All these government payment systems out there, more and more real-time payment solutions will come up, and I think we will be in demand. And because we’ve done it for a long time, we’ll have a seat at the table.
Operator: We’ll move next to Darrin Peller at Wolfe Research.
Darrin Peller: Could we touch on value-added services for a moment? I mean it’s been a good tailwind for some time. I think it grew just about 1 point below transactions this time around. And you mentioned strength in cyber and some other categories, offset by — that were offsetting others. So I’d be curious to get a little more detail as to what were the strengths and weaknesses of value-added services now, including the other. And then more importantly, just how much room do you think you have across those different categories to keep that growth alive and cross-sell well into your meaningful payments business?
Michael Miebach: Right. So let me start, and then Sachin can add a bit around the various dynamics around growth rates and so forth. So as I said in prepared remarks, payments and services complement each other. The strategy is the combination of both and we extend that into new networks. So that’s the starting point. We remain convinced that, that is a key reason that all those wins I just talked about earlier are happening, so central to our strategy. Our services in aggregate continue to grow faster than the core. So we continue to diversify our revenue base. We like that. We want to continue to do that. There’s a whole range of services to choose from. We could do lots of things. We have pruned our strategy when it comes to processing because we didn’t feel that was such a differentiator.
But we felt that cybersecurity in a world that is rapidly digitizing is just going to drive the biggest demand, and we’re seeing that coming through in the numbers when I look into our C&I business, which grow at a very healthy clip. If you think about our D&S and data analytics business, here, we keep on building out the value chain. It’s a vertically integrated value chain we have — where we have Test & Learn, we have loyalty and you go all the way into personalization that is before, after, during the transaction, helping our customers run a better business. I don’t see an end to the demand. In fact, that is key to our segment diversification strategy. So running at a healthy clip. I don’t see any moderation here. This is — will continue to grow.
And you should see us continue to build out across the key aspects of services in cybersecurity and data analytics insight. So we love this business, and we’ll continue to nourish it.
Sachin Mehra: Darrin, it’s Sachin. A couple of additional thoughts. So Michael kind of covered off the strength we continue to see in our value-added services and solutions. And that’s indeed the case. But you got to remember that growth rates move around quarter-to-quarter on this area. And so we should all focus on the longer-term trends out here. As it relates specifically to Q2, when you look at growth rates for value-added services and solutions in Q2 of 16%, I assume you’re looking at the sequential trend out there. One point to keep in mind is that there was a 1 ppt drop in Q2 on account of acquisitions. So Q1 had the impact of acquisitions. Q2 doesn’t have it because it kind of lapped that acquisition period. So that’s one piece.
