Since we have the volumes, we can afford to do all this cutting-edge development, design the latest and the greatest of products which a smaller player, who has a smaller market share cannot afford to do, simply because they don’t have the — they don’t have that appetite because they don’t have that revenue stream. So it’s impossible for them to put those kind of costs in. So net result of that is that you get to a point in exchanges where the people will approach you rather than you approaching them, and we are seeing some of that phenomenon happening. I would be very disappointed if in the next one year, we don’t candidly see some of the major — some of the major clients that our competition has to come to us, we would like to see that and we believe there is every reason to see that and I have reason to say it.
Thank you.
Christopher Sakai: Okay. Thanks for that answer. And then the prepaid card side of things, what were — what was the reasoning for the decline in there?
Robin Raina: Look we — it’s — look, you have to see the market size, and what happened was during COVID, there was a pretty big growth in the prepaid card business mainly because people didn’t want to touch things and there was digitization dramatically increased. So this was a normal process that has set-in in terms of the size of the market. First of all, there’s the — there was an absolute rush for prepaid cards during COVID. So once COVID became a thing of the past, that rush reduced a little bit. Secondly, candidly, it has to do with the commissions associated with that business. So when we do that business, part of our commissions are shared with sub-agents that we have and now, if we — it all depends on our business model.
If we are prepared to share a larger part of our commission, this business revenue can be a lot higher than what we are reporting. It’s just that we’re not prepared to do that. We like to run profitable businesses and a lot of our competition in this business segment is willing to pass on most of their commission to their sub-agents and agents simply because it gives them topline growth, and we chose not to do that and we decided that we’re going to — we’re going to live with the business model that we have of profitability. And within that business model, we will continue to see how well we can do, and that’s the reason for what you see out there in the prepaid card business.
Steven Hamil: Let me just also add…
Christopher Sakai: Okay.
Steven Hamil: Add some — let me add some perspective from a CFO’s standpoint. Honestly, this business doesn’t generate material cash flow or income for us, okay? I don’t really care whether we do $600 billion (ph) of sales in the gift card business, $400 million, $800 million, all I can — my biggest concern as the CFO and Robin’s to the same degree is how much money are we making, right? How much EBITDA are we generating? How much net income are we generating? So I never want the analyst community or investors to get caught up in this prepaid card business because the way it — the competitive dynamics over in India, it’s just not a material generator of profit.
Robin Raina: So, Chris, what we are now also trying to do to — now that we have the reach and expands as one of the largest non-banking players in the prepaid card business, we’re using that, I’ll give you an example of a recent — a recent example of where we are — how we are deploying these prepaid card products: one area and in a very profitable manner. One is, we trying to an agreement with the West Bengal government wherein in West Bengal every roadways bus, we are providing the bus exchange system to basically wherein every ticket that gets sold, basically is happening using smart technology, using our technology. What we also did, we worked with the government in there to introduce all these prepaid cards for consumers and with the EbixCash prepaid card, basically the consumer, the West Bengal transport department for example decided to offer a discount, a slight discount on their prices and net result is, now you have a reason for people who are traveling in those buses to start using that prepaid card simply because it gets some discount, plus it gives them the digital ability to use it on the bus and so on.
