Ricardo Dutra: Bryan, there are some moving parts here again, as you can imagine. We will have some benefits in repricing, as I mentioned in the previous answer to the other analysts. We are looking at some issues that we may reprice in the near term. But on the other hand, we have a change in the mix. SMBs are gaining share, and SMBs, they are good business because they have 5x more volume than longtail, but they have a lower take rate. So, if you look in absolute terms, we should have benefits. If you look as a percentage, our net take rate or percentage of the revenues, probably we’re going to have this pressure because of the mix. So, we have these two big moving parts here. We’re pricing from one hand €“ from one side, and the change in the mix, SMB growing faster than other clients and then pressuring a little bit take rate.
So, those are the moving parts here. But as we said before, we expect the EPS accretion in 2023 versus 2022. That’s what we are working for.
Bryan Keane: Great. Thanks for taking the questions.
Operator: Our next question comes from Josh Siegler, Cantor Fitzgerald.
Josh Siegler: I was wondering, so far year-to-date, have you seen any notable changes in the micro merchant behavior either in volume or how they’re interacting with the platform? Thanks.
Ricardo Dutra: Thank you for the question. No, we didn’t see any change in the micro merchant’s transformation change. Of course, we are trying to penetrate PagBank as much as we can. So, we see some segments or some clients that are using PagBank more and more, as you could see in the deposits figure that we presented. If you make the math between the average account balance for a client, you see that we grew almost 100% year-over-year. So, that’s a good change in behavior for micro merchants, and that’s all. And that’s €“ average TPV is also growing, but no big changes that we could comment for you.
Josh Siegler: Okay. Understood. And then I’d like to focus on the payroll platform a little bit because it seems like it represents a significant growth opportunity for the company. How are you thinking about the overall impact that this can have for PagSeguro?
Ricardo Dutra: Well, that’s great. I mean we have this payroll platform because we have some clients that would like to use PagBank to pay their employees. And of course, they don’t want to come here and make 30 wire transfers, 50 wire transfers, 100 wire transfers. They just want to have a spreadsheet or a file that can just upload. And then with one click, they can do that for up to 2,000 employees. So, the idea is to have more clients using us as the primary bank for their businesses. And of course, we’re going to try to make this cross-sell for their employees as well. So, the idea is to have companies using us to pay their employees so that we can also try to bring their employees to work with us and increase the account balance that we have here because more money coming in, the more money flowing through our ecosystem, the higher the probability of this money to stay with us.
And then we have all the benefits with the deposits and lower cost in deposits that we gave some disclosure in the presentation. So, the idea is more related to engagement and to make businesses to use PagBank as their primary account.
Josh Siegler: Understood. Appreciate the color. Thank you.
Operator: Our next question comes from Pedro Leduc, Itau BBA.
