Lia Matos: Hi Neha. I’m going to start your — to answer your question regarding PIX and then I will pass it over to Rafa. I think regarding PIX, although we do monetize PIX P2M because that’s a payment method that we enable our clients to accept through the POS. So I explained that the evolution in PIX TPV was mostly driven by PIX P2M volumes what we’ve seen in terms of behavior within our client base. Also reflects overall trends in the market, which is the first growth of TPV really came from substituting wire transfers and substitution for cash. But more recently what we’ve seen is a trend more strong towards PIX P2M. So that’s a modality that we do monetize. We do not include PIX in our overall TPV, but we will continue to bring color on that evolution going forward, which we see as very positive because not only the PIX P2M is something that we monetize but also it really improves engagement with our banking solution in all client tiers.
So I think that’s the message regarding PIX. So I’ll pass it over to Rafa to get to your other question.
Neha Agarwala: Lia, if I could just clarify you monetized the P2M fixed transaction and you include the revenues, in your total revenues but the volumes are currently not included in the TPV base?
Lia Matos: Perfect. Exactly that. So we monetize PIX P2M, Neha, in line with debit net MDRs and that’s included in our transactional revenue.
Neha Agarwala: Okay. So that would be about 60 basis points or so 50 basis points to 60 basis points?
Lia Matos: Depends on client segment that we’re talking about. It can range because larger clients naturally are going to have a lower net MDR, smaller clients are going to have a higher but it’s in line with that debit net MDR.
Rafael Martins: Neha, Rafael here. Regarding your first part of the question of TPV, I think you’re right, right, when we say the 14% to 18% growth of OpEx, we have mentioned in our last earnings call that MSMB TPV should grow over €“ above 18% right this year. And I think that, this still holds true. Our guidance for the first quarter implies over 20% growth. So I think answering your question, yes, it is possible to be better right than the high end of CapEx range.
Neha Agarwala: Perfect. If I could ask, please in just one more question. Competition in the SMB space, I believe, it is much more disciplined. You’re not seeing anybody being aggressive on pricing. And you don’t want to be aggressive on pricing. You want to focus on profitability this year. Please correct me, if I’m wrong. What about the long tail? In the long tail would you like to be more aggressive in pricing taking more shares, or are you seeing players being more aggressive in terms of pricing in the long tail. If you could just give us some color on both these segments separately that would be very helpful. Thank you.
Thiago Piau: Hi, Neha, Thiago here. I think that, about competition as I said, I think that competition is much more stable now in the SMB, we priced higher than our competitors. And in the micro space, we price in line with our competitors I think that that’s the color I can give you.
Neha Agarwala: Perfect. Thank you so much.
Lia Matos: Thank you, Neha.
Operator: The next question comes from William Tang with Susquehanna. Please go ahead.
William Tang: Hi, guys. Thank you very much for taking my question. I was thinking about credit. And I guess, this is very broad, but how do you think investors should think about the timing of the expansion of credit? I know it’s a big part of the business but then the company took a bit of a break recently. So, just how should we think about the timing of the expansion of credit there?
