Al Kelly: Well, I think, Lisa, you’re absolutely right. We’re focused in Visa Direct at this point on extending into new geographies, new use cases and more cross-border. I would say those are our focuses. Initially out of the chute, Visa Direct in a country goes through Phase 1, which tends to be P2P before you then get into things like gig economy payouts and transactions like remittances or insurance payments, those kinds of things. So in the United States, and every country is going to go through this kind of evolution where they’ll start with P2P, get into things like gig economy payouts and then get into more sophistic and remittances and then more sophisticated use cases. And the United States is much further along that continuum.
In other countries, we are — some good progress kind of in that first phase or 2 but haven’t gotten into more sophisticated use cases. And then in other geographies, frankly, we’re still not there. So I think there’s a tremendous amount of gas left in the tank in Visa Direct. When I look at the opportunities to take use cases to more sophisticated levels in more markets, to open up more markets and to put a real focus on cross-border Visa Direct transactions, which we’ll have better yields to them as well. So I think your bottom line theory of your question is — has some real legitimacy to it, although I would say that it will be probably a bit longer elevation — a bit longer period of time before you meet the maturity simply because of the different amount of use cases, whereas tap-to-pay is really kind of a single type of initiative.
Operator: Our next question comes from Dave Koning with Baird.
David Koning : Good job. I guess my question, rest of world debit is the one place where I guess, numbers were a little weaker than we had thought, negative 2% on constant currency. Is that just a function of portfolio deconversions, Russia, some of the one-off things? And when does that kind of inflect back into positive territory?
Al Kelly: I think, Dave, when you look at it ex China and ex Russia, it grew over 10%. And then, yes, the UK migrations, in particular, are happening at a faster pace than we thought. And as Vasant said in his remarks, they’re almost fully migrated, so certainly, that is having a dragging impact on the growth as well.
Operator: Our next question comes from Ramsey El-Assal with Barclays.
Ramsey El-Assal : Al, could you give us your latest thoughts on sort of balance sheet deployment, M&A strategy, what you might be looking for, whether this environment is yielding more potential opportunities or deals? Or is it time maybe to not pursue additional deals as the macro environment remains volatile?
Al Kelly: Nothing has changed in our strategy. We’re focused, first and foremost, on organic growth and then growing through M&A, and then from there, dividend and share buybacks in that order. Clearly, there’s been a little bit of a burst of the balloon in terms of some of the valuations, in particular, in the fintech world. That’s a helpful characteristic of the environment right now. But I think we will continue to look for capabilities and management teams that would bring more value to Visa than we could bring to ourselves organically. And we’re in constant evaluation of options. We have a very good corporate development team. It’s something that Ryan and Vasant, in particular, spent a good deal of time on. And when we see something that we think will make us better as a company and has a fair value attached to it, we’re not afraid to go after it.
Operator: Our next question comes from James Faucette with Morgan Stanley.
