Daniel Perlin : Al, I just wanted to ask a question about how when you look at the new business that you’ve won, let’s say, in the past 12, maybe even 18 months or so, how that kind of sets Visa up as we think about the next, I would say the next two years, not really much beyond that. But the question really here is, is it tilting to take advantage more of debit trends, credit trends, global hospitality? And I’m kind of asking because MasterCard kind of called it out this morning is their positioning in travel, and it sounds like you were also kind of hinting at some positioning for your business. So I would just be interested to know what that new business pipeline that you brought in suggests over the course of the next two years for your company.
Al Kelly: Well, I’d say a couple of things, Dan. Number one, on the travel front, it’s been a focus for us for a long time. And I think we have about 650 co-brands around the world. Many of them are travel co-brands, and I think we’re the leading co-brand player on the planet. I think that when I look around the world, there’s certainly opportunities with traditional issuers. We’ve made a lot of inroads in markets like Brazil and Chile, the Netherlands, Germany, Japan over the past year. We’ve had some great renewals in the United States over the last couple of years from JPMorgan Chase to Wells to the ones I talked about today in terms of Bank of America, Cap One, Commerce Bank. But we’ve also made great inroads with fintechs and neobanks.
We have had a great track record of wins in the last 24 to 36 months. And a lot of these people are getting to scale in their particular markets. And I think for us, we have to have a wider lens in terms of who can provide services. We’re trying to get — make sure we get Visa cards in as many wallets as we can around the world. And then I’m going to come back to acceptance. One of the great ways to continue to grow our business is to grow our acceptance footprint, which still requires a lot of growth around the world. One of the places we’ve concentrated on that in the last 1.5 years is Latin America. And if you look at the ratio of spending in Latin America that went from — moved from cash to PV in the last couple of years. Back in full year 2020, only 46% of Latin America’s volume was PV, with 54% being cash.
This past quarter, we just finished of their PV — of their volume was purchase volume, so there was a 13-point swing in the Latin America region in the last not even quite three years. And that’s a combination of winning with traditional FIs, winning with fintechs, having a localized market-by-market approach with a lot of good — really good progress in countries that’s out in Latin America like Brazil and Chile.
Operator: Our next question comes from Harshita Rawat with Bernstein.
Harshita Rawat : Al, best wishes to you and we’ll miss hearing from you on this call. Ryan, congratulations. Can you talk about how business growth strategy in organization that has evolved under your leadership? Are you starting to focus more or less on certain things or do some things differently? And Vasant very quickly, can you comment under your decel from your fourth fiscal quarter to 1Q? You talked about some of the dynamics, but how is that relative to your initial expectations?
Al Kelly: Harshita, I don’t think we got the second half of your question because maybe we can knock that off, and then Ryan can talk — you did?
Vasant Prabhu : I think you were asking about — you said decel, I’m assuming you meant deceleration between the first and the second?
Harshita Rawat : Yes.
