Guilherme Lago: No, absolutely. No. I think we have seen — what we have seen is PIX being a phenomenal kind of a payment mechanism in Brazil. But first and foremost, what PIX has been cannibalizing in our view is cash. So that’s the first item that PIX has been cannibalizing. We also have seen some early signs of PIX potentially cannibalizing debit and prepaid cards but we have not seen any evidence of PIX cannibalizing credit cards. In fact, if anything, what we have seen is a very strong correlation of the adoption of PIX and financial inclusion in Brazil and financial inclusion in Brazil sometimes comes coupled with the expansion of credit cards. It’s also a relatively similar trend to the one you may have seen in India with UPI, but still early to draw any parallels between those two geographies.
Youssef Lahrech: This is Youssef. I would just also reiterate something that David spoke about it in the past, which is first order impact for our portfolio of PIX has been — on credit has been the rapid adoption of PIX financing using credit card limits. And so, that’s been a big driver of the increase in interest-bearing balances for us. So, that’s been a tailwind, quite frankly.
Jorg Friedemann: And our last question comes from the line of Jamie Friedman, SIG.
Jamie Friedman: Lago, in your prepared remarks, you observed the strength in the debit and prepaid component of the newer cohorts. And I’m just — looks like slide 9 and 10. I’m just wondering, as that population or that representation increases in your portfolio, are there specific products for financial inclusion that you would think would be better targeted towards that type of population. Just curious about the debit prepaid mix. Thank you.
Guilherme Lago: I think if I can draw your attention to slide number 12, you will be able to see the evolution of credit cards and prepay theirs. And as I have noted before, for the younger and earlier cohorts, you do see a higher preponderance of prepaid cards there. And we think that that is a good pathway into a consumer credit strategy inside Nubank in which we can start the relationship with a customer with a prepaid card only. As we learn more about the customer, their income patterns, spending patterns and savings patterns, we can progressively gain more comfort and offered this customer, a credit line in a credit card. We usually start, as Youssef mentioned, with a relatively low credit lines through low and grow. And then as the customer builds his or her own kind of a credit history of us, we expand this over time.
And you can see that the purchase volume follows this expansion. Usually, purchase volume can triple within the first 24 months, that has been very successful for — in the form of customer engagement, but also in the form of asset quality. And it’s probably a formula that we expect to continue to pursue in the coming years.
Jorg Friedemann: And in the name of Nu Holdings and its management team, I’d like to thank you all for the participation in this conference call. Over the coming days, our team will be responding to the questions sent through our webcast and email. We also take the opportunity to make our whole IR team available to any further questions you might have. And this concludes our earnings call. Have everyone a good night.
Operator: The Nu Holdings conference call has now concluded. Thank you for attending today’s presentation. You may now disconnect.
