But it’s fine because these are the clients that we are looking for, clients that really use, they buy the device, they use the devices printers because they have some volumes. So are 100% aligned with the strategy that we had. So that’s the main explanation, I would say, for the CapEx in terms of POS. Regarding the IT investments and so on, I can give you — Artur to — I can ask Artur to give you more color on that. Thank you.
Artur Schunck: Yes, Kaio, thank you for your question. Regarding to IT investments that we are doing is part of the control of expenses that we also are doing. If you take a look on the trend, Q1, Q2, Q3, we are pretty flat, you say, in the investments that we are doing. And we do not expect to grow too much next year due investments of R&D, but it’s an important part of our business to develop new features, new products to launch for PagBank and PagSeguro.
Kaio Prato: Okay, thank you. So I understood that probably regarding to intangibles, we should not grow in the same pace, please correct me if I’m wrong. And on the CapEx side, if you could mention your expectations for next year, we should see growth but not at the same pace as well. Is that right?
Artur Schunck: Exactly. You’re right. We see some growth basically in IT, but not the same rate that we saw in the past. And for the POSs, we see more stable than growth. I think it’s more flat than what we see this year.
Kaio Prato: Okay. Thank you very much.
Artur Schunck: Thank you, Kaio.
Operator: Next question comes from Geoffrey Elliot with Autonomous. Pleae go ahead.
Geoffrey Elliot: Hello, thanks very much for taking the question. Quick one on PIX. First of all, could you confirm whether PIX’s included at all within the acquiring TPV that you report? And then how big has PIX become in terms of the acquiring side of the business and any insights you can share on the profitability that you’re generating there? Thank you.
Ricardo Dutra: Hi, Geoffrey, yes, PIX it is in these numbers of the acquiring. We have a footnote, so every volumes that we have in our ecosystem that generates revenues regardless, if it’s MDR prepayment or even if it is fixed fee, we do include in our RTP, because that’s — we understand where we make some revenues and we should report. So PIX is there. PIX is very small, PIX QR code that goes to our POS, it is still very small. It is growing quarter-after-quarter, but it’s very, very small. The profitability of this type of transaction is very, very good for us because we charged an MDR that’s a little bit lower than debit, but we don’t have the costs that we have in a debit transactions such as interchange and card scheme fees. So that’s the dynamics and the economics of this transaction more profitable than debit. It is growing quarter-after-quarter, but very, very, very small.
Eric Oliveira: And Geoff, the market share gains in the slide five is on a best criteria considering only debt, credit and prepaid cards.
Ricardo Dutra: Yes, that’s a good point. These volumes regarding PIX and other payments that you have even online, such as Boletos, bank slips they are not in this market share calculation that we did in Slide five.
Geoffrey Elliott: That’s great. You have read my mind on the follow-up question. Thanks very much.
Ricardo Dutra: Thank you, Geoff.
Operator: Next question comes from Soomit Datta with New Street Research. Please go ahead.
