way [9:31:31 AM ET] as [9:31:32 AM ET] consumers are [9:31:32 AM ET] used [9:31:33 AM ET] So, I think that's a good [9:31:33 AM ET] protected transaction that works in the same way as consumers are used to [9:31:34 AM ET] and merchants [9:31:34 AM ET] are used [9:31:35 AM ET] I to. [9:31:36 AM ET] So, what are the things that are going to be a lot of [9:31:36 AM ET] can [9:31:36 AM ET] need [9:31:36 AM ET] to [9:31:37 AM ET] happen? [9:31:38 AM ET] and merchants are used to so what are the things that need to [9:31:38 AM ET] before [9:31:39 AM ET] this to [9:31:39 AM ET] really take [9:31:39 AM ET] off [9:31:40 AM ET] is you [9:31:40 AM ET] know, [9:31:40 AM ET] consumers need to be able to do [9:31:41 AM ET] feel [9:31:41 AM ET] happen before this to really take off [9:31:41 AM ET] comfortable [9:31:42 AM ET] so [9:31:42 AM ET] use [9:31:42 AM ET] of [9:31:43 AM ET] agent pay. [9:31:43 AM ET] and [9:31:44 AM ET] having [9:31:44 AM ET] registered [9:31:44 AM ET] is consumers need to feel comfortable so use of agent pay and having [9:31:45 AM ET] agent [9:31:45 AM ET] is a good [9:31:45 AM ET] key [9:31:46 AM ET] thing. [9:31:46 AM ET] And the other thing is merchants need to be a very important [9:31:46 AM ET] good [9:31:47 AM ET] need [9:31:47 AM ET] to [9:31:47 AM ET] be [9:31:47 AM ET] actually [9:31:48 AM ET] discoverable [9:31:48 AM ET] because [9:31:48 AM ET] registered agent is a key thing and the other thing is merchants need to be actually discoverable because then [9:31:49 AM ET] then [9:31:49 AM ET] the other [9:31:49 AM ET] side [9:31:49 AM ET] of [9:31:49 AM ET] the turns [9:31:50 AM ET] transaction [9:31:50 AM ET] isn't [9:31:50 AM ET] really [9:31:51 AM ET] working. [9:31:52 AM ET] So that's a piece that [9:31:53 AM ET] is a [9:31:53 AM ET] slightly [9:31:53 AM ET] behind the piece of the [9:31:53 AM ET] the other side of transaction isn't really working so that's a piece that is [9:31:54 AM ET] first [9:31:55 AM ET] one. [9:31:55 AM ET] So if everybody [9:31:55 AM ET] uses [9:31:56 AM ET] agent [9:31:56 AM ET] pay, [9:31:56 AM ET] that [9:31:56 AM ET] doesn't [9:31:57 AM ET] mean everybody's going to be able to do [9:31:57 AM ET] using a [9:31:57 AM ET] every [9:31:57 AM ET] merchant [9:31:58 AM ET] slightly behind the first one so if everybody uses agent pay that doesn't mean that every merchant [9:31:58 AM ET] is [9:31:58 AM ET] still the [9:31:59 AM ET] discoverable. [9:32:00 AM ET] And by the way, [9:32:00 AM ET] there [9:32:00 AM ET] are a lot of people who [9:32:01 AM ET] other [9:32:01 AM ET] solutions out [9:32:02 AM ET] there [9:32:02 AM ET] similar [9:32:02 AM ET] to [9:32:02 AM ET] Agent [9:32:02 AM ET] still discoverable and by the way there are other [9:32:03 AM ET] Pay. [9:32:03 AM ET] but it's [9:32:03 AM ET] not [9:32:04 AM ET] virtual [9:32:05 AM ET] cards. [9:32:05 AM ET] So, I'm going to go to the next one. [9:32:05 AM ET] I'm going [9:32:06 AM ET] So on the merchant [9:32:06 AM ET] solutions out there similar to agent pay but it's not virtual cards [9:32:06 AM ET] discovery, the current curve [9:32:07 AM ET] side, [9:32:07 AM ET] so [9:32:08 AM ET] how do [9:32:08 AM ET] I [9:32:08 AM ET] get [9:32:09 AM ET] my [9:32:09 AM ET] so on the merchants discoverable side so how do i get my [9:32:10 AM ET] product [9:32:10 AM ET] catalog as [9:32:10 AM ET] a [9:32:11 AM ET] merchant [9:32:11 AM ET] into [9:32:11 AM ET] an [9:32:12 AM ET] Agentic [9:32:12 AM ET] experience [9:32:12 AM ET] that [9:32:13 AM ET] a [9:32:13 AM ET] consumer [9:32:13 AM ET] is [9:32:14 AM ET] choosing [9:32:14 AM ET] That's the [9:32:14 AM ET] product catalog as a merchant into an agentic experience that a consumer is choosing that's [9:32:14 AM ET] key [9:32:15 AM ET] thing. [9:32:16 AM ET] So our agent connects to the [9:32:17 AM ET] solution helps [9:32:17 AM ET] to [9:32:17 AM ET] bridge [9:32:18 AM ET] that [9:32:18 AM ET] one. [9:32:19 AM ET] the key thing so our agent connect solution helps [9:32:19 AM ET] So we're kind of [9:32:19 AM ET] ready [9:32:19 AM ET] to [9:32:19 AM ET] take [9:32:20 AM ET] off. [9:32:21 AM ET] It is in [9:32:21 AM ET] everybody's [9:32:22 AM ET] and you [9:32:22 AM ET] to bridge that one so we're kind of ready to take off it is in everybody's [9:32:22 AM ET] know [9:32:23 AM ET] best [9:32:23 AM ET] interest [9:32:23 AM ET] to use the [9:32:24 AM ET] agent pay. [9:32:24 AM ET] and [9:32:24 AM ET] an [9:32:26 AM ET] equivalents. [9:32:26 AM ET] best interest to use agent pay and equivalents [9:32:27 AM ET] We are not in the [9:32:28 AM ET] the [9:32:28 AM ET] supporting [9:32:29 AM ET] solutions [9:32:29 AM ET] that [9:32:29 AM ET] take [9:32:30 AM ET] a [9:32:30 AM ET] one-time [9:32:30 AM ET] we are not supporting solutions that take [9:32:32 AM ET] VCN. [9:32:32 AM ET] out [9:32:32 AM ET] there [9:32:32 AM ET] as [9:32:33 AM ET] you [9:32:33 AM ET] know [9:32:33 AM ET] your [9:32:33 AM ET] you're [9:32:34 AM ET] fronting [9:32:34 AM ET] a [9:32:34 AM ET] a one time vcns out there as fronting a transaction [9:32:35 AM ET] transaction. [9:32:36 AM ET] that [9:32:37 AM ET] fundamentally [9:32:37 AM ET] breaks [9:32:37 AM ET] a [9:32:38 AM ET] transaction [9:32:38 AM ET] that [9:32:38 AM ET] is [9:32:38 AM ET] important [9:32:38 AM ET] from [9:32:39 AM ET] a [9:32:39 AM ET] consumer [9:32:39 AM ET] that fundamentally breaks the transaction [9:32:40 AM ET] perspective they made [9:32:40 AM ET] a [9:32:41 AM ET] choice, it's [9:32:41 AM ET] important from a consumer [9:32:41 AM ET] reward [9:32:42 AM ET] rewards [9:32:42 AM ET] that is important from a consumer perspective they made a choice it's important [9:32:43 AM ET] perspective from [9:32:43 AM ET] a control [9:32:44 AM ET] perspective and [9:32:44 AM ET] so [9:32:45 AM ET] forth. [9:32:46 AM ET] So I think we're at the same [9:32:46 AM ET] turning [9:32:46 AM ET] from a rewards perspective from a control perspective and so forth so [9:32:46 AM ET] point [9:32:47 AM ET] where [9:32:47 AM ET] everybody [9:32:48 AM ET] is [9:32:48 AM ET] pushing [9:32:48 AM ET] in [9:32:48 AM ET] the same [9:32:49 AM ET] direction. [9:32:50 AM ET] think we're at this turning point where everybody is pushing in the same direction we are very clear that [9:32:51 AM ET] We are very clear that fully tokenized [9:32:51 AM ET] all of [9:32:51 AM ET] the [9:32:51 AM ET] way [9:32:52 AM ET] through [9:32:53 AM ET] agentic pay. [9:32:54 AM ET] or [9:32:54 AM ET] an [9:32:55 AM ET] fully tokenized all the way through agent pay or an equivalent [9:32:55 AM ET] equivalent [9:32:55 AM ET] is [9:32:55 AM ET] the [9:32:55 AM ET] way [9:32:56 AM ET] to [9:32:57 AM ET] go. [9:32:57 AM ET] If we get this all [9:32:58 AM ET] right [9:32:58 AM ET] uh it will be a good [9:32:59 AM ET] truly [9:32:59 AM ET] the [9:32:59 AM ET] next [9:32:59 AM ET] is the way to go if we get this all right it will truly be the [9:33:00 AM ET] evolution of the [9:33:00 AM ET] digital [9:33:01 AM ET] evolution of digital commerce [9:33:02 AM ET] commerce. [9:33:03 AM ET] Thank [9:33:04 AM ET] you. [9:33:09 AM ET] Next [9:33:10 AM ET] question, [9:33:11 AM ET] please. [9:33:11 AM ET] next question please [9:33:13 AM ET] Your next [9:33:13 AM ET] question is from [9:33:14 AM ET] the [9:33:14 AM ET] line [9:33:14 AM ET] of [9:33:15 AM ET] Tinjin [9:33:15 AM ET] Jin [9:33:15 AM ET] your next question is from the line of tien tsin huang [9:33:16 AM ET] Huan [9:33:16 AM ET] with [9:33:16 AM ET] J.P. [9:33:17 AM ET] with jpmorgan [9:33:17 AM ET] Morgan. Please go [9:33:18 AM ET] please go ahead [9:33:19 AM ET] ahead. [9:33:21 AM ET] Thank [9:33:21 AM ET] you. [9:33:21 AM ET] Great [9:33:22 AM ET] results [9:33:22 AM ET] here, [9:33:22 AM ET] Ling [9:33:22 AM ET] Hi. [9:33:23 AM ET] Welcome to [9:33:23 AM ET] the [9:33:23 AM ET] thank you [9:33:24 AM ET] call. [9:33:24 AM ET] I wanted to ask on just [9:33:25 AM ET] the [9:33:25 AM ET] outperformance [9:33:26 AM ET] and [9:33:26 AM ET] great results here ling hi welcome to the call i wanted to ask on just the outperformance and growth [9:33:26 AM ET] growth for [9:33:27 AM ET] the [9:33:27 AM ET] quarter and [9:33:27 AM ET] the [9:33:28 AM ET] two [9:33:28 AM ET] points [9:33:28 AM ET] of [9:33:29 AM ET] for the quarter and the two points of acceleration [9:33:30 AM ET] acceleration. [9:33:30 AM ET] in [9:33:31 AM ET] revenue [9:33:31 AM ET] growth. [9:33:32 AM ET] has seemed [9:33:32 AM ET] pretty [9:33:32 AM ET] broad [9:33:33 AM ET] but [9:33:33 AM ET] just [9:33:33 AM ET] want [9:33:34 AM ET] to [9:33:34 AM ET] in revenue growth it seemed pretty broad based [9:33:34 AM ET] maybe [9:33:34 AM ET] just give you a little bit of a [9:33:35 AM ET] us [9:33:35 AM ET] give more [9:33:35 AM ET] detail [9:33:36 AM ET] on [9:33:36 AM ET] that. [9:33:37 AM ET] Anything that was [9:33:37 AM ET] more [9:33:37 AM ET] one [9:33:37 AM ET] but just want to maybe just give us a little bit more detail on that [9:33:37 AM ET] one-time in [9:33:38 AM ET] anything that was more one time in nature [9:33:38 AM ET] nature. [9:33:39 AM ET] et [9:33:40 AM ET] cetera. [9:33:41 AM ET] etcetera [9:33:42 AM ET] Thank [9:33:42 AM ET] you, Tenjin for [9:33:43 AM ET] the [9:33:44 AM ET] question. [9:33:45 AM ET] Yes, if I look at the [9:33:46 AM ET] thank you tien tsin for the question [9:33:46 AM ET] overall performance, I think that's the first time [9:33:47 AM ET] you can see [9:33:47 AM ET] in [9:33:47 AM ET] Q [9:33:48 AM ET] it really [9:33:49 AM ET] yes if i look at the overall performance in q3 [9:33:49 AM ET] speaks [9:33:49 AM ET] to [9:33:49 AM ET] the [9:33:49 AM ET] strength [9:33:50 AM ET] of [9:33:50 AM ET] the [9:33:50 AM ET] business in the [9:33:51 AM ET] and it's [9:33:51 AM ET] very [9:33:52 AM ET] much [9:33:52 AM ET] it really speaks to the strength of the business and it's very much [9:33:53 AM ET] broad-based [9:33:53 AM ET] especially [9:33:53 AM ET] broad based especially in [9:33:53 AM ET] in [9:33:54 AM ET] value [9:33:55 AM ET] services and [9:33:56 AM ET] solutions. [9:33:56 AM ET] I do want to point out that I'm going to do [9:33:56 AM ET] be able [9:33:57 AM ET] out [9:33:57 AM ET] as [9:33:57 AM ET] you [9:33:58 AM ET] probably [9:33:58 AM ET] heard in [9:33:58 AM ET] value added services and solutions i do want to point out as you probably heard in my [9:33:59 AM ET] my [9:33:59 AM ET] prepared [9:34:00 AM ET] remarks, [9:34:00 AM ET] there [9:34:01 AM ET] is [9:34:01 AM ET] also [9:34:01 AM ET] a [9:34:01 AM ET] little [9:34:02 AM ET] bit [9:34:02 AM ET] timing [9:34:03 AM ET] of [9:34:03 AM ET] prepared remarks there is also a little bit timing [9:34:03 AM ET] services [9:34:04 AM ET] projects [9:34:05 AM ET] and [9:34:05 AM ET] also [9:34:06 AM ET] the significance of the [9:34:07 AM ET] deals [9:34:07 AM ET] moving [9:34:07 AM ET] from [9:34:07 AM ET] of services projects and also the signing of deals moving from [9:34:08 AM ET] q4 [9:34:08 AM ET] Q4 [9:34:08 AM ET] to [9:34:09 AM ET] Q3. [9:34:10 AM ET] So that really [9:34:11 AM ET] means [9:34:11 AM ET] it [9:34:11 AM ET] is [9:34:11 AM ET] a [9:34:12 AM ET] revenue [9:34:12 AM ET] benefit [9:34:13 AM ET] for [9:34:13 AM ET] to q3 so that really means it is a revenue benefit [9:34:14 AM ET] Q3. [9:34:14 AM ET] You will see a [9:34:15 AM ET] similar [9:34:15 AM ET] offset [9:34:15 AM ET] in [9:34:17 AM ET] Q4. [9:34:17 AM ET] for q3 you will see a similar offset in q4 [9:34:17 AM ET] But overall, we continue to do [9:34:18 AM ET] see [9:34:19 AM ET] strength. [9:34:19 AM ET] that underlying the strength of the [9:34:20 AM ET] business is [9:34:21 AM ET] very [9:34:21 AM ET] but overall we continue to see strength the underlying business is very strong [9:34:21 AM ET] strong. [9:34:22 AM ET] Consumers [9:34:22 AM ET] and [9:34:23 AM ET] businesses [9:34:23 AM ET] are [9:34:24 AM ET] spending. [9:34:24 AM ET] the [9:34:25 AM ET] overall [9:34:26 AM ET] environment around the [9:34:26 AM ET] remains [9:34:26 AM ET] consumers and businesses are spending the overall environment [9:34:26 AM ET] very [9:34:28 AM ET] supportive. [9:34:29 AM ET] Consumer sentiment [9:34:29 AM ET] is [9:34:30 AM ET] positive. [9:34:30 AM ET] so all those [9:34:30 AM ET] things [9:34:31 AM ET] remains very supportive consumer sentiment is positive so all those things [9:34:31 AM ET] are [9:34:31 AM ET] very [9:34:32 AM ET] good. [9:34:32 AM ET] But we also [9:34:33 AM ET] know [9:34:33 AM ET] there's a lot of good [9:34:34 AM ET] there's [9:34:35 AM ET] uncertainty [9:34:35 AM ET] there's puts [9:34:35 AM ET] and [9:34:35 AM ET] are very good but we also know there's [9:34:36 AM ET] takes. [9:34:36 AM ET] But [9:34:37 AM ET] overall [9:34:37 AM ET] Q3 [9:34:38 AM ET] is [9:34:38 AM ET] very [9:34:38 AM ET] there's uncertainty there's puts and takes but overall [9:34:39 AM ET] strong [9:34:40 AM ET] and [9:34:40 AM ET] we're [9:34:40 AM ET] very, very [9:34:41 AM ET] glad about [9:34:41 AM ET] their [9:34:42 AM ET] q3 is very strong and [9:34:42 AM ET] the [9:34:42 AM ET] we're very very glad about the accomplishment [9:34:43 AM ET] accomplishment. [9:34:44 AM ET] Thank [9:34:44 AM ET] thank you [9:34:44 AM ET] you. [9:34:48 AM ET] You [9:34:48 AM ET] Your next [9:34:49 AM ET] question [9:34:50 AM ET] is for [9:34:50 AM ET] from [9:34:50 AM ET] the [9:34:50 AM ET] line [9:34:51 AM ET] of [9:34:51 AM ET] Adam [9:34:52 AM ET] Frisk [9:34:52 AM ET] your next question is from the line of adam frisk [9:34:52 AM ET] with [9:34:53 AM ET] Evercore [9:34:54 AM ET] with evercore isi [9:34:54 AM ET] ISI. [9:34:54 AM ET] Please do [9:34:54 AM ET] go [9:34:55 AM ET] please go ahead [9:34:56 AM ET] ahead. [9:34:56 AM ET] Hi, thank [9:34:56 AM ET] for taking [9:34:56 AM ET] my [9:34:57 AM ET] question. [9:34:58 AM ET] Um, cross border [9:34:58 AM ET] is the celebration of [9:34:59 AM ET] a [9:34:59 AM ET] little [9:35:00 AM ET] cross border has [9:35:00 AM ET] bit. [9:35:00 AM ET] accelerated a little bit still [9:35:01 AM ET] still [9:35:01 AM ET] obviously [9:35:01 AM ET] strong, [9:35:02 AM ET] but [9:35:02 AM ET] um I know there [9:35:02 AM ET] were [9:35:03 AM ET] some [9:35:03 AM ET] portfolio [9:35:03 AM ET] changes [9:35:03 AM ET] in recent [9:35:05 AM ET] quarters, so should [9:35:05 AM ET] we explain to [9:35:05 AM ET] obviously strong but i know there were some portfolio changes in recent quarters so [9:35:05 AM ET] some [9:35:06 AM ET] modest [9:35:07 AM ET] acceleration [9:35:07 AM ET] there as you [9:35:08 AM ET] move [9:35:08 AM ET] forward and [9:35:08 AM ET] lap [9:35:09 AM ET] the [9:35:09 AM ET] comps [9:35:09 AM ET] or are [9:35:09 AM ET] should we expect some modest acceleration there as you move forward in lap [9:35:09 AM ET] there [9:35:10 AM ET] some [9:35:10 AM ET] underlying [9:35:10 AM ET] trends [9:35:11 AM ET] that [9:35:11 AM ET] are [9:35:11 AM ET] having [9:35:11 AM ET] a lot [9:35:11 AM ET] larger [9:35:12 AM ET] effect? [9:35:13 AM ET] And then, Michael, [9:35:13 AM ET] just a quick [9:35:13 AM ET] the comps or are there some underlying trends that are having a larger effect [9:35:14 AM ET] clarification, if there's [9:35:15 AM ET] a [9:35:16 AM ET] processor, [9:35:16 AM ET] that [9:35:17 AM ET] and then michael just a clarification if there's a processor [9:35:17 AM ET] is [9:35:18 AM ET] using [9:35:18 AM ET] a [9:35:18 AM ET] virtual [9:35:19 AM ET] card [9:35:19 AM ET] to [9:35:19 AM ET] facilitate [9:35:20 AM ET] a [9:35:20 AM ET] gentic [9:35:21 AM ET] that is using a virtual card to facilitate a gentic transaction [9:35:21 AM ET] transaction. [9:35:21 AM ET] So if [9:35:21 AM ET] I put [9:35:22 AM ET] my [9:35:22 AM ET] master [9:35:22 AM ET] card [9:35:22 AM ET] in [9:35:23 AM ET] this [9:35:23 AM ET] particular [9:35:23 AM ET] so if i put my mastercard in this particular wallet [9:35:24 AM ET] wallet [9:35:24 AM ET] and [9:35:24 AM ET] they [9:35:24 AM ET] use [9:35:24 AM ET] a [9:35:24 AM ET] virtual [9:35:25 AM ET] card [9:35:25 AM ET] and they use a virtual card to [9:35:26 AM ET] to [9:35:26 AM ET] facilitate [9:35:26 AM ET] the [9:35:27 AM ET] transaction. [9:35:27 AM ET] Are you [9:35:27 AM ET] not [9:35:28 AM ET] supporting [9:35:28 AM ET] that [9:35:29 AM ET] facilitate the transaction are you not supporting that scenario [9:35:29 AM ET] scenario? [9:35:29 AM ET] Thanks, [9:35:30 AM ET] guys. [9:35:33 AM ET] Thanks, Adam. [9:35:34 AM ET] Let me take the [9:35:34 AM ET] first [9:35:34 AM ET] part of the [9:35:35 AM ET] question [9:35:35 AM ET] thanks adam let me take [9:35:36 AM ET] first. [9:35:36 AM ET] the first part of the question first [9:35:37 AM ET] I think I'm going to go ahead and [9:35:38 AM ET] I first off the bat I would [9:35:38 AM ET] say [9:35:38 AM ET] when [9:35:39 AM ET] you look at the best, you can do [9:35:40 AM ET] cross-border [9:35:40 AM ET] volume [9:35:40 AM ET] at [9:35:41 AM ET] i first off the bat i would say when you look at cross [9:35:41 AM ET] 11%, [9:35:41 AM ET] that [9:35:42 AM ET] is [9:35:42 AM ET] very [9:35:43 AM ET] strong. [9:35:43 AM ET] And [9:35:44 AM ET] border volume at eleven percent that is very strong [9:35:44 AM ET] then yes not not [9:35:45 AM ET] to [9:35:46 AM ET] also [9:35:46 AM ET] minimize [9:35:46 AM ET] the [9:35:47 AM ET] revenue [9:35:47 AM ET] side [9:35:47 AM ET] and then not to also minimize the revenue side cross [9:35:47 AM ET] cross [9:35:49 AM ET] assessment [9:35:49 AM ET] is [9:35:49 AM ET] 16% [9:35:50 AM ET] growth. [9:35:50 AM ET] So that's very [9:35:51 AM ET] strong [9:35:52 AM ET] performance. [9:35:52 AM ET] If we [9:35:52 AM ET] break it out, we can't do [9:35:52 AM ET] border assessment is sixteen percent growth so that's very strong performance [9:35:52 AM ET] a little bit, we're going to be able to [9:35:53 AM ET] little bit, [9:35:53 AM ET] as you can [9:35:53 AM ET] heard [9:35:53 AM ET] me [9:35:54 AM ET] talk about [9:35:55 AM ET] about, [9:35:55 AM ET] if [9:35:55 AM ET] you look at the [9:35:56 AM ET] if we break it out a little bit as you heard me talk about [9:35:56 AM ET] if you look at [9:35:57 AM ET] the [9:35:58 AM ET] the cross border [9:35:58 AM ET] cross-border [9:35:58 AM ET] carton [9:35:59 AM ET] present [9:35:59 AM ET] excluding Trump [9:36:01 AM ET] travel. [9:36:01 AM ET] you [9:36:02 AM ET] seeing [9:36:02 AM ET] a [9:36:02 AM ET] Q2 [9:36:03 AM ET] 20% [9:36:03 AM ET] card not present excluding travel you're seeing [9:36:03 AM ET] go [9:36:03 AM ET] going to [9:36:04 AM ET] 15%. [9:36:05 AM ET] But 15% of the [9:36:05 AM ET] is [9:36:06 AM ET] also very [9:36:06 AM ET] q2 twenty percent going to fifteen percent but fifteen percent is also very [9:36:07 AM ET] strong. [9:36:07 AM ET] and I provided [9:36:07 AM ET] the [9:36:08 AM ET] explanations [9:36:09 AM ET] for [9:36:09 AM ET] why [9:36:09 AM ET] we [9:36:09 AM ET] are [9:36:10 AM ET] strong and i provided the explanations for why we are seeing [9:36:11 AM ET] seeing a little [9:36:11 AM ET] bit of a lot [9:36:12 AM ET] a [9:36:12 AM ET] downward [9:36:13 AM ET] trend [9:36:13 AM ET] in terms [9:36:14 AM ET] a little bit of a downward trend in terms of [9:36:14 AM ET] of [9:36:14 AM ET] the [9:36:15 AM ET] volume. [9:36:16 AM ET] and mostly it's [9:36:16 AM ET] the volume and mostly it's intra [9:36:16 AM ET] intra, which [9:36:17 AM ET] is [9:36:17 AM ET] uh [9:36:18 AM ET] lower [9:36:19 AM ET] yielding. [9:36:19 AM ET] and the [9:36:20 AM ET] other [9:36:20 AM ET] cross-border [9:36:21 AM ET] volume which [9:36:21 AM ET] is [9:36:21 AM ET] which is lower yielding and the [9:36:21 AM ET] the [9:36:22 AM ET] intra [9:36:22 AM ET] remains [9:36:23 AM ET] very [9:36:23 AM ET] healthy, [9:36:23 AM ET] very [9:36:25 AM ET] cross border volume which is the intra volume remains very healthy very resilient [9:36:25 AM ET] resilient. [9:36:25 AM ET] Now, as I have [9:36:26 AM ET] always [9:36:27 AM ET] said, [9:36:27 AM ET] we benefit from the best of the [9:36:27 AM ET] benefit [9:36:28 AM ET] our [9:36:29 AM ET] now as i have always said we [9:36:29 AM ET] diversification so you [9:36:29 AM ET] can [9:36:30 AM ET] have [9:36:30 AM ET] impact [9:36:31 AM ET] hitting [9:36:31 AM ET] in [9:36:31 AM ET] one [9:36:32 AM ET] segment [9:36:32 AM ET] one [9:36:32 AM ET] benefit from our diversification so you can have impact [9:36:33 AM ET] geography, but we [9:36:33 AM ET] can [9:36:33 AM ET] handle [9:36:34 AM ET] that [9:36:34 AM ET] because [9:36:34 AM ET] we're [9:36:35 AM ET] diversify [9:36:35 AM ET] hitting in one segment one geography but we can handle that [9:36:35 AM ET] and [9:36:36 AM ET] also [9:36:36 AM ET] benefit [9:36:36 AM ET] from [9:36:36 AM ET] up [9:36:37 AM ET] optics [9:36:37 AM ET] in [9:36:37 AM ET] other [9:36:38 AM ET] areas. [9:36:39 AM ET] because we're diversified and also benefit from upticks [9:36:39 AM ET] A great example of [9:36:39 AM ET] this [9:36:39 AM ET] year [9:36:40 AM ET] is [9:36:40 AM ET] we [9:36:40 AM ET] saw [9:36:40 AM ET] some [9:36:41 AM ET] negative [9:36:41 AM ET] impact out [9:36:41 AM ET] of [9:36:42 AM ET] the [9:36:42 AM ET] in other area a great example this year is we saw some negative impact [9:36:42 AM ET] Middle [9:36:42 AM ET] East, the [9:36:43 AM ET] GCC kind of [9:36:44 AM ET] countries. [9:36:44 AM ET] but [9:36:44 AM ET] then [9:36:45 AM ET] you see the fact that [9:36:45 AM ET] this [9:36:46 AM ET] benefit in terms [9:36:46 AM ET] out of the middle east the gcc countries but then we see this benefit [9:36:46 AM ET] of [9:36:47 AM ET] our [9:36:47 AM ET] outbound [9:36:47 AM ET] from [9:36:48 AM ET] Venezuela, [9:36:49 AM ET] right? [9:36:50 AM ET] So and and in terms [9:36:51 AM ET] of [9:36:51 AM ET] in terms of outbound from venezuela right so [9:36:51 AM ET] where [9:36:51 AM ET] cross-border [9:36:52 AM ET] travel [9:36:52 AM ET] standards [9:36:53 AM ET] stands, [9:36:53 AM ET] I look [9:36:53 AM ET] alluded [9:36:54 AM ET] to [9:36:54 AM ET] the [9:36:54 AM ET] and in terms of where cross border travel stands [9:36:54 AM ET] fact that [9:36:55 AM ET] yes, [9:36:55 AM ET] the [9:36:55 AM ET] East is a very [9:36:56 AM ET] conflict [9:36:57 AM ET] will [9:36:57 AM ET] continue [9:36:57 AM ET] to be a very important [9:36:58 AM ET] i alluded to the fact that yes the middle east conflict will continue to have [9:36:58 AM ET] have [9:36:58 AM ET] an [9:36:59 AM ET] an impact [9:36:59 AM ET] impact. [9:37:00 AM ET] but as [9:37:00 AM ET] we look [9:37:00 AM ET] at [9:37:00 AM ET] this [9:37:00 AM ET] the balance of [9:37:01 AM ET] the [9:37:01 AM ET] year, as we have to [9:37:02 AM ET] we've [9:37:02 AM ET] told [9:37:02 AM ET] you [9:37:03 AM ET] before, we [9:37:04 AM ET] are [9:37:04 AM ET] but as we look at this the balance of the year as we've told you before [9:37:04 AM ET] expecting [9:37:04 AM ET] a [9:37:04 AM ET] level [9:37:05 AM ET] that's [9:37:05 AM ET] similar [9:37:05 AM ET] to [9:37:06 AM ET] the [9:37:06 AM ET] end [9:37:06 AM ET] of [9:37:07 AM ET] Q2 and that's [9:37:07 AM ET] what we're [9:37:07 AM ET] we [9:37:08 AM ET] we are expecting a level that's similar to the end of q2 and [9:37:08 AM ET] see [9:37:09 AM ET] in [9:37:10 AM ET] Q3. [9:37:11 AM ET] So I think that's a good [9:37:11 AM ET] I [9:37:11 AM ET] about [9:37:11 AM ET] that's what we see in q3 so [9:37:12 AM ET] the middle of [9:37:12 AM ET] East [9:37:13 AM ET] conflict, I [9:37:13 AM ET] think about [9:37:13 AM ET] the [9:37:14 AM ET] share [9:37:14 AM ET] shifts [9:37:14 AM ET] you [9:37:15 AM ET] mentioned. [9:37:15 AM ET] i think about the middle east conflict i think about the share shifts you mentioned [9:37:15 AM ET] both of [9:37:15 AM ET] a [9:37:15 AM ET] are [9:37:16 AM ET] discrete and [9:37:16 AM ET] do [9:37:16 AM ET] not represent the [9:37:17 AM ET] any [9:37:17 AM ET] fundamental [9:37:18 AM ET] change [9:37:18 AM ET] to [9:37:18 AM ET] both are discrete and do not represent any fundamental change to our [9:37:19 AM ET] our [9:37:20 AM ET] proposition. [9:37:20 AM ET] I think that's a good question. [9:37:20 AM ET] that [9:37:21 AM ET] the underlying [9:37:21 AM ET] spend [9:37:21 AM ET] remains [9:37:22 AM ET] proposition i think the underlying spend remains strong [9:37:22 AM ET] strong. [9:37:23 AM ET] and we're [9:37:23 AM ET] are very focused on [9:37:24 AM ET] driving [9:37:24 AM ET] cross-border [9:37:25 AM ET] travel. [9:37:26 AM ET] We have those [9:37:26 AM ET] services [9:37:26 AM ET] that's [9:37:27 AM ET] and we're very focused on driving cross border travel we have those services that's called [9:37:27 AM ET] called [9:37:28 AM ET] optimization [9:37:29 AM ET] travel [9:37:30 AM ET] rewards. [9:37:30 AM ET] So we'll continue to do [9:37:31 AM ET] that. [9:37:31 AM ET] So what's [9:37:32 AM ET] important [9:37:32 AM ET] to know is that we're going [9:37:32 AM ET] optimization travel rewards so we'll continue to do that so what's important [9:37:32 AM ET] note [9:37:33 AM ET] is [9:37:33 AM ET] that [9:37:33 AM ET] we [9:37:34 AM ET] will continue to do [9:37:34 AM ET] be [9:37:34 AM ET] focused [9:37:35 AM ET] on [9:37:36 AM ET] giving [9:37:36 AM ET] our [9:37:36 AM ET] consumers [9:37:36 AM ET] the right to [9:37:36 AM ET] to note is that we will continue to be focused on giving our consumers the [9:37:37 AM ET] propositions [9:37:37 AM ET] for [9:37:38 AM ET] cross-border. [9:37:39 AM ET] whether it's [9:37:39 AM ET] travel [9:37:39 AM ET] or [9:37:40 AM ET] right propositions for cross border whether it's travel or non travel [9:37:40 AM ET] non-travel. [9:37:41 AM ET] And Adam, to [9:37:42 AM ET] your clarification [9:37:43 AM ET] question on [9:37:43 AM ET] the [9:37:43 AM ET] test. [9:37:43 AM ET] single [9:37:44 AM ET] So let [9:37:44 AM ET] me [9:37:45 AM ET] and adam to your clarification question on agent [9:37:45 AM ET] so let me [9:37:45 AM ET] leave [9:37:46 AM ET] be very [9:37:47 AM ET] clear. [9:37:48 AM ET] Um what we're not [9:37:48 AM ET] supporting [9:37:49 AM ET] is [9:37:50 AM ET] VCN [9:37:50 AM ET] as [9:37:50 AM ET] me be very clear what we're not supporting is [9:37:50 AM ET] a [9:37:51 AM ET] solution [9:37:51 AM ET] in [9:37:51 AM ET] between that [9:37:51 AM ET] is [9:37:52 AM ET] not [9:37:52 AM ET] the [9:37:52 AM ET] consumer [9:37:53 AM ET] scenario that [9:37:53 AM ET] actually [9:37:53 AM ET] you [9:37:53 AM ET] vcn as a solution in between that is not [9:37:54 AM ET] ask. [9:37:54 AM ET] He said if [9:37:54 AM ET] you [9:37:55 AM ET] put your [9:37:55 AM ET] cards [9:37:56 AM ET] somewhere into [9:37:56 AM ET] an [9:37:56 AM ET] agent as a certain amount [9:37:56 AM ET] an [9:37:56 AM ET] agent for the [9:37:57 AM ET] the consumer scenario that actually you are so you said if you put your card somewhere into an agent as an agent [9:37:57 AM ET] first [9:37:57 AM ET] solution, [9:37:57 AM ET] or [9:37:58 AM ET] whatever it [9:37:58 AM ET] is. [9:37:58 AM ET] Consumers don't have to do [9:37:59 AM ET] what [9:37:59 AM ET] they [9:38:00 AM ET] do [9:38:00 AM ET] and [9:38:00 AM ET] it's [9:38:00 AM ET] their [9:38:01 AM ET] choice and we try to do [9:38:01 AM ET] give [9:38:01 AM ET] the [9:38:01 AM ET] them [9:38:01 AM ET] first solution or whatever it is consumers do what they do [9:38:01 AM ET] many [9:38:02 AM ET] choices to [9:38:02 AM ET] choose [9:38:04 AM ET] MasterCard. [9:38:04 AM ET] If VCN is a [9:38:04 AM ET] and it's their choice and we try to give them many choices to choose mastercard [9:38:05 AM ET] processor, [9:38:05 AM ET] decision, [9:38:06 AM ET] that [9:38:06 AM ET] is [9:38:06 AM ET] a [9:38:06 AM ET] bridge [9:38:07 AM ET] to [9:38:07 AM ET] get ready to do [9:38:08 AM ET] for [9:38:08 AM ET] a [9:38:08 AM ET] a vcn is a processor decision that is a bridge [9:38:08 AM ET] fully [9:38:08 AM ET] tokenized [9:38:09 AM ET] transaction all the [9:38:10 AM ET] way [9:38:10 AM ET] through [9:38:10 AM ET] for [9:38:10 AM ET] a [9:38:11 AM ET] period [9:38:11 AM ET] of [9:38:11 AM ET] to get ready for a fully tokenized transaction all the way through for a period of time [9:38:12 AM ET] time. [9:38:12 AM ET] We are cognizant [9:38:12 AM ET] that [9:38:13 AM ET] these ecosystems [9:38:13 AM ET] needs to be a very [9:38:14 AM ET] get [9:38:15 AM ET] there. [9:38:15 AM ET] No [9:38:15 AM ET] question about [9:38:16 AM ET] it, but [9:38:16 AM ET] that's [9:38:16 AM ET] not [9:38:16 AM ET] a long [9:38:16 AM ET] are cognizant that this ecosystem needs to get there no question about it but that's [9:38:17 AM ET] long-term [9:38:17 AM ET] solution [9:38:18 AM ET] that [9:38:18 AM ET] we [9:38:18 AM ET] will [9:38:19 AM ET] not a long term solution that we will support [9:38:19 AM ET] support. [9:38:20 AM ET] Thank you [9:38:21 AM ET] guys. [9:38:24 AM ET] Your next question is from the [9:38:24 AM ET] line of [9:38:24 AM ET] Andrew [9:38:25 AM ET] your next question is from the line of andrew schmidt [9:38:25 AM ET] Schmidt [9:38:25 AM ET] with [9:38:26 AM ET] T-Bank [9:38:26 AM ET] Capital [9:38:27 AM ET] with keybanc capital markets [9:38:27 AM ET] Markets. [9:38:28 AM ET] Please [9:38:28 AM ET] go [9:38:28 AM ET] please go ahead [9:38:29 AM ET] ahead. [9:38:31 AM ET] Thank you very [9:38:32 AM ET] much. Hi, [9:38:32 AM ET] Michael. Hi, [9:38:33 AM ET] Ling. Good [9:38:34 AM ET] morning. [9:38:35 AM ET] you very much hi michael hi ling good morning maybe you could just [9:38:36 AM ET] Maybe we could just touch on the [9:38:36 AM ET] competitive [9:38:37 AM ET] environment [9:38:38 AM ET] in, you [9:38:38 AM ET] developing [9:38:39 AM ET] markets [9:38:40 AM ET] like [9:38:40 AM ET] touch on the competitive environment in developing markets like [9:38:40 AM ET] India [9:38:40 AM ET] and [9:38:41 AM ET] Brazil, [9:38:41 AM ET] where there [9:38:41 AM ET] are [9:38:43 AM ET] entrenched [9:38:43 AM ET] A2A [9:38:44 AM ET] systems. [9:38:45 AM ET] india and brazil where there are entrenched a2a systems are the [9:38:45 AM ET] The [9:38:46 AM ET] HDFC deals with the [9:38:46 AM ET] sort [9:38:46 AM ET] of pays for [9:38:46 AM ET] my [9:38:47 AM ET] interest, [9:38:47 AM ET] but [9:38:47 AM ET] there's [9:38:47 AM ET] been some interesting [9:38:48 AM ET] developments [9:38:49 AM ET] there. [9:38:49 AM ET] UPI [9:38:49 AM ET] hdfc deal sort of piqued my interest but there's been some interesting developments there [9:38:50 AM ET] pricing [9:38:50 AM ET] has [9:38:51 AM ET] increased. [9:38:52 AM ET] It seems like the market is a very important [9:38:52 AM ET] might [9:38:52 AM ET] be [9:38:52 AM ET] brought to the [9:38:53 AM ET] out a little [9:38:53 AM ET] upi pricing has increased it seems like [9:38:54 AM ET] bit. [9:38:54 AM ET] But if you could just talk [9:38:55 AM ET] about [9:38:56 AM ET] positioning [9:38:56 AM ET] in [9:38:56 AM ET] any [9:38:56 AM ET] changes that you can [9:38:56 AM ET] the markets might be broadening out a little bit but if you could just talk about [9:38:57 AM ET] there, that'd be [9:38:57 AM ET] would [9:38:58 AM ET] helpful. Thank [9:38:58 AM ET] you so [9:38:58 AM ET] positioning any changes there that'd be helpful [9:38:59 AM ET] much. [9:39:01 AM ET] All right. Thank you for your [9:39:02 AM ET] questions. [9:39:03 AM ET] So let me [9:39:03 AM ET] all right thank you for your question so [9:39:04 AM ET] just frame [9:39:04 AM ET] up [9:39:05 AM ET] the [9:39:05 AM ET] payment [9:39:06 AM ET] ecosystem [9:39:06 AM ET] to [9:39:06 AM ET] start [9:39:07 AM ET] with. [9:39:07 AM ET] let me just frame up the payment ecosystem to [9:39:07 AM ET] super [9:39:08 AM ET] competitive [9:39:09 AM ET] and [9:39:09 AM ET] there's [9:39:09 AM ET] nothing [9:39:09 AM ET] new [9:39:10 AM ET] there so [9:39:10 AM ET] it's [9:39:10 AM ET] been [9:39:11 AM ET] competitive [9:39:11 AM ET] start with super competitive and there's nothing new there so it's been competitive [9:39:11 AM ET] for some [9:39:13 AM ET] for [9:39:13 AM ET] time. [9:39:13 AM ET] And you have [9:39:14 AM ET] these [9:39:15 AM ET] for some time and you have these [9:39:15 AM ET] wide range [9:39:16 AM ET] ranges [9:39:16 AM ET] of [9:39:17 AM ET] competitors [9:39:17 AM ET] that [9:39:17 AM ET] are [9:39:18 AM ET] coming [9:39:19 AM ET] in. [9:39:19 AM ET] uh [9:39:19 AM ET] into [9:39:19 AM ET] payments [9:39:19 AM ET] and [9:39:20 AM ET] wide ranges of competitors that are coming in into [9:39:20 AM ET] seeing [9:39:20 AM ET] the [9:39:20 AM ET] potential [9:39:20 AM ET] that [9:39:21 AM ET] we're [9:39:22 AM ET] seeing. [9:39:22 AM ET] so if i go through [9:39:22 AM ET] some catalogs, I'm going to go [9:39:23 AM ET] because [9:39:24 AM ET] before [9:39:24 AM ET] payments and seeing the potential that we're seeing so if i go through some [9:39:24 AM ET] I [9:39:24 AM ET] myself, I'm going to go [9:39:24 AM ET] my [9:39:24 AM ET] way [9:39:24 AM ET] all [9:39:24 AM ET] the [9:39:25 AM ET] to [9:39:26 AM ET] India, you [9:39:26 AM ET] know, [9:39:26 AM ET] digital [9:39:26 AM ET] players will be able to do [9:39:27 AM ET] wallets, [9:39:27 AM ET] categories because before i find my way all the way to india [9:39:27 AM ET] buy [9:39:27 AM ET] now, [9:39:28 AM ET] I'll pay [9:39:28 AM ET] later, [9:39:29 AM ET] providers [9:39:29 AM ET] have [9:39:29 AM ET] come [9:39:30 AM ET] in [9:39:30 AM ET] and [9:39:30 AM ET] in the [9:39:30 AM ET] digital players wallets buy now pay later providers [9:39:31 AM ET] end, found a way to do [9:39:31 AM ET] partner with the [9:39:32 AM ET] because [9:39:33 AM ET] we [9:39:33 AM ET] provide [9:39:33 AM ET] scale [9:39:34 AM ET] and [9:39:34 AM ET] have come in and in the end found a way to partner [9:39:34 AM ET] protections and so [9:39:35 AM ET] forth. [9:39:36 AM ET] So that's [9:39:36 AM ET] one [9:39:36 AM ET] angle [9:39:36 AM ET] on [9:39:37 AM ET] how [9:39:37 AM ET] we deal with the [9:39:37 AM ET] because we provide scale and protections and so forth so [9:39:38 AM ET] uh [9:39:38 AM ET] with you [9:39:38 AM ET] know [9:39:39 AM ET] how [9:39:39 AM ET] we [9:39:39 AM ET] partner [9:39:39 AM ET] with [9:39:40 AM ET] uh [9:39:40 AM ET] new [9:39:40 AM ET] that's one angle on how we deal with how we [9:39:41 AM ET] entrants. [9:39:41 AM ET] uh [9:39:42 AM ET] Stable coins [9:39:42 AM ET] has been [9:39:43 AM ET] another kind [9:39:43 AM ET] of [9:39:43 AM ET] shift [9:39:43 AM ET] in [9:39:44 AM ET] the [9:39:44 AM ET] partner with new entrants stablecoin has been another kind of shift in the [9:39:45 AM ET] ecosystem. [9:39:45 AM ET] We've integrated [9:39:45 AM ET] that [9:39:45 AM ET] out [9:39:45 AM ET] at [9:39:46 AM ET] into [9:39:46 AM ET] our [9:39:46 AM ET] ecosystem we've integrated that into our system [9:39:47 AM ET] system. [9:39:47 AM ET] to [9:39:47 AM ET] make [9:39:47 AM ET] that as [9:39:48 AM ET] available [9:39:48 AM ET] because [9:39:48 AM ET] we [9:39:49 AM ET] believe [9:39:49 AM ET] in [9:39:49 AM ET] consumer [9:39:50 AM ET] choice. [9:39:51 AM ET] and we partner [9:39:51 AM ET] with [9:39:51 AM ET] governments [9:39:52 AM ET] in [9:39:52 AM ET] to make that as available because we believe in consumer choice [9:39:52 AM ET] and central [9:39:52 AM ET] banks. [9:39:53 AM ET] around [9:39:53 AM ET] the [9:39:54 AM ET] world. [9:39:54 AM ET] and we do [9:39:54 AM ET] that [9:39:55 AM ET] on [9:39:55 AM ET] financial [9:39:55 AM ET] and we partner with governments and central banks around the world and we do that [9:39:56 AM ET] inclusion we do [9:39:56 AM ET] that [9:39:56 AM ET] on [9:39:57 AM ET] protecting [9:39:57 AM ET] their [9:39:59 AM ET] economies. [9:39:59 AM ET] There are so many [9:39:59 AM ET] on financial inclusion we do that protecting their economies [9:40:00 AM ET] ways in [9:40:00 AM ET] and how [9:40:00 AM ET] we're [9:40:01 AM ET] engaged [9:40:01 AM ET] in [9:40:01 AM ET] these [9:40:02 AM ET] 220 [9:40:02 AM ET] countries and [9:40:03 AM ET] territories [9:40:03 AM ET] around the [9:40:03 AM ET] there are so many ways on how we're engaged in these two twenty countries and [9:40:04 AM ET] world. [9:40:05 AM ET] Now, you mentioned that the world is a very important part of the [9:40:05 AM ET] India [9:40:05 AM ET] and [9:40:06 AM ET] in [9:40:07 AM ET] particular. [9:40:07 AM ET] territories around the world now you mentioned india in particular india in [9:40:08 AM ET] Um yeah India in partic yeah is is [9:40:09 AM ET] a somewhat [9:40:09 AM ET] unique [9:40:10 AM ET] uh [9:40:10 AM ET] in [9:40:10 AM ET] s [9:40:10 AM ET] uh [9:40:11 AM ET] situation [9:40:11 AM ET] but [9:40:11 AM ET] not [9:40:12 AM ET] totally [9:40:12 AM ET] is a somewhat unique [9:40:12 AM ET] unique. You [9:40:13 AM ET] could [9:40:13 AM ET] uh [9:40:13 AM ET] draw [9:40:13 AM ET] some [9:40:14 AM ET] comparison [9:40:14 AM ET] to [9:40:14 AM ET] Brazil [9:40:14 AM ET] as [9:40:15 AM ET] well. [9:40:15 AM ET] situation but not totally unique you could draw some comparison to brazil as well [9:40:15 AM ET] where there's [9:40:16 AM ET] two [9:40:16 AM ET] large [9:40:17 AM ET] economies [9:40:17 AM ET] that [9:40:17 AM ET] have [9:40:17 AM ET] had [9:40:18 AM ET] one [9:40:19 AM ET] particular [9:40:19 AM ET] uh issue [9:40:19 AM ET] that [9:40:19 AM ET] wasn't [9:40:20 AM ET] where there's two large economies that had one particular [9:40:20 AM ET] solved [9:40:20 AM ET] by [9:40:20 AM ET] the [9:40:20 AM ET] private [9:40:21 AM ET] sector and [9:40:21 AM ET] that [9:40:22 AM ET] was [9:40:22 AM ET] financial [9:40:23 AM ET] inclusion with [9:40:23 AM ET] very [9:40:23 AM ET] issue that wasn't solved by the private sector and that was financial [9:40:24 AM ET] large [9:40:25 AM ET] population [9:40:25 AM ET] sets where [9:40:26 AM ET] people [9:40:26 AM ET] don't [9:40:26 AM ET] have access [9:40:27 AM ET] to the power of the [9:40:27 AM ET] financial inclusion with very large population sets [9:40:27 AM ET] at [9:40:28 AM ET] I talked [9:40:28 AM ET] about [9:40:28 AM ET] this in the [9:40:28 AM ET] my [9:40:29 AM ET] prepared [9:40:30 AM ET] remarks. [9:40:30 AM ET] where people don't have access i talked about this in my prepared remarks that [9:40:30 AM ET] that you [9:40:30 AM ET] know [9:40:30 AM ET] we [9:40:31 AM ET] as [9:40:31 AM ET] the process of [9:40:31 AM ET] private [9:40:32 AM ET] sector [9:40:32 AM ET] and [9:40:33 AM ET] Maastricht and [9:40:33 AM ET] in [9:40:33 AM ET] particular [9:40:33 AM ET] is [9:40:34 AM ET] very [9:40:34 AM ET] focused [9:40:34 AM ET] on [9:40:35 AM ET] financial [9:40:35 AM ET] we as the private sector and mastercard in particular is very focused on [9:40:36 AM ET] inclusion. [9:40:36 AM ET] So we are [9:40:36 AM ET] driving [9:40:37 AM ET] that. [9:40:38 AM ET] Now, but it is [9:40:38 AM ET] true [9:40:38 AM ET] that you [9:40:39 AM ET] in [9:40:39 AM ET] inclusion so we are driving that now but it is true that in india [9:40:39 AM ET] India, one of [9:40:40 AM ET] the [9:40:40 AM ET] most [9:40:41 AM ET] competitive [9:40:41 AM ET] and [9:40:42 AM ET] dynamic [9:40:42 AM ET] payments [9:40:42 AM ET] markets in the [9:40:44 AM ET] world. [9:40:44 AM ET] the [9:40:44 AM ET] Indian [9:40:44 AM ET] one of the most competitive and dynamic payments markets in the world [9:40:44 AM ET] government [9:40:45 AM ET] has led to the [9:40:46 AM ET] uh you [9:40:46 AM ET] the [9:40:46 AM ET] setup of [9:40:47 AM ET] UPI, [9:40:47 AM ET] which [9:40:47 AM ET] is [9:40:48 AM ET] a [9:40:48 AM ET] tremendous [9:40:48 AM ET] the indian government has led the setup of upi which is a tremendous [9:40:49 AM ET] system, [9:40:49 AM ET] is brought to the [9:40:49 AM ET] a [9:40:49 AM ET] lot [9:40:50 AM ET] of [9:40:50 AM ET] people [9:40:50 AM ET] into [9:40:50 AM ET] the financial [9:40:52 AM ET] ecosystem which [9:40:52 AM ET] is [9:40:52 AM ET] generally [9:40:53 AM ET] system and has brought a lot of people into the financial ecosystem which is [9:40:54 AM ET] fantastic. [9:40:55 AM ET] Now, [9:40:55 AM ET] this has [9:40:56 AM ET] grown [9:40:56 AM ET] to [9:40:56 AM ET] s [9:40:57 AM ET] considerable [9:40:57 AM ET] generally fantastic now this has grown to considerable [9:40:57 AM ET] scale, [9:40:57 AM ET] but you [9:40:58 AM ET] know if [9:40:58 AM ET] we [9:40:58 AM ET] go [9:40:58 AM ET] by [9:40:59 AM ET] reports [9:40:59 AM ET] uh there [9:41:00 AM ET] are [9:41:01 AM ET] reports [9:41:01 AM ET] that [9:41:01 AM ET] are [9:41:01 AM ET] saying [9:41:01 AM ET] that [9:41:02 AM ET] the [9:41:02 AM ET] scale but if we go by reports there are reports that are saying that [9:41:02 AM ET] government [9:41:02 AM ET] is [9:41:03 AM ET] considering the [9:41:04 AM ET] uh [9:41:04 AM ET] the kind [9:41:04 AM ET] of [9:41:05 AM ET] owners [9:41:05 AM ET] of [9:41:06 AM ET] UPI are [9:41:07 AM ET] government is considering the kind of owners of upi are considering [9:41:07 AM ET] considering um [9:41:08 AM ET] to [9:41:08 AM ET] have [9:41:09 AM ET] some [9:41:09 AM ET] additional [9:41:09 AM ET] fees [9:41:09 AM ET] in [9:41:10 AM ET] there that [9:41:11 AM ET] will [9:41:11 AM ET] I [9:41:12 AM ET] to have some additional fees in there that will [9:41:12 AM ET] presumably I [9:41:12 AM ET] mean [9:41:12 AM ET] can't [9:41:12 AM ET] talk [9:41:13 AM ET] for [9:41:13 AM ET] them [9:41:13 AM ET] but [9:41:13 AM ET] there's [9:41:13 AM ET] really [9:41:14 AM ET] the [9:41:14 AM ET] interest [9:41:15 AM ET] of [9:41:15 AM ET] taking [9:41:15 AM ET] this [9:41:15 AM ET] presumably i mean can't talk for them but it's really the interest of [9:41:16 AM ET] amazing [9:41:16 AM ET] ecosystem [9:41:16 AM ET] that [9:41:16 AM ET] they [9:41:17 AM ET] have [9:41:17 AM ET] built [9:41:17 AM ET] and [9:41:17 AM ET] continue [9:41:18 AM ET] to [9:41:18 AM ET] fund [9:41:18 AM ET] it in a [9:41:19 AM ET] way [9:41:19 AM ET] that [9:41:19 AM ET] works for [9:41:19 AM ET] all [9:41:19 AM ET] taking this amazing ecosystem that they have built and continue to [9:41:21 AM ET] parties. [9:41:21 AM ET] as it continues to be a fundamental [9:41:22 AM ET] grow. [9:41:23 AM ET] fund it in a way that works for all parties as it continues to grow so [9:41:23 AM ET] So that is a [9:41:23 AM ET] decision [9:41:23 AM ET] that [9:41:23 AM ET] we [9:41:24 AM ET] funded. [9:41:25 AM ET] fundamentally well [9:41:26 AM ET] welcome. [9:41:27 AM ET] We continue [9:41:27 AM ET] that is a decision that we fundamentally welcome [9:41:27 AM ET] to engage [9:41:28 AM ET] in [9:41:28 AM ET] India very [9:41:29 AM ET] effectively [9:41:30 AM ET] with the [9:41:30 AM ET] government, [9:41:30 AM ET] with [9:41:30 AM ET] the private [9:41:30 AM ET] we continue to engage in india very [9:41:32 AM ET] sector. [9:41:33 AM ET] We have [9:41:33 AM ET] meanwhile [9:41:33 AM ET] spent the [9:41:33 AM ET] effectively with the government with the private sector [9:41:34 AM ET] time [9:41:34 AM ET] to strengthen the private [9:41:34 AM ET] our [9:41:34 AM ET] debit [9:41:35 AM ET] proposition, [9:41:35 AM ET] which [9:41:36 AM ET] competes [9:41:36 AM ET] we have meanwhile spent the time to strengthen our debit proposition which [9:41:36 AM ET] uh [9:41:37 AM ET] in [9:41:37 AM ET] the [9:41:38 AM ET] market. [9:41:38 AM ET] uh but [9:41:39 AM ET] fundamentally, I think that's a good [9:41:39 AM ET] see [9:41:40 AM ET] uh [9:41:40 AM ET] what [9:41:40 AM ET] competes in the market but fundamentally [9:41:40 AM ET] UPI [9:41:41 AM ET] has [9:41:41 AM ET] done [9:41:42 AM ET] is [9:41:42 AM ET] bringing [9:41:42 AM ET] a [9:41:42 AM ET] funnel [9:41:43 AM ET] of [9:41:43 AM ET] people [9:41:43 AM ET] fundamentally i see what upi has done is [9:41:43 AM ET] into [9:41:44 AM ET] the [9:41:44 AM ET] digital [9:41:45 AM ET] ecosystem [9:41:45 AM ET] that [9:41:45 AM ET] will [9:41:46 AM ET] grow in [9:41:46 AM ET] there, you [9:41:46 AM ET] know [9:41:46 AM ET] that [9:41:46 AM ET] bringing a funnel of people into the digital ecosystem that will grow [9:41:47 AM ET] will [9:41:47 AM ET] grow that [9:41:47 AM ET] will [9:41:48 AM ET] graduate [9:41:48 AM ET] to [9:41:48 AM ET] different [9:41:49 AM ET] sets [9:41:49 AM ET] of [9:41:49 AM ET] products, [9:41:50 AM ET] which [9:41:50 AM ET] will [9:41:50 AM ET] include [9:41:50 AM ET] and that will grow that will graduate to different sets of products [9:41:50 AM ET] debit [9:41:51 AM ET] and [9:41:51 AM ET] an [9:41:51 AM ET] then [9:41:51 AM ET] eventually [9:41:53 AM ET] credit. [9:41:54 AM ET] So there [9:41:54 AM ET] is so [9:41:54 AM ET] which will include debit and then eventually credit [9:41:55 AM ET] much [9:41:55 AM ET] of [9:41:56 AM ET] opportunity [9:41:56 AM ET] in [9:41:57 AM ET] India as [9:41:57 AM ET] well in [9:41:57 AM ET] so there is so much opportunity in [9:41:58 AM ET] Brazil where [9:41:58 AM ET] we [9:41:59 AM ET] essentially [9:41:59 AM ET] pursue the [9:41:59 AM ET] same [9:42:00 AM ET] india as well as in brazil where we essentially pursue the same strategy [9:42:01 AM ET] strategy. [9:42:01 AM ET] So, I think that's a good question. [9:42:01 AM ET] So its [9:42:02 AM ET] partner [9:42:02 AM ET] and [9:42:03 AM ET] compete. [9:42:03 AM ET] It's a [9:42:03 AM ET] market [9:42:04 AM ET] web [9:42:04 AM ET] we are [9:42:04 AM ET] open [9:42:04 AM ET] to [9:42:05 AM ET] so it's partner and compete it's a market where we are open to compete [9:42:05 AM ET] compete. [9:42:05 AM ET] Same [9:42:06 AM ET] for [9:42:07 AM ET] Brazil. [9:42:07 AM ET] and that [9:42:07 AM ET] is kind [9:42:07 AM ET] of the [9:42:08 AM ET] key. [9:42:08 AM ET] the [9:42:08 AM ET] key [9:42:09 AM ET] aspects [9:42:09 AM ET] for [9:42:10 AM ET] same for brazil and that is kind of the key aspect for that [9:42:10 AM ET] that. [9:42:11 AM ET] Um so [9:42:11 AM ET] overall [9:42:12 AM ET] um I think [9:42:12 AM ET] no [9:42:12 AM ET] news [9:42:12 AM ET] on [9:42:13 AM ET] the [9:42:13 AM ET] India [9:42:14 AM ET] front. [9:42:14 AM ET] so overall i think no news on the india [9:42:14 AM ET] but the [9:42:14 AM ET] HD is a very important [9:42:15 AM ET] deal [9:42:15 AM ET] is [9:42:16 AM ET] news. [9:42:16 AM ET] um [9:42:17 AM ET] so you [9:42:17 AM ET] know [9:42:18 AM ET] we'll be winning [9:42:18 AM ET] front but the hdfc deal is news so [9:42:18 AM ET] with [9:42:18 AM ET] the [9:42:18 AM ET] largest [9:42:18 AM ET] private [9:42:19 AM ET] sector bank [9:42:19 AM ET] in the United [9:42:19 AM ET] India [9:42:19 AM ET] is [9:42:20 AM ET] fundamentally [9:42:20 AM ET] something [9:42:20 AM ET] we're [9:42:21 AM ET] very [9:42:21 AM ET] excited [9:42:22 AM ET] about. [9:42:22 AM ET] winning with the largest private sector bank in india is fundamentally something we're very excited about [9:42:22 AM ET] So we continue to [9:42:22 AM ET] lean [9:42:23 AM ET] so we continue to lean in [9:42:23 AM ET] in. [9:42:25 AM ET] Thank you, [9:42:26 AM ET] very [9:42:26 AM ET] much. [9:42:26 AM ET] your [9:42:27 AM ET] that. [9:42:28 AM ET] Your next question is from [9:42:28 AM ET] Darren [9:42:29 AM ET] Peller with Wolf [9:42:30 AM ET] Research. Please [9:42:30 AM ET] go [9:42:31 AM ET] on. [9:42:31 AM ET] question is from darrin peller with wolfe research [9:42:33 AM ET] Hey guys, [9:42:34 AM ET] thanks. Nice [9:42:34 AM ET] job. [9:42:35 AM ET] Just [9:42:35 AM ET] hey guys thanks nice job just [9:42:35 AM ET] maybe when we look [9:42:36 AM ET] at [9:42:36 AM ET] VAS [9:42:36 AM ET] and [9:42:37 AM ET] again, I think that's a good [9:42:37 AM ET] know there's lot [9:42:37 AM ET] of things that [9:42:37 AM ET] were [9:42:37 AM ET] was [9:42:38 AM ET] some [9:42:38 AM ET] one [9:42:38 AM ET] time [9:42:38 AM ET] or [9:42:39 AM ET] near-term [9:42:39 AM ET] items [9:42:39 AM ET] but [9:42:40 AM ET] the [9:42:40 AM ET] maybe when we look at vas and again i know there were some onetime [9:42:40 AM ET] overall [9:42:41 AM ET] strength [9:42:41 AM ET] is [9:42:42 AM ET] consistent. [9:42:42 AM ET] And [9:42:42 AM ET] so [9:42:43 AM ET] maybe [9:42:43 AM ET] just touch [9:42:43 AM ET] or near term items but the overall strength is consistent and so [9:42:44 AM ET] again on the key [9:42:45 AM ET] maybe just touch again on the key drivers [9:42:45 AM ET] drivers. [9:42:45 AM ET] honing in [9:42:45 AM ET] a little [9:42:46 AM ET] bit [9:42:46 AM ET] on [9:42:47 AM ET] cyber and what you're [9:42:47 AM ET] seeing [9:42:48 AM ET] there. [9:42:48 AM ET] I know recorded [9:42:48 AM ET] future has [9:42:49 AM ET] had some [9:42:49 AM ET] really [9:42:49 AM ET] good [9:42:50 AM ET] success with a lot of [9:42:50 AM ET] honing in a little bit on cyber and what you're seeing there i know recorded future has had some really good [9:42:50 AM ET] governments [9:42:51 AM ET] that [9:42:51 AM ET] are [9:42:51 AM ET] maybe [9:42:51 AM ET] even [9:42:51 AM ET] incremental to [9:42:52 AM ET] just paying for the [9:42:52 AM ET] payments [9:42:53 AM ET] offerings. [9:42:54 AM ET] So, can you help us [9:42:54 AM ET] expand on [9:42:54 AM ET] success with a lot of governments that are maybe even incremental to just payments offerings so [9:42:55 AM ET] what [9:42:55 AM ET] that could [9:42:55 AM ET] mean for [9:42:56 AM ET] the [9:42:56 AM ET] overall [9:42:57 AM ET] business [9:42:57 AM ET] going [9:42:58 AM ET] forward. [9:42:58 AM ET] you help us expand on what that could mean for the overall business going forward and then [9:42:59 AM ET] And then just a quick [9:42:59 AM ET] question [9:43:00 AM ET] on the puts [9:43:00 AM ET] and [9:43:01 AM ET] takes for [9:43:02 AM ET] Q4. [9:43:02 AM ET] if you don't [9:43:02 AM ET] mind. [9:43:03 AM ET] just if you [9:43:03 AM ET] could [9:43:03 AM ET] quickly [9:43:03 AM ET] just a quick question on the puts and takes for q4 if you don't mind [9:43:03 AM ET] just [9:43:03 AM ET] give [9:43:03 AM ET] us [9:43:04 AM ET] a [9:43:04 AM ET] sense, given [9:43:04 AM ET] we [9:43:05 AM ET] know [9:43:05 AM ET] comps get a lot of [9:43:05 AM ET] little bit [9:43:06 AM ET] easier, the capital [9:43:06 AM ET] One [9:43:07 AM ET] conversion [9:43:07 AM ET] if you could quickly just give us a sense given we know comps get a little bit easier the capital [9:43:08 AM ET] started. [9:43:09 AM ET] and [9:43:09 AM ET] pricing can [9:43:09 AM ET] continues to be a good [9:43:10 AM ET] strong [9:43:10 AM ET] prior [9:43:10 AM ET] our [9:43:11 AM ET] checks for [9:43:11 AM ET] fourth [9:43:11 AM ET] one conversion started and pricing continues to be strong prior [9:43:12 AM ET] quarter. [9:43:12 AM ET] So what are the [9:43:12 AM ET] puts and [9:43:12 AM ET] takes [9:43:13 AM ET] on [9:43:13 AM ET] guide [9:43:13 AM ET] for [9:43:14 AM ET] checks for fourth quarter so what are the puts and takes on guide for q4 [9:43:14 AM ET] Q4? [9:43:14 AM ET] Thanks [9:43:15 AM ET] again, [9:43:16 AM ET] guys. [9:43:18 AM ET] Okay, well, let me [9:43:18 AM ET] start [9:43:18 AM ET] with [9:43:19 AM ET] the [9:43:19 AM ET] color on [9:43:20 AM ET] the [9:43:20 AM ET] okay well let me start with [9:43:20 AM ET] financials [9:43:21 AM ET] first. [9:43:22 AM ET] So Darren, [9:43:23 AM ET] you're [9:43:23 AM ET] absolutely [9:43:24 AM ET] the color on the financials first so darren you're absolutely right [9:43:24 AM ET] right. [9:43:25 AM ET] Broad-based [9:43:26 AM ET] strength [9:43:26 AM ET] in [9:43:26 AM ET] value [9:43:27 AM ET] broad based strength in value added services [9:43:28 AM ET] services. [9:43:28 AM ET] If I think [9:43:29 AM ET] about where [9:43:29 AM ET] the [9:43:30 AM ET] strong [9:43:30 AM ET] strength [9:43:30 AM ET] strengths [9:43:30 AM ET] and [9:43:30 AM ET] the due to [9:43:31 AM ET] durability come [9:43:32 AM ET] if i think about where the strength and the durability come from [9:43:32 AM ET] from. [9:43:33 AM ET] I think [9:43:33 AM ET] about [9:43:33 AM ET] the [9:43:34 AM ET] following. [9:43:35 AM ET] First of all, as we [9:43:35 AM ET] have told you, have to talk about the [9:43:35 AM ET] told six years [9:43:36 AM ET] of the time, we have to do a lot [9:43:36 AM ET] of the [9:43:36 AM ET] people are going be able [9:43:36 AM ET] of world is a lot of [9:43:36 AM ET] our [9:43:37 AM ET] i think about the following first of all as we have told you sixty [9:43:37 AM ET] services [9:43:37 AM ET] are [9:43:38 AM ET] network [9:43:39 AM ET] linked. [9:43:40 AM ET] So the [9:43:40 AM ET] drivers that are going to be able to do [9:43:40 AM ET] themselves [9:43:41 AM ET] create [9:43:41 AM ET] percent of our services are network linked so the drivers themselves [9:43:41 AM ET] the [9:43:42 AM ET] tailwind. [9:43:43 AM ET] So that [9:43:44 AM ET] ability to [9:43:44 AM ET] create the tailwind so that ability to have [9:43:44 AM ET] have [9:43:45 AM ET] payment [9:43:46 AM ET] volume [9:43:46 AM ET] where [9:43:46 AM ET] we [9:43:46 AM ET] can [9:43:46 AM ET] then [9:43:47 AM ET] apply [9:43:47 AM ET] services and [9:43:48 AM ET] the [9:43:48 AM ET] services [9:43:48 AM ET] then [9:43:48 AM ET] create [9:43:49 AM ET] the [9:43:49 AM ET] payment volume where we can then apply services and the services then create [9:43:49 AM ET] different [9:43:50 AM ET] That's [9:43:50 AM ET] differentiation that's [9:43:51 AM ET] the [9:43:51 AM ET] flywheel [9:43:52 AM ET] effect. [9:43:52 AM ET] flywheel effect and we're [9:43:53 AM ET] and we're [9:43:53 AM ET] very proud [9:43:54 AM ET] of [9:43:54 AM ET] this [9:43:54 AM ET] business [9:43:56 AM ET] model. [9:43:56 AM ET] Secondly, if I [9:43:56 AM ET] look [9:43:57 AM ET] at service, I'm going to [9:43:57 AM ET] very proud of this business model secondly if i look [9:43:58 AM ET] services just [9:43:58 AM ET] just [9:43:58 AM ET] if [9:43:58 AM ET] I [9:43:58 AM ET] think about the service, I would [9:43:59 AM ET] existing [9:44:00 AM ET] services [9:44:00 AM ET] there's [9:44:01 AM ET] room [9:44:01 AM ET] for other [9:44:01 AM ET] kinds [9:44:01 AM ET] of [9:44:02 AM ET] trading [9:44:02 AM ET] our [9:44:02 AM ET] existing [9:44:03 AM ET] if i think about existing services there's room for [9:44:03 AM ET] customer [9:44:04 AM ET] base, [9:44:04 AM ET] right? [9:44:05 AM ET] So if [9:44:05 AM ET] we [9:44:06 AM ET] penetrating our existing customer base right [9:44:06 AM ET] have a [9:44:06 AM ET] very [9:44:07 AM ET] disciplined approach, we have a lot [9:44:07 AM ET] in [9:44:07 AM ET] terms [9:44:08 AM ET] of [9:44:08 AM ET] cross-sell [9:44:09 AM ET] so if we have a very disciplined approach in terms of cross sell [9:44:09 AM ET] upsell [9:44:09 AM ET] upsell. [9:44:10 AM ET] in terms [9:44:10 AM ET] of looking [9:44:10 AM ET] at [9:44:11 AM ET] the [9:44:11 AM ET] customer [9:44:11 AM ET] base [9:44:12 AM ET] and [9:44:12 AM ET] where [9:44:12 AM ET] the penetration [9:44:13 AM ET] gap [9:44:14 AM ET] is. [9:44:14 AM ET] terms of looking at the customer base and where the penetration gap is [9:44:14 AM ET] And the third [9:44:14 AM ET] one, [9:44:15 AM ET] I [9:44:15 AM ET] would [9:44:15 AM ET] say [9:44:16 AM ET] is [9:44:16 AM ET] you mentioned that the map [9:44:17 AM ET] it. [9:44:18 AM ET] There's room for [9:44:18 AM ET] new [9:44:18 AM ET] and the third one i would say is you mentioned it there's room for new services [9:44:19 AM ET] services [9:44:19 AM ET] in [9:44:19 AM ET] cyber in [9:44:19 AM ET] the [9:44:19 AM ET] new [9:44:20 AM ET] world [9:44:20 AM ET] of [9:44:20 AM ET] Agent [9:44:21 AM ET] or [9:44:21 AM ET] the [9:44:21 AM ET] evolution of the [9:44:22 AM ET] towards [9:44:22 AM ET] that and by the [9:44:22 AM ET] way i [9:44:23 AM ET] don't think [9:44:23 AM ET] in cyber in the new world of agentic or the evolution towards that and by the way i don't think [9:44:23 AM ET] agentic [9:44:23 AM ET] is going to [9:44:24 AM ET] be [9:44:24 AM ET] the [9:44:24 AM ET] only [9:44:25 AM ET] mode [9:44:25 AM ET] of [9:44:26 AM ET] commerce. [9:44:26 AM ET] It is going to be mode of [9:44:28 AM ET] So [9:44:28 AM ET] is going to be the only mode of commerce it is going to be multimodal so therefore [9:44:28 AM ET] therefore we have to do the same [9:44:29 AM ET] be [9:44:29 AM ET] versatile [9:44:30 AM ET] and [9:44:30 AM ET] cut [9:44:30 AM ET] across [9:44:30 AM ET] all [9:44:31 AM ET] these [9:44:31 AM ET] different [9:44:32 AM ET] modes, whether it's [9:44:32 AM ET] in [9:44:32 AM ET] in-person, trying to do [9:44:33 AM ET] we have to be versatile and cut across all these different modes whether it's in person transactions [9:44:33 AM ET] transactions, [9:44:34 AM ET] online. [9:44:35 AM ET] and [9:44:36 AM ET] a gen tick [9:44:36 AM ET] down [9:44:36 AM ET] the [9:44:37 AM ET] world. [9:44:37 AM ET] they're going to all [9:44:38 AM ET] coexist. [9:44:38 AM ET] and that's [9:44:38 AM ET] online and agentic down the world they're going to all coexist [9:44:38 AM ET] speaks [9:44:38 AM ET] to [9:44:39 AM ET] the [9:44:39 AM ET] versatility [9:44:39 AM ET] of [9:44:39 AM ET] the [9:44:40 AM ET] network. [9:44:41 AM ET] and our [9:44:41 AM ET] services [9:44:41 AM ET] can [9:44:42 AM ET] apply [9:44:42 AM ET] across [9:44:42 AM ET] the [9:44:42 AM ET] and that speaks to the versatility of the network and i'll [9:44:43 AM ET] board. [9:44:44 AM ET] And cyber is a [9:44:44 AM ET] big [9:44:45 AM ET] issue. [9:44:45 AM ET] AI will create [9:44:45 AM ET] services can apply across the board and cyber is a big issue [9:44:45 AM ET] more of [9:44:47 AM ET] vulnerabilities. [9:44:47 AM ET] and [9:44:48 AM ET] therefore [9:44:48 AM ET] we [9:44:48 AM ET] will need to do [9:44:48 AM ET] come [9:44:49 AM ET] up [9:44:49 AM ET] with [9:44:49 AM ET] ai will create more vulnerabilities and therefore we will need to come up with [9:44:49 AM ET] the [9:44:50 AM ET] best [9:44:50 AM ET] solutions [9:44:50 AM ET] to [9:44:50 AM ET] help [9:44:51 AM ET] our [9:44:51 AM ET] customers [9:44:51 AM ET] and [9:44:52 AM ET] the best solutions to help our customers and consumers [9:44:53 AM ET] consumers [9:44:53 AM ET] customer [9:44:53 AM ET] safeguard [9:44:54 AM ET] the [9:44:54 AM ET] network, [9:44:55 AM ET] and [9:44:55 AM ET] their [9:44:56 AM ET] systems and [9:44:56 AM ET] the [9:44:56 AM ET] consumers [9:44:56 AM ET] to save [9:44:57 AM ET] safeguard the [9:44:57 AM ET] customers safeguard the network and their systems and the consumers [9:44:58 AM ET] their [9:44:58 AM ET] freedoms and [9:44:59 AM ET] their [9:45:00 AM ET] wealth. [9:45:00 AM ET] So fundamentally [9:45:01 AM ET] those [9:45:01 AM ET] are [9:45:01 AM ET] the [9:45:01 AM ET] to safeguard their payments and their wealth so [9:45:02 AM ET] things [9:45:02 AM ET] that I've [9:45:02 AM ET] I [9:45:02 AM ET] are [9:45:03 AM ET] driving [9:45:04 AM ET] over to [9:45:04 AM ET] Michael, you [9:45:04 AM ET] also [9:45:05 AM ET] asked the [9:45:05 AM ET] fundamentally those are the things that are driving before i hand over to michael you [9:45:05 AM ET] about [9:45:06 AM ET] the [9:45:06 AM ET] Q4 [9:45:07 AM ET] guidance [9:45:07 AM ET] and [9:45:07 AM ET] the [9:45:07 AM ET] puts [9:45:07 AM ET] and [9:45:08 AM ET] takes. [9:45:08 AM ET] I I would [9:45:09 AM ET] also asked about the q4 guidance and the puts and takes i would say [9:45:09 AM ET] say [9:45:10 AM ET] again, I would say that I would have to do [9:45:11 AM ET] talked the [9:45:11 AM ET] about [9:45:12 AM ET] the [9:45:12 AM ET] timing [9:45:13 AM ET] of [9:45:14 AM ET] revenue. [9:45:14 AM ET] again i talked about the timing [9:45:14 AM ET] So you see a little [9:45:15 AM ET] bit [9:45:15 AM ET] of [9:45:16 AM ET] acceleration. [9:45:16 AM ET] and [9:45:16 AM ET] services [9:45:16 AM ET] are [9:45:16 AM ET] play a [9:45:17 AM ET] big [9:45:17 AM ET] of revenue so you see a little bit acceleration and services [9:45:17 AM ET] role [9:45:17 AM ET] because [9:45:18 AM ET] we [9:45:18 AM ET] accelerate it [9:45:18 AM ET] a [9:45:18 AM ET] lot [9:45:19 AM ET] of [9:45:19 AM ET] the [9:45:20 AM ET] services [9:45:20 AM ET] projects [9:45:20 AM ET] in [9:45:21 AM ET] play a big role because we accelerated a lot of the services projects in q3 [9:45:21 AM ET] Q3 and [9:45:22 AM ET] therefore according to the [9:45:22 AM ET] you're [9:45:22 AM ET] going [9:45:23 AM ET] to [9:45:23 AM ET] see [9:45:23 AM ET] an [9:45:24 AM ET] offset [9:45:24 AM ET] in [9:45:25 AM ET] in [9:45:26 AM ET] Q4. [9:45:26 AM ET] and therefore accordingly you're going to see an offset in q4 [9:45:27 AM ET] Michael, [9:45:28 AM ET] please. [9:45:28 AM ET] Yeah, you can see [9:45:28 AM ET] gave [9:45:29 AM ET] a very [9:45:29 AM ET] holistic [9:45:30 AM ET] answer. I just want [9:45:30 AM ET] to kind [9:45:31 AM ET] of remind you that you [9:45:31 AM ET] michael please yes you gave a very [9:45:32 AM ET] everybody [9:45:33 AM ET] holistic answer i just want to kind of remind everybody so [9:45:33 AM ET] So [9:45:34 AM ET] this [9:45:34 AM ET] situation [9:45:35 AM ET] where [9:45:36 AM ET] AI [9:45:36 AM ET] is [9:45:36 AM ET] not [9:45:36 AM ET] only [9:45:37 AM ET] driving [9:45:38 AM ET] productivity [9:45:38 AM ET] this situation where ai is not [9:45:38 AM ET] upside [9:45:38 AM ET] in [9:45:38 AM ET] the [9:45:39 AM ET] is [9:45:39 AM ET] fueling [9:45:39 AM ET] new [9:45:39 AM ET] products for [9:45:40 AM ET] us, [9:45:40 AM ET] but [9:45:40 AM ET] it [9:45:40 AM ET] is [9:45:41 AM ET] also [9:45:41 AM ET] only driving productivity upside and is fueling new products [9:45:42 AM ET] unfortunately, [9:45:43 AM ET] you [9:45:44 AM ET] know, [9:45:44 AM ET] a [9:45:44 AM ET] tool [9:45:44 AM ET] in the [9:45:44 AM ET] for us but it is also unfortunately [9:45:45 AM ET] hand [9:45:45 AM ET] of [9:45:45 AM ET] fraudsters [9:45:46 AM ET] and [9:45:46 AM ET] scammers [9:45:46 AM ET] and [9:45:47 AM ET] so [9:45:47 AM ET] forth. So [9:45:48 AM ET] a tool in the hand of fraudsters and scammers and so forth so that's [9:45:48 AM ET] that's [9:45:49 AM ET] that's a [9:45:49 AM ET] the [9:45:50 AM ET] situation [9:45:50 AM ET] that [9:45:50 AM ET] is [9:45:50 AM ET] fairly [9:45:51 AM ET] new. [9:45:51 AM ET] What is not [9:45:52 AM ET] new [9:45:52 AM ET] that we step [9:45:52 AM ET] stepped [9:45:53 AM ET] into [9:45:53 AM ET] the [9:45:53 AM ET] that's a situation that is fairly new what is not new is that we stepped into the [9:45:53 AM ET] security [9:45:54 AM ET] market [9:45:54 AM ET] like [9:45:54 AM ET] a [9:45:54 AM ET] decade [9:45:55 AM ET] ago. [9:45:56 AM ET] So we [9:45:56 AM ET] are [9:45:56 AM ET] very [9:45:56 AM ET] deeply [9:45:57 AM ET] invested in [9:45:57 AM ET] this [9:45:58 AM ET] security market like a decade ago so we are very deeply invested in this [9:45:58 AM ET] space. [9:45:59 AM ET] And it this [9:45:59 AM ET] has been [9:45:59 AM ET] a [9:46:00 AM ET] significant [9:46:00 AM ET] contributor to the [9:46:01 AM ET] our [9:46:01 AM ET] growth [9:46:01 AM ET] rate for the first [9:46:02 AM ET] space and this has been a significant contributor to our growth rate for [9:46:02 AM ET] that [9:46:03 AM ET] past [9:46:04 AM ET] decade. [9:46:04 AM ET] So overall [9:46:05 AM ET] that [9:46:05 AM ET] uh business [9:46:06 AM ET] was [9:46:06 AM ET] initially [9:46:06 AM ET] a [9:46:06 AM ET] fraud related to the [9:46:07 AM ET] that past decade so overall that business [9:46:07 AM ET] than we [9:46:08 AM ET] expanded [9:46:08 AM ET] into [9:46:09 AM ET] identity [9:46:09 AM ET] and [9:46:09 AM ET] now [9:46:09 AM ET] we're [9:46:10 AM ET] in [9:46:10 AM ET] cybersecurity. [9:46:10 AM ET] was initially fraud related then we expanded into identity and now we're in cyber [9:46:12 AM ET] security. [9:46:12 AM ET] Uh. [9:46:12 AM ET] in a [9:46:12 AM ET] significant [9:46:13 AM ET] And I talked about the [9:46:14 AM ET] that. [9:46:15 AM ET] cybersecurity in a significant way and i talked about that in my prepared remarks [9:46:16 AM ET] Yeah. [9:46:16 AM ET] we [9:46:16 AM ET] I think that's a good [9:46:16 AM ET] it's very [9:46:17 AM ET] don't want [9:46:17 AM ET] to take a look at the [9:46:17 AM ET] too [9:46:18 AM ET] much [9:46:18 AM ET] credit, [9:46:18 AM ET] but [9:46:18 AM ET] yeah, I think that's a good [9:46:19 AM ET] our investment [9:46:20 AM ET] we i don't want to take too much credit but our [9:46:20 AM ET] investment [9:46:20 AM ET] in [9:46:21 AM ET] recorded [9:46:21 AM ET] future kind [9:46:22 AM ET] of [9:46:22 AM ET] looked [9:46:22 AM ET] ahead [9:46:22 AM ET] and [9:46:23 AM ET] said, you [9:46:23 AM ET] know and [9:46:23 AM ET] in [9:46:23 AM ET] this kind [9:46:23 AM ET] of [9:46:24 AM ET] a [9:46:24 AM ET] world [9:46:24 AM ET] where [9:46:24 AM ET] the [9:46:24 AM ET] threats [9:46:24 AM ET] are [9:46:25 AM ET] recorded future kind of looked ahead and say in this kind of a world where the [9:46:25 AM ET] coming [9:46:25 AM ET] from [9:46:25 AM ET] all [9:46:26 AM ET] sides, it is a very important [9:46:27 AM ET] so [9:46:27 AM ET] critical for us to be able to do [9:46:28 AM ET] prove [9:46:29 AM ET] provide, you [9:46:29 AM ET] threats are coming from all sides it is so critical for us to provide [9:46:29 AM ET] threat [9:46:30 AM ET] intelligence [9:46:30 AM ET] to [9:46:31 AM ET] people [9:46:31 AM ET] because [9:46:31 AM ET] nobody [9:46:31 AM ET] can [9:46:32 AM ET] really [9:46:32 AM ET] conc you [9:46:33 AM ET] know [9:46:33 AM ET] defend [9:46:33 AM ET] threat intelligence to people because nobody can really [9:46:34 AM ET] themselves [9:46:34 AM ET] against [9:46:34 AM ET] all [9:46:34 AM ET] these [9:46:35 AM ET] risks. [9:46:36 AM ET] So if you knew with [9:46:36 AM ET] higher probability, you can't do [9:46:37 AM ET] where [9:46:37 AM ET] defend themselves against all these risks so if you knew with higher [9:46:37 AM ET] your [9:46:37 AM ET] risk [9:46:37 AM ET] is going to be a good [9:46:39 AM ET] particularly [9:46:39 AM ET] on [9:46:39 AM ET] the [9:46:39 AM ET] payment [9:46:40 AM ET] side and [9:46:40 AM ET] the [9:46:40 AM ET] fraud [9:46:41 AM ET] probability where your risk is going to be particularly on the payment [9:46:41 AM ET] sides. [9:46:41 AM ET] what are the [9:46:42 AM ET] compromise [9:46:42 AM ET] cards, [9:46:42 AM ET] et [9:46:43 AM ET] So this has been [9:46:44 AM ET] a long [9:46:44 AM ET] arc for [9:46:45 AM ET] side and the fraud sides what are the compromised cards etcetera so [9:46:45 AM ET] us and it [9:46:45 AM ET] just [9:46:46 AM ET] meets [9:46:46 AM ET] the [9:46:47 AM ET] moment. [9:46:48 AM ET] But that [9:46:48 AM ET] this has been a long arc for us and it just meets the moment [9:46:48 AM ET] business has [9:46:48 AM ET] been [9:46:49 AM ET] growing [9:46:49 AM ET] very [9:46:50 AM ET] fast [9:46:50 AM ET] all of the [9:46:51 AM ET] time. [9:46:52 AM ET] so we're not [9:46:52 AM ET] but that business has been growing very fast [9:46:52 AM ET] expecting [9:46:52 AM ET] a [9:46:54 AM ET] significant kind [9:46:54 AM ET] of [9:46:55 AM ET] all the time so we're not expecting a significant kind of [9:46:55 AM ET] jump [9:46:55 AM ET] from [9:46:56 AM ET] one [9:46:56 AM ET] day to the next [9:46:57 AM ET] other. [9:46:58 AM ET] So all of this [9:46:58 AM ET] is kind [9:46:58 AM ET] of [9:46:59 AM ET] playing [9:46:59 AM ET] out at [9:46:59 AM ET] the right [9:46:59 AM ET] jump from one day to the other so all of this is [9:47:00 AM ET] time and [9:47:00 AM ET] as [9:47:01 AM ET] predicted and [9:47:01 AM ET] expected [9:47:01 AM ET] for [9:47:02 AM ET] kind of playing out at the right time and as predicted and expected for us [9:47:03 AM ET] for [9:47:04 AM ET] us. [9:47:05 AM ET] Yeah, yeah, [9:47:06 AM ET] Your next [9:47:06 AM ET] question [9:47:07 AM ET] is for the next [9:47:08 AM ET] from line [9:47:08 AM ET] of [9:47:08 AM ET] Will [9:47:08 AM ET] Nance [9:47:09 AM ET] with [9:47:09 AM ET] Goldman [9:47:10 AM ET] your next question is from the line of will nance with goldman sachs [9:47:10 AM ET] Sachs. [9:47:10 AM ET] Please go [9:47:11 AM ET] please go ahead [9:47:12 AM ET] ahead. [9:47:13 AM ET] Hi, thank [9:47:14 AM ET] I think you can take a [9:47:14 AM ET] the [9:47:14 AM ET] question. [9:47:15 AM ET] I heard some of the [9:47:15 AM ET] commentary [9:47:16 AM ET] hey thank you for taking the question i heard some of the commentary [9:47:16 AM ET] on some of [9:47:16 AM ET] the [9:47:16 AM ET] entry [9:47:17 AM ET] Europe [9:47:18 AM ET] volumes. [9:47:18 AM ET] and I was just [9:47:19 AM ET] wondering if [9:47:19 AM ET] you [9:47:19 AM ET] could take a look at the [9:47:19 AM ET] up [9:47:20 AM ET] kind of [9:47:20 AM ET] take a step [9:47:20 AM ET] back [9:47:20 AM ET] talk a little [9:47:20 AM ET] on some of the intra europe volumes and i was just wondering if you could take a [9:47:21 AM ET] holistically [9:47:21 AM ET] about [9:47:21 AM ET] what you're [9:47:22 AM ET] seeing [9:47:22 AM ET] around [9:47:22 AM ET] the [9:47:22 AM ET] European [9:47:23 AM ET] consumer you [9:47:23 AM ET] know [9:47:24 AM ET] peeling [9:47:24 AM ET] back [9:47:24 AM ET] some of [9:47:24 AM ET] the [9:47:24 AM ET] a step back talk holistically about what you're seeing around the european consumer [9:47:25 AM ET] noise has [9:47:25 AM ET] been a [9:47:25 AM ET] lot of [9:47:25 AM ET] focus on [9:47:26 AM ET] energy [9:47:27 AM ET] peeling back some of the noise has been a lot of focus on energy shocks [9:47:27 AM ET] shocks. [9:47:28 AM ET] when you take out some of [9:47:29 AM ET] the [9:47:29 AM ET] discrete [9:47:30 AM ET] impacts. [9:47:30 AM ET] how are you kind [9:47:30 AM ET] of [9:47:30 AM ET] feeling [9:47:30 AM ET] about [9:47:31 AM ET] the [9:47:32 AM ET] trajectory [9:47:32 AM ET] when you take out some of the discrete impacts how are you kind of feeling about [9:47:32 AM ET] of [9:47:32 AM ET] because [9:47:33 AM ET] spending [9:47:34 AM ET] there? Appreciate [9:47:34 AM ET] you taking the [9:47:35 AM ET] the trajectory of consumer spending there appreciate you taking the question [9:47:35 AM ET] question. [9:47:37 AM ET] Thank [9:47:37 AM ET] you, [9:47:37 AM ET] Will. [9:47:38 AM ET] I'll take this [9:47:39 AM ET] one. [9:47:40 AM ET] thank you will i'll take this one so [9:47:41 AM ET] So of course before [9:47:41 AM ET] this [9:47:41 AM ET] job, [9:47:41 AM ET] I [9:47:42 AM ET] also [9:47:42 AM ET] oversaw [9:47:43 AM ET] Europe. [9:47:43 AM ET] It's a [9:47:43 AM ET] very [9:47:43 AM ET] important [9:47:44 AM ET] market [9:47:44 AM ET] for [9:47:45 AM ET] of course before this job i also oversaw europe it's a very important market for mastercard [9:47:45 AM ET] MasterCard. [9:47:46 AM ET] Very [9:47:47 AM ET] sizable. [9:47:49 AM ET] I would say if I take a look [9:47:49 AM ET] at [9:47:50 AM ET] the [9:47:50 AM ET] very sizable i would say if i take a look at [9:47:50 AM ET] macro [9:47:51 AM ET] environment, [9:47:51 AM ET] right [9:47:52 AM ET] now [9:47:52 AM ET] the [9:47:52 AM ET] European [9:47:53 AM ET] consumers [9:47:53 AM ET] are [9:47:53 AM ET] a [9:47:53 AM ET] very [9:47:54 AM ET] resilient. [9:47:54 AM ET] the macro environment right now the european consumers are very resilient [9:47:55 AM ET] That's probably the [9:47:55 AM ET] best [9:47:56 AM ET] description. [9:47:57 AM ET] And the other [9:47:57 AM ET] thing [9:47:57 AM ET] that [9:47:57 AM ET] I [9:47:57 AM ET] would say [9:47:58 AM ET] is [9:47:59 AM ET] that's probably the best description and the other thing that i would say is [9:47:59 AM ET] I [9:48:00 AM ET] see in [9:48:00 AM ET] our [9:48:00 AM ET] own [9:48:01 AM ET] business in [9:48:01 AM ET] the pay [9:48:01 AM ET] payment [9:48:02 AM ET] business, [9:48:02 AM ET] we [9:48:02 AM ET] see a lot of [9:48:04 AM ET] innovation. [9:48:04 AM ET] i see in our own business in the payment business we see a lot of innovation [9:48:04 AM ET] that innovation [9:48:04 AM ET] comes from the payment of the [9:48:05 AM ET] our [9:48:06 AM ET] customers, [9:48:06 AM ET] whether [9:48:06 AM ET] the bank [9:48:07 AM ET] banks [9:48:07 AM ET] the [9:48:07 AM ET] think [9:48:08 AM ET] fintechs, [9:48:08 AM ET] the [9:48:08 AM ET] that innovation comes from our customers whether the banks the fintechs [9:48:08 AM ET] Digital [9:48:09 AM ET] players, but [9:48:09 AM ET] also [9:48:10 AM ET] our [9:48:10 AM ET] teams [9:48:10 AM ET] on the [9:48:11 AM ET] ground. [9:48:12 AM ET] right? And that is going [9:48:12 AM ET] to [9:48:12 AM ET] a very [9:48:12 AM ET] then digital players but also our teams on the ground right and that is [9:48:13 AM ET] important [9:48:14 AM ET] driver in terms [9:48:14 AM ET] of [9:48:15 AM ET] our [9:48:16 AM ET] growth. [9:48:17 AM ET] going to be a very important driver in terms of our growth [9:48:17 AM ET] To your specific [9:48:18 AM ET] question about [9:48:19 AM ET] intra-Europe, I [9:48:19 AM ET] talked [9:48:19 AM ET] about [9:48:20 AM ET] the [9:48:20 AM ET] reasons, [9:48:20 AM ET] to your specific question about intra europe [9:48:21 AM ET] right? [9:48:21 AM ET] i talk about the reasons right [9:48:21 AM ET] Nothing [9:48:22 AM ET] struck [9:48:23 AM ET] structural. [9:48:23 AM ET] uh it's it's [9:48:24 AM ET] more [9:48:24 AM ET] about [9:48:24 AM ET] timing [9:48:24 AM ET] and [9:48:26 AM ET] nothing structural it's more about timing and comparisons [9:48:26 AM ET] comparisons. [9:48:27 AM ET] But I think [9:48:28 AM ET] and but i think overall [9:48:28 AM ET] overall [9:48:29 AM ET] we see that [9:48:30 AM ET] the [9:48:31 AM ET] the [9:48:31 AM ET] market [9:48:31 AM ET] being [9:48:32 AM ET] stable [9:48:32 AM ET] and [9:48:32 AM ET] consistent right [9:48:33 AM ET] we see the market being [9:48:33 AM ET] now. [9:48:34 AM ET] I think that's a good question. [9:48:35 AM ET] stable and consistent right now we've got some [9:48:35 AM ET] We've got some shared [9:48:36 AM ET] shifts, but we're going to have to go to [9:48:36 AM ET] but [9:48:36 AM ET] we [9:48:37 AM ET] continue [9:48:37 AM ET] to [9:48:37 AM ET] win [9:48:38 AM ET] deals in [9:48:38 AM ET] this [9:48:38 AM ET] market as [9:48:40 AM ET] well. [9:48:40 AM ET] share shifts but we will continue to win deals in this market as well [9:48:40 AM ET] And we are seeing tremendous [9:48:41 AM ET] success [9:48:42 AM ET] in [9:48:42 AM ET] value [9:48:43 AM ET] services and [9:48:44 AM ET] solutions. [9:48:44 AM ET] and we are seeing tremendous success in value [9:48:45 AM ET] Europe is probably a [9:48:45 AM ET] standout [9:48:45 AM ET] on [9:48:45 AM ET] the [9:48:45 AM ET] this [9:48:46 AM ET] front. [9:48:46 AM ET] So that's [9:48:47 AM ET] also [9:48:47 AM ET] very [9:48:47 AM ET] added services and solutions europe is probably a standout on [9:48:47 AM ET] important [9:48:48 AM ET] for [9:48:48 AM ET] us [9:48:48 AM ET] to [9:48:49 AM ET] achieve [9:48:49 AM ET] that [9:48:50 AM ET] this front so that's also very important for us to achieve that sustainability [9:48:50 AM ET] sustainability. [9:48:51 AM ET] And if I can add [9:48:51 AM ET] one [9:48:52 AM ET] point, I think [9:48:52 AM ET] it's [9:48:52 AM ET] important [9:48:53 AM ET] to [9:48:53 AM ET] remind you that you can do [9:48:54 AM ET] us, [9:48:54 AM ET] know, [9:48:54 AM ET] when [9:48:54 AM ET] we [9:48:54 AM ET] look [9:48:55 AM ET] across [9:48:55 AM ET] and if i can add one point i think it's important to remind us when we look [9:48:55 AM ET] Europe, you [9:48:56 AM ET] know, [9:48:56 AM ET] very [9:48:56 AM ET] evolved [9:48:57 AM ET] economies, [9:48:58 AM ET] but it's [9:48:59 AM ET] still [9:48:59 AM ET] also [9:48:59 AM ET] true [9:48:59 AM ET] across europe very evolved economies [9:48:59 AM ET] that [9:49:00 AM ET] at [9:49:00 AM ET] the [9:49:00 AM ET] same [9:49:00 AM ET] time [9:49:00 AM ET] you still have to do [9:49:01 AM ET] a [9:49:01 AM ET] significant [9:49:02 AM ET] secular [9:49:02 AM ET] opportunity as I [9:49:03 AM ET] but it's still also true that at the same time you still have a significant secular [9:49:03 AM ET] mentioned [9:49:03 AM ET] in [9:49:03 AM ET] my [9:49:03 AM ET] prepared [9:49:04 AM ET] remarks [9:49:05 AM ET] earlier. [9:49:05 AM ET] So DSK Fau and the [9:49:06 AM ET] Z bank [9:49:07 AM ET] opportunity as i mentioned in my prepared remarks earlier so dskfau and the z bank [9:49:07 AM ET] um [9:49:07 AM ET] are [9:49:08 AM ET] just [9:49:08 AM ET] two [9:49:08 AM ET] big [9:49:09 AM ET] wins they're going to have [9:49:09 AM ET] help [9:49:10 AM ET] us [9:49:10 AM ET] eat in [9:49:10 AM ET] into [9:49:10 AM ET] that [9:49:11 AM ET] secular [9:49:11 AM ET] are just two big wins that are going to help us eat into that [9:49:12 AM ET] opportunity in [9:49:12 AM ET] parts [9:49:12 AM ET] of [9:49:13 AM ET] rule [9:49:13 AM ET] rural [9:49:14 AM ET] Germany for [9:49:15 AM ET] example. [9:49:15 AM ET] secular opportunity in parts of rural germany for example so [9:49:15 AM ET] So it's [9:49:16 AM ET] not [9:49:16 AM ET] just about [9:49:17 AM ET] spend, it's [9:49:17 AM ET] also about spending [9:49:18 AM ET] the [9:49:18 AM ET] secular [9:49:19 AM ET] opportunity [9:49:19 AM ET] and [9:49:19 AM ET] the [9:49:20 AM ET] it's not just about spend it's also about the secular [9:49:20 AM ET] tools [9:49:20 AM ET] that [9:49:20 AM ET] Ling [9:49:21 AM ET] Hai [9:49:21 AM ET] r [9:49:21 AM ET] referred [9:49:22 AM ET] to are going to [9:49:23 AM ET] help [9:49:23 AM ET] us [9:49:23 AM ET] to [9:49:23 AM ET] opportunity and the tools that linghai referred to [9:49:23 AM ET] go [9:49:24 AM ET] after [9:49:24 AM ET] that. [9:49:25 AM ET] in [9:49:25 AM ET] uh many [9:49:25 AM ET] different [9:49:26 AM ET] ways [9:49:26 AM ET] including [9:49:26 AM ET] our [9:49:27 AM ET] real-time [9:49:27 AM ET] payment [9:49:27 AM ET] are going to help us to go after that in many different ways including our real time [9:49:28 AM ET] position and [9:49:28 AM ET] in [9:49:28 AM ET] Europe and [9:49:29 AM ET] our [9:49:29 AM ET] services and [9:49:30 AM ET] our [9:49:30 AM ET] car [9:49:30 AM ET] card [9:49:31 AM ET] payment position in europe and our services and our card propositions [9:49:31 AM ET] current [9:49:32 AM ET] propositions. [9:49:34 AM ET] You're [9:49:35 AM ET] next [9:49:35 AM ET] question [9:49:35 AM ET] is [9:49:35 AM ET] from [9:49:36 AM ET] the [9:49:36 AM ET] line [9:49:36 AM ET] of [9:49:37 AM ET] Timothy [9:49:37 AM ET] Chiodo [9:49:37 AM ET] with [9:49:38 AM ET] your next question is from the line of timothy chiodo with ubs [9:49:38 AM ET] UBS, [9:49:39 AM ET] Please go [9:49:39 AM ET] please go ahead [9:49:40 AM ET] ahead. [9:49:41 AM ET] Great. Thank [9:49:42 AM ET] you. [9:49:43 AM ET] I also want to touch [9:49:43 AM ET] on some of the main [9:49:44 AM ET] mechanics around the [9:49:45 AM ET] agentic [9:49:45 AM ET] great thank you i also wanna touch on some of the mechanics around agented commerce [9:49:46 AM ET] Commerce. [9:49:46 AM ET] so [9:49:46 AM ET] I appreciate [9:49:46 AM ET] that [9:49:47 AM ET] we're [9:49:47 AM ET] moving [9:49:47 AM ET] past [9:49:48 AM ET] the [9:49:48 AM ET] one-time [9:49:48 AM ET] use [9:49:49 AM ET] used virtual [9:49:49 AM ET] card at some [9:49:50 AM ET] point and [9:49:50 AM ET] moving [9:49:50 AM ET] so appreciating that we're moving past the onetime use [9:49:50 AM ET] more towards [9:49:51 AM ET] the [9:49:51 AM ET] long [9:49:51 AM ET] term [9:49:51 AM ET] of [9:49:52 AM ET] a [9:49:52 AM ET] gentic [9:49:52 AM ET] network [9:49:53 AM ET] tokens. [9:49:53 AM ET] virtual card at some point and moving more towards the long term of agentic network tokens [9:49:54 AM ET] Specifically, I'd like [9:49:54 AM ET] to [9:49:54 AM ET] dig [9:49:54 AM ET] into [9:49:55 AM ET] some of [9:49:55 AM ET] the [9:49:56 AM ET] steps [9:49:56 AM ET] for [9:49:56 AM ET] merchant [9:49:57 AM ET] readiness. [9:49:58 AM ET] specifically i'd like to dig into some of the steps for merchant readiness [9:49:59 AM ET] You mentioned earlier some of the [9:50:00 AM ET] discoverability [9:50:00 AM ET] aspect and I told [9:50:00 AM ET] appreciate [9:50:02 AM ET] that. [9:50:02 AM ET] you mentioned earlier some of the discoverability aspect and i totally appreciate that [9:50:02 AM ET] but I want to focus a little [9:50:03 AM ET] bit more [9:50:04 AM ET] on [9:50:04 AM ET] the ability to do [9:50:05 AM ET] accept [9:50:05 AM ET] a [9:50:06 AM ET] network [9:50:06 AM ET] but i wanna focus a little bit more on the ability to accept a network token [9:50:07 AM ET] token. [9:50:07 AM ET] and some of [9:50:07 AM ET] the [9:50:07 AM ET] work [9:50:07 AM ET] that's [9:50:07 AM ET] being [9:50:08 AM ET] done [9:50:08 AM ET] by [9:50:08 AM ET] either [9:50:09 AM ET] merchant [9:50:09 AM ET] or [9:50:09 AM ET] acquirers [9:50:10 AM ET] or [9:50:10 AM ET] merchant [9:50:10 AM ET] merchants [9:50:11 AM ET] some of the work that's being done by either merchant acquirers or the merchants themselves [9:50:11 AM ET] themselves to [9:50:12 AM ET] be [9:50:12 AM ET] ready [9:50:12 AM ET] for [9:50:13 AM ET] that. [9:50:14 AM ET] and whether or not [9:50:14 AM ET] the [9:50:14 AM ET] standard [9:50:15 AM ET] website [9:50:15 AM ET] can [9:50:15 AM ET] be [9:50:16 AM ET] that [9:50:16 AM ET] to be ready for that and whether or not the standard website can be that acceptance [9:50:16 AM ET] acceptance [9:50:17 AM ET] tool [9:50:17 AM ET] or [9:50:17 AM ET] if [9:50:17 AM ET] a separate [9:50:18 AM ET] endpoints [9:50:18 AM ET] might [9:50:18 AM ET] be [9:50:19 AM ET] needed in [9:50:19 AM ET] certain [9:50:20 AM ET] cases. [9:50:21 AM ET] any of [9:50:21 AM ET] that makes [9:50:21 AM ET] tool or separate endpoints might be needed in certain cases [9:50:21 AM ET] mechanic [9:50:22 AM ET] and [9:50:22 AM ET] the [9:50:22 AM ET] progress being [9:50:22 AM ET] made [9:50:23 AM ET] there [9:50:23 AM ET] would [9:50:23 AM ET] be [9:50:23 AM ET] much [9:50:24 AM ET] any of that mechanic and the progress being made there would be much appreciated [9:50:24 AM ET] appreciated. Thank [9:50:25 AM ET] thank you [9:50:26 AM ET] you. [9:50:28 AM ET] Right. [9:50:29 AM ET] Yeah, it's uh Tim, this is a wide [9:50:29 AM ET] wide [9:50:30 AM ET] right it's tim this is a wide wide spectrum [9:50:30 AM ET] spectrum. [9:50:30 AM ET] um [9:50:30 AM ET] on [9:50:31 AM ET] kind [9:50:31 AM ET] of [9:50:32 AM ET] where [9:50:32 AM ET] merchants [9:50:32 AM ET] are [9:50:33 AM ET] on [9:50:33 AM ET] that [9:50:33 AM ET] to take a [9:50:34 AM ET] small [9:50:34 AM ET] on kind of where merchants are on ads [9:50:34 AM ET] business [9:50:35 AM ET] uh [9:50:35 AM ET] um that [9:50:35 AM ET] is [9:50:36 AM ET] uh [9:50:37 AM ET] just [9:50:37 AM ET] as [9:50:38 AM ET] moved [9:50:38 AM ET] take a small business that is [9:50:38 AM ET] from [9:50:38 AM ET] a [9:50:38 AM ET] physical [9:50:39 AM ET] only [9:50:39 AM ET] business [9:50:39 AM ET] to have [9:50:40 AM ET] having [9:50:40 AM ET] some sort [9:50:40 AM ET] of [9:50:40 AM ET] digital [9:50:41 AM ET] just has moved from a physical only business [9:50:41 AM ET] component of [9:50:41 AM ET] their [9:50:42 AM ET] business they're gonna [9:50:42 AM ET] to [9:50:42 AM ET] need [9:50:43 AM ET] all the [9:50:43 AM ET] help they can [9:50:43 AM ET] get [9:50:44 AM ET] to [9:50:44 AM ET] set [9:50:44 AM ET] that [9:50:44 AM ET] to having some sort of digital component of their business they're going to need all the help they [9:50:44 AM ET] up [9:50:44 AM ET] and [9:50:44 AM ET] you [9:50:45 AM ET] take a [9:50:45 AM ET] large [9:50:45 AM ET] merchant [9:50:45 AM ET] they're [9:50:46 AM ET] going [9:50:46 AM ET] to [9:50:46 AM ET] probably, you [9:50:47 AM ET] consider the [9:50:47 AM ET] be [9:50:48 AM ET] first [9:50:48 AM ET] can get to set that up and you take a large merchant they're going to [9:50:48 AM ET] merchant a first [9:50:50 AM ET] merchant [9:50:50 AM ET] uh [9:50:50 AM ET] or [9:50:51 AM ET] first [9:50:51 AM ET] probably consider a first merchant [9:50:52 AM ET] agentic [9:50:52 AM ET] uh [9:50:53 AM ET] agent [9:50:53 AM ET] experience [9:50:54 AM ET] themselves [9:50:54 AM ET] and [9:50:54 AM ET] in putting [9:50:55 AM ET] their [9:50:55 AM ET] own [9:50:55 AM ET] or first agent experience themselves in putting their own [9:50:55 AM ET] agent [9:50:55 AM ET] out [9:50:56 AM ET] there. [9:50:57 AM ET] So in everything in [9:50:58 AM ET] between [9:50:59 AM ET] so the [9:50:59 AM ET] community [9:51:00 AM ET] of [9:51:00 AM ET] agent out there so and everything in between so [9:51:00 AM ET] PSVs [9:51:00 AM ET] and ISIS is the [9:51:01 AM ET] ISVs [9:51:01 AM ET] and [9:51:02 AM ET] processors are going to be able to do [9:51:03 AM ET] absolutely [9:51:03 AM ET] the community of pscs and isvs and process [9:51:03 AM ET] critical [9:51:04 AM ET] to [9:51:04 AM ET] cater to the [9:51:04 AM ET] all of [9:51:06 AM ET] of [9:51:06 AM ET] that. [9:51:06 AM ET] are going to be absolutely critical to cater to all of that [9:51:07 AM ET] We will, you know, with our [9:51:08 AM ET] solutions and [9:51:09 AM ET] Pay. [9:51:09 AM ET] Agent [9:51:10 AM ET] we will with our solutions [9:51:10 AM ET] Connect, et [9:51:11 AM ET] cetera, well, [9:51:11 AM ET] we're [9:51:11 AM ET] solving [9:51:12 AM ET] for [9:51:12 AM ET] is [9:51:13 AM ET] that, you [9:51:13 AM ET] know [9:51:13 AM ET] agent pay agent connect etcetera what we're solving for is that [9:51:13 AM ET] the [9:51:14 AM ET] individual merchants are not afraid of the [9:51:14 AM ET] will [9:51:14 AM ET] not [9:51:15 AM ET] have [9:51:15 AM ET] to [9:51:15 AM ET] go [9:51:15 AM ET] with [9:51:16 AM ET] one [9:51:16 AM ET] solution [9:51:16 AM ET] for [9:51:17 AM ET] one [9:51:17 AM ET] partner. [9:51:17 AM ET] the individual merchant will not have to go with one solution for one partner and with [9:51:18 AM ET] and with some other [9:51:19 AM ET] solution for some other [9:51:20 AM ET] partner [9:51:20 AM ET] because we're going to be [9:51:21 AM ET] that [9:51:21 AM ET] interface [9:51:21 AM ET] deals [9:51:22 AM ET] with [9:51:22 AM ET] a lot [9:51:22 AM ET] of [9:51:22 AM ET] some other solution for some other partner because we're gonna be that interface that deals with a lot of that [9:51:23 AM ET] that. [9:51:23 AM ET] So that's kind [9:51:24 AM ET] of [9:51:24 AM ET] where [9:51:24 AM ET] we [9:51:25 AM ET] are. [9:51:26 AM ET] There's a lot [9:51:26 AM ET] of [9:51:27 AM ET] details and [9:51:27 AM ET] so that's kind of where we are there's a lot of [9:51:28 AM ET] nitty [9:51:28 AM ET] in [9:51:29 AM ET] that. [9:51:29 AM ET] our d a [9:51:30 AM ET] chief [9:51:30 AM ET] digital [9:51:30 AM ET] officer, [9:51:30 AM ET] details and nitty gritties in that [9:51:31 AM ET] yarn [9:51:31 AM ET] I [9:51:31 AM ET] love [9:51:31 AM ET] loves to talk about the [9:51:32 AM ET] talking [9:51:32 AM ET] this [9:51:33 AM ET] in all of [9:51:33 AM ET] the [9:51:33 AM ET] our chief digital officer lauren loves talking about this in [9:51:34 AM ET] detail that [9:51:34 AM ET] you want to [9:51:35 AM ET] but [9:51:35 AM ET] currently [9:51:35 AM ET] that [9:51:35 AM ET] is [9:51:35 AM ET] the [9:51:36 AM ET] situation. [9:51:37 AM ET] so we are [9:51:37 AM ET] covering [9:51:37 AM ET] the [9:51:37 AM ET] base that we [9:51:37 AM ET] can [9:51:38 AM ET] all the detail that you want but currently that is the situation [9:51:38 AM ET] cover as [9:51:38 AM ET] a [9:51:39 AM ET] network. [9:51:39 AM ET] and we're [9:51:40 AM ET] are [9:51:40 AM ET] engaging [9:51:40 AM ET] the [9:51:41 AM ET] so we are covering the base that we can cover as a network and we're engaging the process [9:51:41 AM ET] processor [9:51:42 AM ET] community [9:51:42 AM ET] to [9:51:43 AM ET] ensure [9:51:43 AM ET] that [9:51:43 AM ET] things [9:51:44 AM ET] like [9:51:44 AM ET] VCNs [9:51:44 AM ET] are [9:51:45 AM ET] only [9:51:45 AM ET] a [9:51:45 AM ET] bridge [9:51:45 AM ET] because [9:51:45 AM ET] community to ensure that things like vcns are only a bridge [9:51:46 AM ET] that's [9:51:46 AM ET] not [9:51:46 AM ET] a [9:51:46 AM ET] good [9:51:46 AM ET] long [9:51:47 AM ET] long-term [9:51:47 AM ET] solution but some [9:51:48 AM ET] of these issues are not a good [9:51:48 AM ET] that you [9:51:49 AM ET] highlighted [9:51:49 AM ET] Tim, [9:51:49 AM ET] need to [9:51:50 AM ET] be [9:51:50 AM ET] addressed [9:51:50 AM ET] because that's not a good long term solutions but some of these issues that you highlighted tim [9:51:50 AM ET] because [9:51:51 AM ET] otherwise [9:51:51 AM ET] it's [9:51:51 AM ET] not going to be a good [9:51:51 AM ET] take [9:51:52 AM ET] off. [9:51:52 AM ET] and we [9:51:53 AM ET] believe it [9:51:53 AM ET] will take [9:51:53 AM ET] need to be addressed because otherwise it's not going to take off and we believe it will take off [9:51:54 AM ET] take [9:51:54 AM ET] off. [9:51:56 AM ET] Thank [9:51:57 AM ET] you. [9:52:00 AM ET] Your next question is from the line of Sanjay [9:52:01 AM ET] Sokrani [9:52:01 AM ET] with [9:52:03 AM ET] your next question is from the line of sanjay socrani [9:52:03 AM ET] KBW. [9:52:03 AM ET] Please [9:52:03 AM ET] go [9:52:03 AM ET] with kbw please go ahead [9:52:04 AM ET] ahead. [9:52:06 AM ET] Thank [9:52:06 AM ET] you. Good [9:52:07 AM ET] morning. [9:52:08 AM ET] I guess, Michael, it's been three [9:52:09 AM ET] months [9:52:09 AM ET] since [9:52:09 AM ET] the [9:52:09 AM ET] thank you good morning i guess michael it's been [9:52:09 AM ET] B [9:52:10 AM ET] BVNK [9:52:11 AM ET] acquisition. [9:52:12 AM ET] and the [9:52:12 AM ET] stable [9:52:12 AM ET] coin [9:52:13 AM ET] three months since the bb and k acquisition [9:52:13 AM ET] ecosystem contains [9:52:13 AM ET] to be a good [9:52:14 AM ET] evolve [9:52:15 AM ET] and [9:52:15 AM ET] I [9:52:15 AM ET] know [9:52:15 AM ET] there's [9:52:15 AM ET] a lot [9:52:16 AM ET] of people who are going to be able to do [9:52:16 AM ET] and the stablecoin ecosystem continues to evolve [9:52:16 AM ET] lot [9:52:16 AM ET] also [9:52:17 AM ET] happening [9:52:17 AM ET] with [9:52:18 AM ET] Agent [9:52:18 AM ET] as [9:52:19 AM ET] well [9:52:19 AM ET] So I'm [9:52:19 AM ET] and i know there's a lot also happening with [9:52:20 AM ET] just [9:52:20 AM ET] curious [9:52:20 AM ET] like [9:52:21 AM ET] what [9:52:21 AM ET] your observation [9:52:21 AM ET] observations [9:52:22 AM ET] are [9:52:22 AM ET] with [9:52:23 AM ET] agent pay as well so i'm just curious like what your observations are with the [9:52:23 AM ET] B V N [9:52:24 AM ET] DB [9:52:24 AM ET] ink [9:52:24 AM ET] the [9:52:25 AM ET] opportunity is a good [9:52:26 AM ET] is sort of [9:52:26 AM ET] moving [9:52:27 AM ET] forward? [9:52:27 AM ET] bbnk do you think the opportunity is sort of moving forward any [9:52:27 AM ET] Any [9:52:28 AM ET] learnings [9:52:28 AM ET] and [9:52:30 AM ET] obviously [9:52:30 AM ET] any [9:52:31 AM ET] other [9:52:31 AM ET] types [9:52:31 AM ET] of [9:52:31 AM ET] deals [9:52:31 AM ET] you [9:52:31 AM ET] might [9:52:31 AM ET] do in the middle of the [9:52:32 AM ET] learnings and obviously any other [9:52:32 AM ET] space. Thank [9:52:34 AM ET] types of deals you might do in the space thank you [9:52:34 AM ET] you. [9:52:36 AM ET] Right. Thanks, [9:52:37 AM ET] Sanjay. [9:52:37 AM ET] Um [9:52:37 AM ET] always [9:52:37 AM ET] good to [9:52:37 AM ET] hear [9:52:38 AM ET] your [9:52:38 AM ET] voice. [9:52:38 AM ET] So [9:52:39 AM ET] uh [9:52:39 AM ET] B V and [9:52:39 AM ET] right thanks sanjay always good to hear your voice [9:52:40 AM ET] K [9:52:40 AM ET] so bb and k [9:52:40 AM ET] um [9:52:41 AM ET] it [9:52:41 AM ET] closed between [9:52:41 AM ET] the last two [9:52:42 AM ET] and the [9:52:42 AM ET] call [9:52:42 AM ET] this [9:52:43 AM ET] call. [9:52:43 AM ET] So [9:52:44 AM ET] that's the first [9:52:45 AM ET] it closed between the last call and this call so that's the first [9:52:45 AM ET] uh [9:52:45 AM ET] big piece of [9:52:47 AM ET] Um [9:52:47 AM ET] and we [9:52:47 AM ET] are very [9:52:48 AM ET] happy [9:52:48 AM ET] that [9:52:48 AM ET] it [9:52:49 AM ET] big piece and we are very happy that it closed [9:52:50 AM ET] closed. [9:52:50 AM ET] We're [9:52:51 AM ET] getting [9:52:51 AM ET] really [9:52:52 AM ET] you [9:52:52 AM ET] the [9:52:53 AM ET] strong out of [9:52:53 AM ET] the [9:52:53 AM ET] gate [9:52:54 AM ET] from [9:52:54 AM ET] we're getting really [9:52:54 AM ET] uh [9:52:54 AM ET] from [9:52:54 AM ET] day [9:52:55 AM ET] strong out of the gate from day one [9:52:55 AM ET] one. [9:52:56 AM ET] Um [9:52:56 AM ET] the [9:52:58 AM ET] uh you [9:52:58 AM ET] The Jewish colours of the United [9:52:58 AM ET] is [9:52:59 AM ET] the [9:52:59 AM ET] joint [9:53:00 AM ET] new [9:53:00 AM ET] product [9:53:00 AM ET] the [9:53:00 AM ET] that [9:53:00 AM ET] I refer [9:53:01 AM ET] referred [9:53:01 AM ET] to [9:53:01 AM ET] in [9:53:01 AM ET] uh [9:53:02 AM ET] my [9:53:02 AM ET] prepared [9:53:03 AM ET] remarks, the [9:53:03 AM ET] Global [9:53:03 AM ET] Money [9:53:04 AM ET] Account, [9:53:04 AM ET] the joint new product that i referred to in my prepared remarks the global money [9:53:04 AM ET] is [9:53:04 AM ET] out [9:53:05 AM ET] there. [9:53:05 AM ET] so [9:53:05 AM ET] that [9:53:06 AM ET] takes [9:53:06 AM ET] uh our [9:53:07 AM ET] capabilities [9:53:07 AM ET] on [9:53:07 AM ET] the [9:53:08 AM ET] MasterCard [9:53:08 AM ET] side, [9:53:08 AM ET] our [9:53:08 AM ET] is out there so that takes our capabilities on the master [9:53:08 AM ET] global [9:53:09 AM ET] reach, and it takes a lot of [9:53:10 AM ET] the [9:53:10 AM ET] stablecoin. [9:53:11 AM ET] capabilities [9:53:11 AM ET] of [9:53:12 AM ET] stand [9:53:12 AM ET] send, [9:53:12 AM ET] side our global reach and it takes the stablecoin capabilities to extend [9:53:13 AM ET] receive, [9:53:13 AM ET] store, [9:53:14 AM ET] convert, and [9:53:14 AM ET] puts [9:53:14 AM ET] it in the middle of the [9:53:14 AM ET] all [9:53:15 AM ET] it [9:53:15 AM ET] together [9:53:15 AM ET] to [9:53:16 AM ET] enable [9:53:16 AM ET] our [9:53:16 AM ET] customers [9:53:17 AM ET] to [9:53:17 AM ET] receive store convert and puts it all together to enable our [9:53:17 AM ET] customers to choose [9:53:17 AM ET] choose [9:53:18 AM ET] between [9:53:19 AM ET] fiat [9:53:19 AM ET] fiat [9:53:19 AM ET] and [9:53:20 AM ET] the other [9:53:21 AM ET] side [9:53:21 AM ET] or [9:53:21 AM ET] our [9:53:21 AM ET] are [9:53:21 AM ET] custom [9:53:22 AM ET] customer as [9:53:22 AM ET] between fiat and stablecoin to the other side or our customers rather [9:53:23 AM ET] well. [9:53:23 AM ET] So, I'm going to go ahead and do a little bit of a little bit of a little bit of a little bit of a [9:53:24 AM ET] tremendous [9:53:25 AM ET] product, very [9:53:25 AM ET] good, uh [9:53:26 AM ET] great [9:53:26 AM ET] in the [9:53:27 AM ET] demand. [9:53:27 AM ET] So this is [9:53:27 AM ET] so tremendous product very good great in demand so [9:53:27 AM ET] a [9:53:28 AM ET] really [9:53:29 AM ET] good. [9:53:29 AM ET] Um this [9:53:29 AM ET] can [9:53:29 AM ET] just [9:53:29 AM ET] came [9:53:29 AM ET] at [9:53:30 AM ET] the price [9:53:30 AM ET] perfect [9:53:30 AM ET] time [9:53:30 AM ET] on [9:53:31 AM ET] where [9:53:31 AM ET] the [9:53:31 AM ET] ecosystem [9:53:32 AM ET] is [9:53:32 AM ET] this is really good this just came at the perfect time on where the [9:53:32 AM ET] ecosystem is going [9:53:33 AM ET] going. [9:53:35 AM ET] Um E V and K, you know, if [9:53:35 AM ET] you're not going to be able to do [9:53:36 AM ET] it just [9:53:36 AM ET] go [9:53:36 AM ET] a step [9:53:37 AM ET] back [9:53:37 AM ET] and [9:53:37 AM ET] bb and k if i just go a step [9:53:37 AM ET] say, you [9:53:38 AM ET] know [9:53:38 AM ET] what [9:53:38 AM ET] I [9:53:38 AM ET] they [9:53:39 AM ET] doing [9:53:39 AM ET] for [9:53:40 AM ET] us? [9:53:40 AM ET] you know what [9:53:40 AM ET] is [9:53:41 AM ET] um [9:53:41 AM ET] in [9:53:41 AM ET] back and say what are they doing for us what is [9:53:42 AM ET] its [9:53:42 AM ET] simplest [9:53:43 AM ET] form [9:53:43 AM ET] um [9:53:44 AM ET] they [9:53:44 AM ET] uh you [9:53:44 AM ET] are not [9:53:45 AM ET] in its simplest form [9:53:45 AM ET] The [9:53:46 AM ET] reason [9:53:46 AM ET] for [9:53:46 AM ET] them [9:53:46 AM ET] to [9:53:47 AM ET] join [9:53:48 AM ET] us. [9:53:49 AM ET] And here it [9:53:49 AM ET] is. [9:53:50 AM ET] it's really providing a lot of the [9:53:50 AM ET] the reason for them to join us [9:53:50 AM ET] that [9:53:51 AM ET] choice [9:53:51 AM ET] between [9:53:51 AM ET] and [9:53:51 AM ET] all [9:53:51 AM ET] these [9:53:53 AM ET] capabilities. [9:53:53 AM ET] send [9:53:53 AM ET] and here it is it's really providing that choice between in all these capabilities [9:53:53 AM ET] receive [9:53:54 AM ET] convert, [9:53:54 AM ET] and so [9:53:55 AM ET] store. [9:53:55 AM ET] that's [9:53:55 AM ET] very [9:53:55 AM ET] much [9:53:56 AM ET] it. [9:53:56 AM ET] Now but there [9:53:57 AM ET] are [9:53:57 AM ET] some other [9:53:57 AM ET] send receive convert and store that's very much it [9:53:57 AM ET] reasons [9:53:57 AM ET] for [9:53:58 AM ET] that [9:53:58 AM ET] uh [9:53:58 AM ET] for [9:53:58 AM ET] choosing [9:53:59 AM ET] V [9:53:59 AM ET] and [9:54:00 AM ET] K not [9:54:00 AM ET] choosing [9:54:00 AM ET] to [9:54:00 AM ET] build [9:54:00 AM ET] this [9:54:01 AM ET] now but there are some other reasons for choosing bb and k [9:54:01 AM ET] our [9:54:02 AM ET] own. [9:54:02 AM ET] One [9:54:03 AM ET] is that [9:54:03 AM ET] they have [9:54:03 AM ET] the [9:54:04 AM ET] full [9:54:04 AM ET] and not choosing to build this our own one is they have [9:54:04 AM ET] licensing [9:54:05 AM ET] footprint [9:54:05 AM ET] that [9:54:05 AM ET] is [9:54:06 AM ET] needed. [9:54:06 AM ET] and then [9:54:06 AM ET] have [9:54:06 AM ET] a [9:54:07 AM ET] very [9:54:07 AM ET] established [9:54:08 AM ET] compliance [9:54:08 AM ET] the full licensing footprint that is needed and then have a very established compliance [9:54:08 AM ET] function. [9:54:09 AM ET] So if [9:54:09 AM ET] you [9:54:10 AM ET] do, [9:54:10 AM ET] all [9:54:10 AM ET] the setups, you can do [9:54:10 AM ET] and [9:54:11 AM ET] receive [9:54:11 AM ET] that [9:54:11 AM ET] you [9:54:11 AM ET] want, it [9:54:12 AM ET] we [9:54:12 AM ET] want [9:54:12 AM ET] them [9:54:12 AM ET] make [9:54:12 AM ET] like [9:54:12 AM ET] a [9:54:13 AM ET] function so if you do all the send and receive that you want we want to like [9:54:13 AM ET] show [9:54:13 AM ET] that [9:54:13 AM ET] it's [9:54:14 AM ET] totally [9:54:15 AM ET] you know [9:54:15 AM ET] fully [9:54:16 AM ET] compliant, very [9:54:16 AM ET] visible, [9:54:17 AM ET] usable, [9:54:17 AM ET] easily [9:54:17 AM ET] sure that it's totally fully compliant [9:54:17 AM ET] managed [9:54:18 AM ET] to [9:54:18 AM ET] for our [9:54:19 AM ET] customers and then [9:54:19 AM ET] we're [9:54:19 AM ET] very [9:54:20 AM ET] reliable [9:54:20 AM ET] taking [9:54:20 AM ET] very visible easily managed to for our customers and that we are very reliable taking [9:54:20 AM ET] that [9:54:21 AM ET] uh that [9:54:21 AM ET] k you [9:54:22 AM ET] know [9:54:22 AM ET] responsibility [9:54:23 AM ET] on. [9:54:24 AM ET] That's a [9:54:24 AM ET] piece. [9:54:25 AM ET] And the other is really the [9:54:25 AM ET] native [9:54:25 AM ET] that responsibility on that's a [9:54:26 AM ET] talent and [9:54:26 AM ET] the [9:54:26 AM ET] digital [9:54:27 AM ET] asset [9:54:27 AM ET] space. [9:54:28 AM ET] So we now [9:54:28 AM ET] have [9:54:28 AM ET] a [9:54:28 AM ET] set [9:54:29 AM ET] of [9:54:29 AM ET] and the other is really the native talent in the digital asset space so we now have [9:54:29 AM ET] colleagues. [9:54:30 AM ET] So we just had [9:54:30 AM ET] our [9:54:30 AM ET] global [9:54:30 AM ET] leadership [9:54:31 AM ET] meeting and they were [9:54:32 AM ET] a set of colleagues so we just had our global leadership meeting and they were there [9:54:32 AM ET] there and [9:54:32 AM ET] you just see [9:54:33 AM ET] a [9:54:33 AM ET] very, [9:54:33 AM ET] different [9:54:34 AM ET] mindset [9:54:34 AM ET] coming into the middle of the [9:54:35 AM ET] MasterCard which [9:54:35 AM ET] is [9:54:36 AM ET] excellent. [9:54:37 AM ET] you just see a very different mindset coming into mastercard which is excellent so [9:54:37 AM ET] So all those things are going to be a lot of [9:54:38 AM ET] so new [9:54:38 AM ET] product [9:54:39 AM ET] is [9:54:40 AM ET] out. [9:54:40 AM ET] in different [9:54:40 AM ET] mindset [9:54:40 AM ET] is [9:54:41 AM ET] in [9:54:41 AM ET] compliance [9:54:42 AM ET] all those new product is out [9:54:42 AM ET] is [9:54:42 AM ET] ready [9:54:43 AM ET] and [9:54:43 AM ET] we're [9:54:43 AM ET] out in [9:54:43 AM ET] the [9:54:44 AM ET] market. [9:54:44 AM ET] and [9:54:45 AM ET] we're [9:54:45 AM ET] different mindset is in compliance is ready and we're out in the market [9:54:45 AM ET] seeing [9:54:45 AM ET] great [9:54:47 AM ET] demand. [9:54:47 AM ET] As this is [9:54:47 AM ET] very you [9:54:48 AM ET] know [9:54:48 AM ET] very [9:54:48 AM ET] straightforward for [9:54:49 AM ET] our [9:54:49 AM ET] and we're seeing great demand as this is very straightforward for our [9:54:49 AM ET] customers to [9:54:50 AM ET] say all [9:54:50 AM ET] right, [9:54:50 AM ET] I [9:54:51 AM ET] want [9:54:51 AM ET] to send a lot of [9:54:51 AM ET] somehow [9:54:51 AM ET] inform [9:54:52 AM ET] let's [9:54:52 AM ET] take [9:54:52 AM ET] a [9:54:52 AM ET] bank. [9:54:52 AM ET] you [9:54:53 AM ET] know, I [9:54:53 AM ET] have [9:54:54 AM ET] really [9:54:54 AM ET] no [9:54:54 AM ET] customers to say all right i want to somehow and let's take a bank [9:54:54 AM ET] conversation [9:54:55 AM ET] with a bank [9:54:55 AM ET] CEO [9:54:55 AM ET] where [9:54:56 AM ET] this [9:54:56 AM ET] topic [9:54:56 AM ET] doesn't [9:54:56 AM ET] come [9:54:57 AM ET] up. [9:54:57 AM ET] i have really no conversation with a bank ceo where this topic doesn't come [9:54:57 AM ET] What should I be [9:54:58 AM ET] doing in a [9:54:58 AM ET] digital [9:54:58 AM ET] asset [9:54:59 AM ET] space? [9:54:59 AM ET] Obviously there's a bunch [9:55:00 AM ET] of banks. [9:55:00 AM ET] who [9:55:00 AM ET] are [9:55:00 AM ET] very [9:55:01 AM ET] clear [9:55:01 AM ET] what [9:55:01 AM ET] they [9:55:01 AM ET] want to [9:55:01 AM ET] do [9:55:01 AM ET] but [9:55:01 AM ET] what should i be doing in the digital asset space obviously there's a bunch of bank [9:55:02 AM ET] there [9:55:02 AM ET] are [9:55:02 AM ET] many [9:55:02 AM ET] others [9:55:03 AM ET] who [9:55:03 AM ET] are [9:55:03 AM ET] not very [9:55:03 AM ET] clear [9:55:04 AM ET] and they're [9:55:04 AM ET] asking [9:55:04 AM ET] us [9:55:04 AM ET] the [9:55:05 AM ET] who are very clear what they want to do but there are many others who are not very clear and are asking us the question [9:55:05 AM ET] question. [9:55:06 AM ET] Our crypto [9:55:06 AM ET] consulting [9:55:06 AM ET] team [9:55:06 AM ET] comes [9:55:07 AM ET] in. [9:55:07 AM ET] and of [9:55:08 AM ET] course [9:55:08 AM ET] with [9:55:08 AM ET] BB and [9:55:09 AM ET] we [9:55:09 AM ET] can [9:55:09 AM ET] now [9:55:09 AM ET] only do [9:55:10 AM ET] our crypto consulting team comes in and of course with bb and k we [9:55:10 AM ET] offer [9:55:10 AM ET] consulting, [9:55:10 AM ET] but [9:55:11 AM ET] also [9:55:11 AM ET] cover [9:55:11 AM ET] a [9:55:11 AM ET] set [9:55:12 AM ET] of [9:55:12 AM ET] solutions so [9:55:13 AM ET] people [9:55:13 AM ET] come [9:55:13 AM ET] in [9:55:13 AM ET] and [9:55:13 AM ET] it's [9:55:13 AM ET] kind [9:55:14 AM ET] of [9:55:14 AM ET] can now not only offer consulting but also cover a set of solutions so people [9:55:14 AM ET] an [9:55:14 AM ET] on [9:55:14 AM ET] behalf [9:55:15 AM ET] service [9:55:15 AM ET] that [9:55:15 AM ET] be [9:55:15 AM ET] the [9:55:17 AM ET] provides [9:55:17 AM ET] along [9:55:17 AM ET] with [9:55:17 AM ET] the [9:55:18 AM ET] come in and it's kind of an on behalf service that bb and k provides along [9:55:18 AM ET] money [9:55:18 AM ET] move uh [9:55:19 AM ET] capabilities [9:55:19 AM ET] that [9:55:19 AM ET] it [9:55:20 AM ET] has. [9:55:20 AM ET] But it's not just about [9:55:21 AM ET] stable [9:55:21 AM ET] coins. [9:55:21 AM ET] So they want to [9:55:22 AM ET] with the money move capabilities that they have it's not just about stablecoin so they want to choose [9:55:22 AM ET] choose [9:55:22 AM ET] for [9:55:23 AM ET] my [9:55:23 AM ET] customer [9:55:23 AM ET] that [9:55:24 AM ET] is you [9:55:24 AM ET] know, [9:55:24 AM ET] uh [9:55:25 AM ET] for my customer that is [9:55:25 AM ET] a [9:55:26 AM ET] buyer in the [9:55:26 AM ET] United [9:55:27 AM ET] States [9:55:27 AM ET] and [9:55:27 AM ET] is [9:55:28 AM ET] importing [9:55:28 AM ET] from [9:55:28 AM ET] somewhere [9:55:28 AM ET] in [9:55:29 AM ET] Asia, what [9:55:29 AM ET] is [9:55:29 AM ET] the [9:55:29 AM ET] best [9:55:30 AM ET] way [9:55:30 AM ET] a buyer in the united states and is importing from somewhere in asia what is the best [9:55:30 AM ET] to [9:55:30 AM ET] send [9:55:30 AM ET] this [9:55:31 AM ET] I think that's a very important [9:55:32 AM ET] and they might choose [9:55:32 AM ET] stablecoin. [9:55:32 AM ET] coins [9:55:32 AM ET] or [9:55:33 AM ET] and they [9:55:33 AM ET] might [9:55:33 AM ET] just choose [9:55:34 AM ET] something [9:55:34 AM ET] way to send this money and they might choose stablecoins and they might just [9:55:35 AM ET] else. [9:55:35 AM ET] And we have all [9:55:35 AM ET] the [9:55:35 AM ET] rails [9:55:36 AM ET] together. [9:55:37 AM ET] So it comes at the [9:55:37 AM ET] perfect [9:55:38 AM ET] choose something else and we have all the rails together so [9:55:38 AM ET] moment. [9:55:39 AM ET] BBNK, the USB, the [9:55:39 AM ET] and [9:55:39 AM ET] bringing the [9:55:41 AM ET] everything [9:55:41 AM ET] that [9:55:41 AM ET] we're looking [9:55:41 AM ET] comes at the perfect moment bb and k bringing [9:55:42 AM ET] for, but it's [9:55:42 AM ET] early [9:55:42 AM ET] days, [9:55:43 AM ET] We just [9:55:43 AM ET] closed [9:55:43 AM ET] and [9:55:43 AM ET] in [9:55:44 AM ET] august there were [9:55:44 AM ET] two [9:55:44 AM ET] months [9:55:45 AM ET] in [9:55:45 AM ET] everything that we're looking for but it's early days we just closed in august so we're two months in into [9:55:45 AM ET] Integration goes [9:55:46 AM ET] well that's a [9:55:47 AM ET] non-issue. [9:55:48 AM ET] So we're [9:55:48 AM ET] ready to [9:55:48 AM ET] goes well that's a non issue so we're ready to go [9:55:49 AM ET] go. [9:55:51 AM ET] You're [9:55:51 AM ET] next question [9:55:52 AM ET] is for the next [9:55:53 AM ET] from [9:55:53 AM ET] line [9:55:53 AM ET] of [9:55:53 AM ET] Trevor [9:55:54 AM ET] your next question is from the line of trevor williams [9:55:54 AM ET] Williams [9:55:54 AM ET] with [9:55:55 AM ET] FT [9:55:55 AM ET] T [9:55:55 AM ET] with feet partners [9:55:56 AM ET] Partners. Please go [9:55:56 AM ET] please go ahead [9:55:57 AM ET] ahead. [9:55:58 AM ET] Great. Thanks very [9:55:58 AM ET] much. [9:55:59 AM ET] I wanted to ask on [9:56:00 AM ET] pricing. [9:56:00 AM ET] I think it [9:56:00 AM ET] was [9:56:00 AM ET] called [9:56:01 AM ET] out as [9:56:01 AM ET] a [9:56:01 AM ET] great thanks very much i wanted to ask on pricing i i think it was called out [9:56:01 AM ET] driver [9:56:02 AM ET] as a driver across [9:56:02 AM ET] across pretty [9:56:02 AM ET] much [9:56:03 AM ET] every [9:56:03 AM ET] revenue [9:56:04 AM ET] line in [9:56:04 AM ET] the [9:56:04 AM ET] quarter. [9:56:04 AM ET] So just be [9:56:05 AM ET] helpful [9:56:05 AM ET] to [9:56:05 AM ET] hear [9:56:05 AM ET] how [9:56:06 AM ET] sustainable [9:56:06 AM ET] you [9:56:06 AM ET] think this [9:56:07 AM ET] pretty much every revenue line in the quarter so it'd just be helpful to hear how [9:56:07 AM ET] level [9:56:07 AM ET] of [9:56:08 AM ET] contribution [9:56:08 AM ET] from [9:56:08 AM ET] pricing [9:56:09 AM ET] is. [9:56:10 AM ET] And then just to [9:56:10 AM ET] clarify on [9:56:10 AM ET] sustainable you think this level of contribution from pricing is [9:56:10 AM ET] the [9:56:11 AM ET] value of [9:56:11 AM ET] growth [9:56:12 AM ET] in [9:56:12 AM ET] Q3, I [9:56:13 AM ET] know [9:56:13 AM ET] M [9:56:14 AM ET] MA [9:56:14 AM ET] A [9:56:14 AM ET] and then just to clarify on the vast growth in q3 i know [9:56:14 AM ET] was [9:56:14 AM ET] not [9:56:15 AM ET] material [9:56:15 AM ET] to [9:56:15 AM ET] total [9:56:16 AM ET] company [9:56:16 AM ET] growth, [9:56:17 AM ET] but how [9:56:17 AM ET] much [9:56:17 AM ET] of [9:56:17 AM ET] an [9:56:18 AM ET] impact behind [9:56:18 AM ET] can [9:56:18 AM ET] m and a was not material to total company growth but [9:56:18 AM ET] and [9:56:19 AM ET] had on the [9:56:19 AM ET] value of [9:56:19 AM ET] growth [9:56:20 AM ET] rate in [9:56:20 AM ET] Q [9:56:21 AM ET] three would [9:56:21 AM ET] be [9:56:21 AM ET] how much of an impact bb and k had on the vast growth rate in q3 would be helpful [9:56:21 AM ET] helpful. Thank [9:56:22 AM ET] you very [9:56:23 AM ET] very [9:56:23 AM ET] much. [9:56:26 AM ET] Thank [9:56:26 AM ET] the [9:56:27 AM ET] trevor thank you so [9:56:28 AM ET] first of [9:56:29 AM ET] all, [9:56:29 AM ET] regarding [9:56:30 AM ET] pricing. [9:56:32 AM ET] first of all regarding pricing [9:56:32 AM ET] As we have told [9:56:32 AM ET] you [9:56:33 AM ET] before, [9:56:33 AM ET] we [9:56:33 AM ET] price [9:56:33 AM ET] for [9:56:34 AM ET] value. [9:56:35 AM ET] so we will [9:56:35 AM ET] always look for [9:56:35 AM ET] as we have told you before we price for value so we will always [9:56:36 AM ET] opportunities [9:56:36 AM ET] to price for [9:56:37 AM ET] because [9:56:37 AM ET] we deliver [9:56:39 AM ET] value. [9:56:40 AM ET] look for opportunities to price because we deliver value [9:56:41 AM ET] Um and um [9:56:42 AM ET] token [9:56:42 AM ET] pricing is a very good [9:56:42 AM ET] probably [9:56:43 AM ET] good [9:56:43 AM ET] example [9:56:43 AM ET] for [9:56:43 AM ET] me [9:56:44 AM ET] to [9:56:44 AM ET] illustrate [9:56:44 AM ET] this [9:56:45 AM ET] and token pricing is probably a good example for me to illustrate this point [9:56:46 AM ET] point. [9:56:46 AM ET] I think that's a good idea. [9:56:47 AM ET] I feel, like I [9:56:47 AM ET] said [9:56:48 AM ET] i feel like i said before [9:56:48 AM ET] before, [9:56:48 AM ET] from [9:56:48 AM ET] a [9:56:48 AM ET] vast [9:56:50 AM ET] perspective, [9:56:51 AM ET] especially [9:56:51 AM ET] you [9:56:51 AM ET] have [9:56:52 AM ET] more [9:56:52 AM ET] room [9:56:52 AM ET] for [9:56:53 AM ET] from a vast perspective especially you have [9:56:54 AM ET] penetration. [9:56:54 AM ET] You have new [9:56:55 AM ET] functionalities you [9:56:55 AM ET] can [9:56:56 AM ET] more room for penetration you have new functionalities you can build [9:56:57 AM ET] build. [9:56:57 AM ET] especially in [9:56:57 AM ET] the [9:56:57 AM ET] world [9:56:58 AM ET] of [9:56:59 AM ET] agentic as you [9:56:59 AM ET] see [9:56:59 AM ET] where [9:56:59 AM ET] we're [9:56:59 AM ET] using [9:57:00 AM ET] MDAS [9:57:00 AM ET] as [9:57:00 AM ET] the [9:57:01 AM ET] especially in the world of agentic as you see we're using mdas as the platform [9:57:01 AM ET] platform [9:57:02 AM ET] to [9:57:02 AM ET] enhance [9:57:02 AM ET] our [9:57:02 AM ET] token [9:57:03 AM ET] for [9:57:03 AM ET] the [9:57:03 AM ET] gen tech [9:57:04 AM ET] world. [9:57:05 AM ET] And of course they will be able to do [9:57:05 AM ET] new [9:57:06 AM ET] use [9:57:06 AM ET] to enhance our token for the agentic world and of course there will be new use cases [9:57:07 AM ET] cases. [9:57:07 AM ET] So I think that a [9:57:08 AM ET] ability is very important [9:57:08 AM ET] for [9:57:08 AM ET] us [9:57:08 AM ET] to [9:57:09 AM ET] further [9:57:09 AM ET] penetrate [9:57:10 AM ET] existing [9:57:10 AM ET] customers [9:57:11 AM ET] create [9:57:11 AM ET] so i think that ability for us to further penetrate existing customers create new [9:57:12 AM ET] new [9:57:12 AM ET] use [9:57:12 AM ET] cases, [9:57:13 AM ET] and penetrate the [9:57:13 AM ET] new [9:57:14 AM ET] verticals [9:57:14 AM ET] is [9:57:15 AM ET] there and [9:57:15 AM ET] will [9:57:15 AM ET] we'll price [9:57:15 AM ET] for [9:57:15 AM ET] the [9:57:16 AM ET] value [9:57:16 AM ET] we [9:57:16 AM ET] use cases and penetrate new verticals is there [9:57:17 AM ET] deliver so that's going [9:57:17 AM ET] to [9:57:18 AM ET] be [9:57:19 AM ET] the first [9:57:19 AM ET] and we'll price for the value we deliver so that's going to be [9:57:20 AM ET] point. [9:57:21 AM ET] And of course, [9:57:21 AM ET] the first point and of course [9:57:22 AM ET] um [9:57:22 AM ET] our [9:57:22 AM ET] pricing [9:57:22 AM ET] in [9:57:23 AM ET] our pricing in q3 [9:57:23 AM ET] Q3 [9:57:23 AM ET] has [9:57:24 AM ET] a [9:57:24 AM ET] component [9:57:24 AM ET] of [9:57:25 AM ET] previous [9:57:25 AM ET] pricing, [9:57:25 AM ET] but [9:57:26 AM ET] also [9:57:26 AM ET] some [9:57:26 AM ET] new [9:57:27 AM ET] pricing. [9:57:28 AM ET] We will expect some of the things that we have to [9:57:28 AM ET] of [9:57:28 AM ET] lack [9:57:28 AM ET] has a component of previous pricing but also some new pricing [9:57:29 AM ET] lapping [9:57:29 AM ET] of [9:57:29 AM ET] the [9:57:30 AM ET] pricing [9:57:30 AM ET] as [9:57:30 AM ET] we [9:57:30 AM ET] head into the [9:57:31 AM ET] to [9:57:31 AM ET] we will expect some lapping of the pricing as we head into q4 [9:57:32 AM ET] Q4. [9:57:32 AM ET] But again, we will [9:57:33 AM ET] continue [9:57:33 AM ET] to look at the QR [9:57:34 AM ET] but again we will continue to look for [9:57:34 AM ET] for [9:57:36 AM ET] opportunities. [9:57:37 AM ET] Uh [9:57:37 AM ET] You asked [9:57:38 AM ET] about VAS [9:57:39 AM ET] and [9:57:39 AM ET] the impact of the [9:57:39 AM ET] opportunities you asked about [9:57:40 AM ET] from M [9:57:40 AM ET] and [9:57:41 AM ET] So I would [9:57:41 AM ET] say as [9:57:42 AM ET] far [9:57:42 AM ET] I can [9:57:42 AM ET] BDS, the [9:57:42 AM ET] vas and impact from m and a so i [9:57:42 AM ET] and [9:57:43 AM ET] is [9:57:44 AM ET] concerned, the impact is a good [9:57:44 AM ET] really [9:57:45 AM ET] minimal. [9:57:46 AM ET] say as far as bb and k is concerned the impact is really minimum [9:57:46 AM ET] It is a revenue [9:57:47 AM ET] generating [9:57:48 AM ET] enterprise [9:57:48 AM ET] it is a revenue generating enterprise already [9:57:49 AM ET] already. [9:57:49 AM ET] but it's [9:57:49 AM ET] uh [9:57:50 AM ET] of [9:57:50 AM ET] it's [9:57:50 AM ET] all for [9:57:50 AM ET] a small [9:57:51 AM ET] but it's off a small base [9:57:51 AM ET] base. [9:57:54 AM ET] You're not going to be able to do [9:57:54 AM ET] next [9:57:54 AM ET] question [9:57:55 AM ET] is for the next [9:57:55 AM ET] from [9:57:56 AM ET] Fahad [9:57:56 AM ET] Kunwar [9:57:56 AM ET] with [9:57:57 AM ET] Rothschild [9:57:58 AM ET] and [9:57:58 AM ET] Co. [9:57:58 AM ET] your next question is from fahad kunwar with rothschild and co redburn [9:57:59 AM ET] Redburn. [9:57:59 AM ET] Please go [9:58:00 AM ET] please go ahead [9:58:01 AM ET] ahead. [9:58:03 AM ET] I don't [9:58:04 AM ET] think it's a good [9:58:04 AM ET] and [9:58:04 AM ET] thanks [9:58:04 AM ET] for taking the [9:58:06 AM ET] hi both thanks for taking the questions and [9:58:06 AM ET] questions. [9:58:07 AM ET] Could I just get [9:58:07 AM ET] an [9:58:08 AM ET] update [9:58:08 AM ET] on [9:58:09 AM ET] incentives? [9:58:10 AM ET] I think we [9:58:10 AM ET] talked [9:58:10 AM ET] about [9:58:10 AM ET] it a [9:58:10 AM ET] last [9:58:11 AM ET] could i just get an update on incentives [9:58:11 AM ET] quarter [9:58:11 AM ET] for [9:58:11 AM ET] the [9:58:12 AM ET] broadly [9:58:13 AM ET] stable. [9:58:14 AM ET] i think you talked about it last quarter being broadly stable [9:58:14 AM ET] So slightly [9:58:15 AM ET] higher and it came [9:58:15 AM ET] in pretty [9:58:17 AM ET] stable. [9:58:17 AM ET] um was [9:58:17 AM ET] there [9:58:17 AM ET] any [9:58:18 AM ET] deal to [9:58:18 AM ET] so it seems slightly higher and it came in pretty stable [9:58:18 AM ET] kind [9:58:18 AM ET] climate [9:58:19 AM ET] affecting [9:58:20 AM ET] incentives? [9:58:20 AM ET] Can we [9:58:20 AM ET] expect [9:58:20 AM ET] any of [9:58:21 AM ET] the Q [9:58:21 AM ET] was there any deal timing affecting incentives can we expect [9:58:21 AM ET] key [9:58:21 AM ET] impact [9:58:22 AM ET] you [9:58:22 AM ET] feel [9:58:22 AM ET] would [9:58:22 AM ET] happen [9:58:22 AM ET] going [9:58:23 AM ET] into [9:58:23 AM ET] any of the q3 impact you thought would happen going into q4 [9:58:24 AM ET] Q4. [9:58:25 AM ET] And any sense of [9:58:25 AM ET] how [9:58:25 AM ET] large would be the same [9:58:26 AM ET] in [9:58:26 AM ET] real [9:58:26 AM ET] cycle [9:58:26 AM ET] is [9:58:26 AM ET] at the [9:58:27 AM ET] last [9:58:27 AM ET] to [9:58:27 AM ET] card [9:58:27 AM ET] going is going to [9:58:28 AM ET] and any sense of how large the annual cycle is the mastercard going into twenty twenty seven [9:58:29 AM ET] Thank [9:58:29 AM ET] thank you [9:58:30 AM ET] you. [9:58:31 AM ET] Thank [9:58:33 AM ET] you, Fahis, for [9:58:33 AM ET] the [9:58:34 AM ET] question. [9:58:34 AM ET] Let me take this [9:58:35 AM ET] one. [9:58:35 AM ET] thank you fahid for the question let me take this one [9:58:36 AM ET] well look I I have [9:58:36 AM ET] a [9:58:37 AM ET] tendency [9:58:37 AM ET] to [9:58:37 AM ET] call [9:58:37 AM ET] this a [9:58:38 AM ET] uh [9:58:38 AM ET] contra [9:58:38 AM ET] uh [9:58:39 AM ET] but [9:58:39 AM ET] it's [9:58:39 AM ET] well look i have a tendency to call this a contra [9:58:40 AM ET] recently [9:58:40 AM ET] revascing [9:58:41 AM ET] and [9:58:42 AM ET] incentives [9:58:42 AM ET] Well, this contract is a very important [9:58:43 AM ET] revenue is a very good [9:58:43 AM ET] but it's rebates and incentives well this contra revenue [9:58:44 AM ET] reflection of the [9:58:45 AM ET] our [9:58:45 AM ET] solid [9:58:46 AM ET] yield [9:58:46 AM ET] momentum. [9:58:47 AM ET] If that goes [9:58:48 AM ET] down, sometimes that will be a good [9:58:48 AM ET] worry about [9:58:48 AM ET] is a reflection of our solid deal momentum in fact if that goes down sometimes i worry about [9:58:49 AM ET] it. [9:58:49 AM ET] So that's one thing [9:58:50 AM ET] to [9:58:50 AM ET] keep in [9:58:50 AM ET] it so that's one thing to keep in mind [9:58:51 AM ET] mind [9:58:51 AM ET] because [9:58:51 AM ET] the [9:58:51 AM ET] deals [9:58:52 AM ET] that we're [9:58:52 AM ET] what [9:58:52 AM ET] drive [9:58:52 AM ET] our [9:58:53 AM ET] business [9:58:54 AM ET] growth. [9:58:54 AM ET] And we have not [9:58:55 AM ET] given [9:58:55 AM ET] guidance [9:58:55 AM ET] for [9:58:55 AM ET] 20 [9:58:55 AM ET] because the deals are what drive our business growth and we have not given guidance for [9:58:56 AM ET] 2026 so [9:58:56 AM ET] I'm not going to do [9:58:57 AM ET] do [9:58:58 AM ET] that [9:58:59 AM ET] twenty twenty six so i'm not going to do that but [9:58:59 AM ET] but [9:59:00 AM ET] as a [9:59:00 AM ET] reminder [9:59:01 AM ET] though, [9:59:01 AM ET] we [9:59:02 AM ET] use [9:59:02 AM ET] rebates [9:59:03 AM ET] and [9:59:03 AM ET] incentives [9:59:03 AM ET] to [9:59:03 AM ET] drive [9:59:04 AM ET] as a reminder though we use [9:59:04 AM ET] volume [9:59:04 AM ET] and [9:59:05 AM ET] transactions onto [9:59:05 AM ET] the [9:59:06 AM ET] network. [9:59:07 AM ET] rebates and incentives to drive volume and transaction [9:59:07 AM ET] I'm just going to [9:59:07 AM ET] reiterate [9:59:07 AM ET] my [9:59:08 AM ET] flywheel [9:59:09 AM ET] point. [9:59:09 AM ET] You get the [9:59:10 AM ET] onto the network i'm just going to reiterate my flywheel point [9:59:10 AM ET] volume, [9:59:10 AM ET] then we [9:59:11 AM ET] deliver [9:59:11 AM ET] services on the [9:59:12 AM ET] volume, and [9:59:13 AM ET] then [9:59:13 AM ET] the service is going to be a [9:59:13 AM ET] in [9:59:14 AM ET] you get the volume then we deliver services on the volume and then [9:59:14 AM ET] turn [9:59:14 AM ET] become [9:59:14 AM ET] the [9:59:15 AM ET] differentiation that [9:59:15 AM ET] will [9:59:15 AM ET] would [9:59:16 AM ET] drive [9:59:16 AM ET] even [9:59:16 AM ET] more [9:59:17 AM ET] volume. [9:59:17 AM ET] So we'll continue to do [9:59:18 AM ET] services in turn become the differentiation that would drive even more volume so we'll [9:59:19 AM ET] that. [9:59:19 AM ET] And we have [9:59:20 AM ET] continue to do that and we have been [9:59:20 AM ET] been [9:59:21 AM ET] winning [9:59:23 AM ET] We have been [9:59:23 AM ET] winning [9:59:24 AM ET] deals. [9:59:24 AM ET] and [9:59:25 AM ET] with [9:59:25 AM ET] winning deals [9:59:25 AM ET] new [9:59:25 AM ET] customers [9:59:26 AM ET] and [9:59:26 AM ET] expanding [9:59:27 AM ET] and with new customers and expanding our [9:59:27 AM ET] our [9:59:28 AM ET] our [9:59:29 AM ET] customers. [9:59:29 AM ET] and [9:59:29 AM ET] in terms [9:59:29 AM ET] of [9:59:29 AM ET] our [9:59:30 AM ET] deal [9:59:31 AM ET] base. [9:59:32 AM ET] But we've been very [9:59:32 AM ET] customers in terms of our deal base [9:59:33 AM ET] disciplined. [9:59:33 AM ET] We've been [9:59:33 AM ET] very [9:59:34 AM ET] disciplined. [9:59:35 AM ET] and but we've been very disciplined we've been very disciplined [9:59:36 AM ET] and [9:59:36 AM ET] in terms of the [9:59:37 AM ET] how [9:59:37 AM ET] what do [9:59:37 AM ET] with [9:59:38 AM ET] we [9:59:38 AM ET] want [9:59:38 AM ET] to [9:59:38 AM ET] win, [9:59:39 AM ET] what deals we [9:59:39 AM ET] and in terms of how what deals we want to win what [9:59:39 AM ET] want to [9:59:39 AM ET] work [9:59:40 AM ET] walk [9:59:41 AM ET] away. [9:59:41 AM ET] We're not just [9:59:41 AM ET] going to [9:59:41 AM ET] win [9:59:42 AM ET] every [9:59:42 AM ET] deal and we're [9:59:43 AM ET] not [9:59:43 AM ET] going [9:59:43 AM ET] to [9:59:43 AM ET] do [9:59:43 AM ET] deals we want to walk away we're not just going to win every deal and we're not going to do [9:59:44 AM ET] that. [9:59:44 AM ET] We don't want to do [9:59:45 AM ET] that. [9:59:45 AM ET] We're going to wing [9:59:46 AM ET] deals [9:59:46 AM ET] that [9:59:46 AM ET] gives [9:59:47 AM ET] us [9:59:47 AM ET] a [9:59:47 AM ET] higher [9:59:48 AM ET] growth [9:59:48 AM ET] we don't want to do that we're going to win deals that gives us [9:59:49 AM ET] momentum. [9:59:50 AM ET] That's a [9:59:50 AM ET] to [9:59:50 AM ET] the [9:59:50 AM ET] growth [9:59:51 AM ET] trajectory. [9:59:52 AM ET] a higher growth momentum that's accretive to the growth trajectory [9:59:52 AM ET] We're going to win [9:59:52 AM ET] deals [9:59:52 AM ET] that [9:59:53 AM ET] are [9:59:53 AM ET] added to the [9:59:54 AM ET] additive [9:59:54 AM ET] the [9:59:55 AM ET] cross-border [9:59:56 AM ET] flows. [9:59:56 AM ET] we're going to win deals that are additive to the cross border flows [9:59:56 AM ET] and we're going to [9:59:56 AM ET] wind [9:59:56 AM ET] deals [9:59:57 AM ET] that [9:59:57 AM ET] will [9:59:57 AM ET] allow [9:59:57 AM ET] us [9:59:58 AM ET] to [9:59:58 AM ET] deliver [9:59:59 AM ET] services as [10:00:00 AM ET] well. [10:00:00 AM ET] and we're going to win deals that will allow us to deliver services as well so [10:00:01 AM ET] So, I think that's a good idea. [10:00:01 AM ET] So the [10:00:01 AM ET] punchline [10:00:02 AM ET] is [10:00:02 AM ET] we'll use [10:00:03 AM ET] R and [10:00:03 AM ET] I as [10:00:03 AM ET] a [10:00:04 AM ET] tool [10:00:04 AM ET] to [10:00:04 AM ET] drive [10:00:04 AM ET] the [10:00:05 AM ET] the punch line is we'll use r and i as a tool to drive the growth [10:00:05 AM ET] growth [10:00:06 AM ET] momentum and [10:00:06 AM ET] the [10:00:06 AM ET] growth [10:00:07 AM ET] algorithm. [10:00:08 AM ET] Now, at the end of the day, [10:00:09 AM ET] I [10:00:09 AM ET] also want [10:00:10 AM ET] to remind you that I'm going [10:00:10 AM ET] be able [10:00:10 AM ET] momentum and the growth algorithm now at the end of the day [10:00:10 AM ET] to to [10:00:10 AM ET] that [10:00:10 AM ET] I'm [10:00:11 AM ET] everybody [10:00:11 AM ET] we [10:00:11 AM ET] measure [10:00:12 AM ET] ourselves [10:00:12 AM ET] on [10:00:13 AM ET] driving [10:00:13 AM ET] net [10:00:13 AM ET] revenue [10:00:14 AM ET] i also want to remind everybody we measure ourselves [10:00:14 AM ET] growth. [10:00:15 AM ET] and [10:00:15 AM ET] expanding [10:00:16 AM ET] on driving net revenue growth and expanding overall [10:00:16 AM ET] overall [10:00:16 AM ET] overall [10:00:17 AM ET] net [10:00:17 AM ET] revenue [10:00:18 AM ET] yield. [10:00:19 AM ET] So R and [10:00:20 AM ET] I, in my mind, is [10:00:20 AM ET] an [10:00:21 AM ET] overall net revenue yield right so r and i in my mind is an input [10:00:21 AM ET] input, but [10:00:21 AM ET] the [10:00:22 AM ET] ultimate [10:00:23 AM ET] measurement should be the [10:00:23 AM ET] net [10:00:24 AM ET] revenue [10:00:24 AM ET] but the ultimate measurement should be net revenue yield [10:00:25 AM ET] yield. [10:00:26 AM ET] I also want to [10:00:26 AM ET] maybe take a look at the rest of the [10:00:26 AM ET] take [10:00:27 AM ET] this [10:00:27 AM ET] moment [10:00:27 AM ET] to [10:00:27 AM ET] mention [10:00:28 AM ET] that [10:00:28 AM ET] for [10:00:29 AM ET] Q4, [10:00:29 AM ET] we [10:00:29 AM ET] i also want to maybe take this moment to mention that for q4 [10:00:29 AM ET] would [10:00:30 AM ET] expect [10:00:30 AM ET] our [10:00:31 AM ET] rebates [10:00:31 AM ET] on [10:00:31 AM ET] and incentivize [10:00:32 AM ET] as [10:00:32 AM ET] a percentage of [10:00:33 AM ET] growth as [10:00:34 AM ET] assessments [10:00:34 AM ET] we would expect our rebates and incentives as a percent of growth assessments [10:00:34 AM ET] to [10:00:34 AM ET] be [10:00:34 AM ET] higher [10:00:35 AM ET] than [10:00:35 AM ET] to be higher than q3 [10:00:36 AM ET] Q3. [10:00:39 AM ET] You're [10:00:39 AM ET] Your last [10:00:40 AM ET] question will be a very good [10:00:40 AM ET] from [10:00:41 AM ET] Dan [10:00:41 AM ET] Dolev [10:00:41 AM ET] with [10:00:42 AM ET] your last question will be from dan dolev with mizuho [10:00:42 AM ET] Mizuho. [10:00:43 AM ET] Please [10:00:43 AM ET] go [10:00:43 AM ET] please go ahead [10:00:44 AM ET] ahead. [10:00:45 AM ET] Hey [10:00:45 AM ET] guys, thank [10:00:46 AM ET] you so [10:00:47 AM ET] much for supporting [10:00:47 AM ET] squeezing [10:00:47 AM ET] me [10:00:48 AM ET] in. [10:00:48 AM ET] I just had a [10:00:49 AM ET] question. I [10:00:49 AM ET] hey guys thank you so much for squeezing me in [10:00:50 AM ET] know you're not [10:00:50 AM ET] giving [10:00:50 AM ET] any [10:00:51 AM ET] formal [10:00:51 AM ET] guidance [10:00:51 AM ET] for [10:00:51 AM ET] 20 [10:00:52 AM ET] twenty seven, [10:00:52 AM ET] but [10:00:53 AM ET] just had a question i know you're not giving any formal guidance for twenty seven but maybe [10:00:53 AM ET] maybe you [10:00:53 AM ET] know [10:00:53 AM ET] given [10:00:54 AM ET] the [10:00:54 AM ET] strong explanation of [10:00:55 AM ET] rates that [10:00:55 AM ET] you've [10:00:56 AM ET] highlighted, [10:00:56 AM ET] like [10:00:56 AM ET] anything [10:00:57 AM ET] that we [10:00:57 AM ET] should [10:00:57 AM ET] keep in [10:00:58 AM ET] given the strong exit rates that you've highlighted like anything that we should [10:00:58 AM ET] mind [10:00:58 AM ET] especially as [10:00:59 AM ET] we're last [10:00:59 AM ET] lapping [10:00:59 AM ET] things [10:01:00 AM ET] in [10:01:01 AM ET] 2026 I [10:01:01 AM ET] think [10:01:01 AM ET] it'll be [10:01:01 AM ET] will [10:01:01 AM ET] very [10:01:02 AM ET] useful [10:01:02 AM ET] keep in mind especially as we're lapping things in twenty [10:01:02 AM ET] for [10:01:02 AM ET] twenty six i think it will be very useful for investors [10:01:03 AM ET] investors. [10:01:03 AM ET] and he puts [10:01:03 AM ET] and [10:01:04 AM ET] takes [10:01:04 AM ET] on [10:01:05 AM ET] so [10:01:05 AM ET] the [10:01:06 AM ET] growth [10:01:06 AM ET] and [10:01:06 AM ET] what [10:01:06 AM ET] we [10:01:07 AM ET] should [10:01:07 AM ET] expect [10:01:07 AM ET] any puts and takes on sort of the growth and what we should expect [10:01:08 AM ET] And [10:01:08 AM ET] congrats [10:01:08 AM ET] again on [10:01:08 AM ET] great [10:01:09 AM ET] and congrats again on great results [10:01:10 AM ET] results. [10:01:11 AM ET] Yeah. [10:01:12 AM ET] Yeah, [10:01:13 AM ET] Um let me let me [10:01:14 AM ET] also [10:01:14 AM ET] yes okay [10:01:14 AM ET] d [10:01:14 AM ET] then [10:01:14 AM ET] very [10:01:15 AM ET] nice [10:01:15 AM ET] to [10:01:15 AM ET] talk [10:01:16 AM ET] to [10:01:16 AM ET] you [10:01:16 AM ET] but let [10:01:16 AM ET] me [10:01:17 AM ET] take [10:01:17 AM ET] this [10:01:17 AM ET] let me also then very nice to [10:01:17 AM ET] one as [10:01:18 AM ET] well. [10:01:18 AM ET] talk to you but let me take this one as well [10:01:19 AM ET] um I also [10:01:19 AM ET] maybe want [10:01:20 AM ET] to [10:01:20 AM ET] quickly clarify when [10:01:21 AM ET] I talk [10:01:21 AM ET] about [10:01:22 AM ET] guidance [10:01:23 AM ET] previously in [10:01:23 AM ET] my [10:01:23 AM ET] i also maybe want to quickly clarify when i talk about guidance [10:01:23 AM ET] answer I'm [10:01:24 AM ET] talking [10:01:24 AM ET] specifically [10:01:24 AM ET] about [10:01:25 AM ET] rebates [10:01:25 AM ET] and [10:01:26 AM ET] incentives. [10:01:26 AM ET] It's not so [10:01:26 AM ET] much [10:01:27 AM ET] 20 [10:01:27 AM ET] previously in my answer i'm talking specifically about rebates and incentives it's not so much [10:01:27 AM ET] versus [10:01:28 AM ET] 27. [10:01:29 AM ET] So it is [10:01:29 AM ET] rebates [10:01:29 AM ET] and [10:01:30 AM ET] incentives, which [10:01:30 AM ET] we [10:01:30 AM ET] don't [10:01:31 AM ET] twenty six versus twenty seven so it is rebates and incentives [10:01:31 AM ET] guide. [10:01:32 AM ET] which we don't guide [10:01:32 AM ET] But for [10:01:33 AM ET] 27, I [10:01:33 AM ET] guess [10:01:34 AM ET] then [10:01:34 AM ET] maybe [10:01:34 AM ET] but [10:01:34 AM ET] the [10:01:35 AM ET] first [10:01:35 AM ET] answer [10:01:36 AM ET] but for 'twenty seven i guess maybe the first answer is [10:01:36 AM ET] is [10:01:36 AM ET] we're [10:01:36 AM ET] going [10:01:37 AM ET] to [10:01:37 AM ET] give [10:01:37 AM ET] our [10:01:37 AM ET] formal [10:01:38 AM ET] guidance in our [10:01:38 AM ET] next [10:01:39 AM ET] quarter's [10:01:39 AM ET] release. So [10:01:39 AM ET] stay [10:01:41 AM ET] please tuned we will [10:01:41 AM ET] we're going to give our formal guidance in our next quarter's release so please stay tuned [10:01:41 AM ET] get [10:01:41 AM ET] into [10:01:41 AM ET] the [10:01:42 AM ET] detailed [10:01:43 AM ET] discussion. [10:01:44 AM ET] Now, remember, there's so many different [10:01:44 AM ET] puts [10:01:45 AM ET] and [10:01:45 AM ET] we will get into the detailed discussion now remember there are so many [10:01:46 AM ET] takes [10:01:46 AM ET] in [10:01:46 AM ET] our [10:01:46 AM ET] business throughout the [10:01:47 AM ET] year. [10:01:48 AM ET] And they're [10:01:48 AM ET] just [10:01:48 AM ET] so [10:01:49 AM ET] many [10:01:49 AM ET] puts and takes in our business throughout the year and there are just so many [10:01:49 AM ET] different [10:01:50 AM ET] factors [10:01:50 AM ET] that [10:01:50 AM ET] at [10:01:51 AM ET] play. [10:01:51 AM ET] So sometimes it's [10:01:51 AM ET] really [10:01:52 AM ET] hard [10:01:52 AM ET] to [10:01:52 AM ET] say how to do [10:01:53 AM ET] hard [10:01:53 AM ET] predict, you [10:01:54 AM ET] know, [10:01:54 AM ET] different factors at play so sometimes it's really hard to say hard to predict [10:01:54 AM ET] the [10:01:54 AM ET] macro in [10:01:55 AM ET] environment can [10:01:55 AM ET] play a [10:01:56 AM ET] role [10:01:56 AM ET] wings [10:01:56 AM ET] and [10:01:57 AM ET] losses can play a [10:01:58 AM ET] the macro environment can play a role wins and losses can play a role [10:01:58 AM ET] a [10:01:58 AM ET] role, [10:01:59 AM ET] demand [10:01:59 AM ET] for [10:01:59 AM ET] our [10:01:59 AM ET] vases, and the money is a very important [10:01:59 AM ET] can play [10:02:00 AM ET] a [10:02:00 AM ET] role, [10:02:01 AM ET] right? [10:02:01 AM ET] We have to [10:02:01 AM ET] continue [10:02:01 AM ET] to [10:02:02 AM ET] develop [10:02:02 AM ET] new [10:02:03 AM ET] things and [10:02:03 AM ET] demand for our vars can play a role right we have to continue to develop new things [10:02:03 AM ET] drive new [10:02:05 AM ET] penetration. [10:02:05 AM ET] FX [10:02:06 AM ET] volatility. That's another [10:02:07 AM ET] factor. [10:02:07 AM ET] and drive new penetration fx volatility that's another factor [10:02:08 AM ET] So, I think that's a very important thing. [10:02:08 AM ET] And just so [10:02:08 AM ET] many other [10:02:09 AM ET] things. [10:02:10 AM ET] And the other thing I would [10:02:10 AM ET] say [10:02:10 AM ET] is that I think that's a good [10:02:10 AM ET] is [10:02:11 AM ET] yes, [10:02:11 AM ET] you're [10:02:11 AM ET] right. [10:02:12 AM ET] some of the [10:02:12 AM ET] headwinds [10:02:12 AM ET] and so just so many other things and the other thing i would say [10:02:12 AM ET] can [10:02:12 AM ET] become [10:02:13 AM ET] yes you're right some of the headwinds can become tailwinds [10:02:14 AM ET] tailwinds but [10:02:14 AM ET] of the windows are not [10:02:14 AM ET] tails [10:02:14 AM ET] tailwinds can become a bit [10:02:14 AM ET] are [10:02:14 AM ET] aware of the [10:02:14 AM ET] can [10:02:14 AM ET] also become [10:02:16 AM ET] headwinds [10:02:16 AM ET] because [10:02:16 AM ET] a lot of the time is a lot [10:02:16 AM ET] laughing [10:02:18 AM ET] So there's all [10:02:18 AM ET] those [10:02:18 AM ET] but some of the tailwinds can also become headwinds because of lapping there's [10:02:19 AM ET] things. [10:02:19 AM ET] so all [10:02:19 AM ET] I [10:02:19 AM ET] can [10:02:20 AM ET] say [10:02:20 AM ET] is [10:02:20 AM ET] we have [10:02:20 AM ET] a [10:02:21 AM ET] very short [10:02:21 AM ET] strong [10:02:21 AM ET] business [10:02:22 AM ET] model. [10:02:23 AM ET] all those things so all i can say is we have a very strong business model [10:02:23 AM ET] We have a very [10:02:23 AM ET] diversified [10:02:23 AM ET] business [10:02:25 AM ET] model. [10:02:25 AM ET] We are [10:02:25 AM ET] optimistic about the [10:02:27 AM ET] future but [10:02:27 AM ET] do [10:02:27 AM ET] we have a very diversified business model we are optimistic about the future but [10:02:27 AM ET] stay [10:02:27 AM ET] tuned for [10:02:29 AM ET] do stay tuned for twenty twenty seven [10:02:29 AM ET] 2027. Thank [10:02:29 AM ET] you very [10:02:30 AM ET] much. [10:02:31 AM ET] Michael, any closing [10:02:31 AM ET] Thank [10:02:32 AM ET] you. [10:02:33 AM ET] Yeah. [10:02:34 AM ET] and Dan, thanks for the [10:02:35 AM ET] question. That's a great [10:02:35 AM ET] question to [10:02:36 AM ET] And [10:02:36 AM ET] the question [10:02:36 AM ET] yes dan thanks for the question that's a great question [10:02:37 AM ET] call [10:02:38 AM ET] on. [10:02:38 AM ET] um so thank [10:02:38 AM ET] you [10:02:39 AM ET] again [10:02:39 AM ET] for [10:02:39 AM ET] all [10:02:39 AM ET] of [10:02:40 AM ET] your [10:02:40 AM ET] end the call on so thank you again for [10:02:40 AM ET] questions and all of [10:02:41 AM ET] your [10:02:42 AM ET] support in the [10:02:42 AM ET] past [10:02:43 AM ET] quarter. [10:02:43 AM ET] uh and [10:02:43 AM ET] we [10:02:43 AM ET] look [10:02:44 AM ET] to [10:02:44 AM ET] talk [10:02:44 AM ET] all of your questions and all your support in the past quarter and we look to talk [10:02:44 AM ET] to [10:02:45 AM ET] you [10:02:45 AM ET] over [10:02:45 AM ET] the [10:02:45 AM ET] coming [10:02:46 AM ET] quarter [10:02:46 AM ET] as [10:02:46 AM ET] we [10:02:47 AM ET] to you over the coming quarter as we engage [10:02:48 AM ET] engage. [10:02:49 AM ET] All of these strong [10:02:50 AM ET] results, [10:02:50 AM ET] not [10:02:51 AM ET] possible [10:02:52 AM ET] without [10:02:52 AM ET] the [10:02:52 AM ET] all of these strong results not possible without [10:02:52 AM ET] amazing [10:02:52 AM ET] team [10:02:53 AM ET] at [10:02:54 AM ET] MasterCard. So I want to thank [10:02:54 AM ET] all of [10:02:54 AM ET] our [10:02:55 AM ET] colleagues [10:02:56 AM ET] around the [10:02:56 AM ET] the amazing team at mastercard so i want to thank all of our colleagues around the world [10:02:57 AM ET] world. [10:02:57 AM ET] who [10:02:57 AM ET] make [10:02:57 AM ET] this [10:02:58 AM ET] happen every [10:02:59 AM ET] day. [10:03:00 AM ET] and I want [10:03:00 AM ET] to call it a lot of [10:03:00 AM ET] close [10:03:00 AM ET] this [10:03:01 AM ET] first [10:03:01 AM ET] call [10:03:01 AM ET] with [10:03:01 AM ET] who make this happen every day and i want to close this [10:03:01 AM ET] Ling [10:03:02 AM ET] Hai. Thank [10:03:02 AM ET] you very [10:03:03 AM ET] much, and we'll speak to [10:03:03 AM ET] you next [10:03:04 AM ET] first call with ling hai thank you very much and we'll speak to you next quarter [10:03:05 AM ET] quarter. Thank [10:03:05 AM ET] you [10:03:06 AM ET] Bye-bye. [10:03:06 AM ET] Thank you [10:03:06 AM ET] thank you bye bye [10:03:07 AM ET] all. [10:03:10 AM ET] This could be [10:03:10 AM ET] just this [10:03:10 AM ET] Ma'am. Thank [10:03:10 AM ET] you for [10:03:11 AM ET] attending and you may need [10:03:11 AM ET] now [10:03:12 AM ET] you for attending and you may now disconnect -- Saidwire · verified quotes, live transcript and a running story from live events · support@saidwire.com