James Faucette : And thanks for all the work and effort, Al, over time. And I wanted to address kind of a bigger picture question for you and maybe for Ryan, is that one of the questions we get a lot from investors is how do we think about kind of the challenges as we eventually reach some level of maturation of card penetration, especially in the U.S. and developed markets, especially given some of the preferences we’ve seen in other countries for them to develop domestic schemes or at least favor domestic schemes. So just wondering if you can provide a little bit of reflection on what we’ve seen thus far, and maybe, Ryan, some ideas on how we should think about kind of maturation and expansion issues going forward.
Al Kelly: I’ll start, and then certainly, Ryan, can add. First, I would say that I believe deeply that there is tremendous opportunity in the card — traditional card world, both in the consumer space as well as in the B2B space. There are still hundreds and hundreds of millions of people to bring into the financial mainstream. There are still trillions of dollars spent on cash and check. And when you look in the B2B space, we see a total addressable market of about $120 billion across carded opportunities, cross-border and payables and receivables, where I talked a bunch about a number of examples that we have worked on over the course of the last quarter. RTP systems are helping to digitize money movement. That’s a good thing.
If you look at the disruption caused by monetization in India, it ended up being extraordinarily positive in terms of what it’s done in terms of growth in card credentials as well as acceptance, which by the way, I also should have said in the traditional world, there’s still a tremendous opportunity to grow our acceptance footprint from the level that it’s at today. These RTP systems are also helping us and we’re leaning into them. They’re helping us extend the reach of Visa Direct as we utilize them as part of our network-of-network strategies. They’re helping us with open banking through Tink, where we can facilitate greater access to more developers on 1 end and more financial institutions on the other end. I think RTPs represent an opportunity for us to sell value-added services.
And I still think the advantages of — and the capabilities associated with the carded space are still far superior to account that the consumer protections, et cetera. And if you look at PICs in Brazil, you look at UPI in India, these things developed and were put in the marketplace, and we’re seeing a fair amount of — hearing a lot from clients in terms of fraud associated with these networks. And in many ways, that makes sense. They haven’t spent the decades and hundreds of millions of dollars that Visa has to build security, fraud capability, risk management capabilities that help keep the ecosystem secure and trusted by consumers. And I think we have the opportunity over time in the A2A space to bring some of those capabilities and earn some good revenue and yield from them.
So Ryan, what would you add to it?
Ryan McInerney : Not a lot to add to that, Al. It’s great. I mean, James, just in short, we still see a ton of runway. We love our products. We love our people. We love our brand. We love our position and all these markets, whether they’re mature or emerging around the world. So tons of runway.
Operator: Our next question comes from Dan Perlin with RBC Capital Markets.
