Tien-Tsin Huang: Hi, thanks. I’m actually at Money20/20, is really good energy here. I’m curious, Ryan, if you’d characterize the deal pipeline as being any different than what it was a year ago. How does that feel to you? And if you don’t mind me asking just on the credential side, I think you said up 7%. I’m curious same thing, is pipeline there to support that same high single digit growth in fiscal 2024, credentials? Thanks.
Ryan McInerney: Hi, Tien-Tsin. Glad there’s great energy at Money20/20, and I hope my Visa team members that are there are serving clients, finding sales opportunities growing our business. Yeah, we see a great pipeline. We really do with clients issuing, fintechs, co-brands, with opportunities to grow credentials. I mentioned some of the new things on my prepared remarks. And we’re having good success. I think just some of the wins on the call, whether it’s Citi or US Bank, FNBO, Fidelity, Shinhan, China Merchants Bank, Shopify, I mean, list goes on, right? IBM, DBS, Etihad, Saudi. We feel good about the pipeline. We feel good about the way our teams are out there serving clients around the world. We feel good about the wins that we have and feel good about the growth that it’s generating.
Jennifer Como: Next question Jordan.
Operator: Our next question comes from Ashwin Shirvaikar with Citi. Your line is open.
Ashwin Shirvaikar: Hi, Ryan. Hi, Chris. Congratulations on the quarter. Questions on open banking, CFPB obviously proposed a rule to jump-start competition, shift to open banking a few days back. You guys have dealt with open banking frameworks outside the US in many different geographies. Just kind of curious how that translates in terms of products, in terms of acquisitions you made like Tink, Pismo and so on, to bring that over to the US?
Ryan McInerney: Thanks for the question. I think the CFPB rule that they put out is good for Americans. I think it’s great for clarifying the structure and the regulatory framework here in America. I think it’s likely to be a catalyst for growth of open banking in the United States, is it gives clarity to all the various different players in the ecosystem. If you think about it, like, it’s a great opportunity for Americans to be able to put their own data to work in different types of digital tools that will help their own personal financial management, help them manage their financial lives better, get a better view of their finances across multiple different providers. And then to your point, we’ve seen different regulatory frameworks in different markets around the world.
Our Tink business continues to perform very well in Europe, which obviously was one of the leaders in terms of establishing a regulatory framework for open banking. And we look forward to the opportunity to bring Tink outside of Europe. So when we look at the proposed rules here in the US, we welcome that because we want to understand what the regulatory expectations are so that we can build a business that will thrive and serve our clients and serve consumers effectively. So thanks for the question.
Jennifer Como: Last question, Jordan
Operator: Our final question comes from Harshita Rawat with Bernstein. Your line is open.
Harshita Rawat: Good afternoon. As you’re looking into the next fiscal year and beyond, I want to ask about the cash digitization opportunity in your growth to drive [ph] business. As you know, this is always a persistent question for Visa investors and thinking about it again, given the pandemic moving forward and during inflation tailwinds. So how are you thinking about the runway especially segmenting it between developed markets and also EM a little bit more competition? Thanks.
Ryan McInerney: Yes. Thanks for the question. We continue to be excited about the cash, check digitization opportunity around the world. We continue to digitize cash and check around the world, and economies continue to grow around the world. So I think continues to surprise many people when they look at developed markets like the United States, how much cash and check still exists. And certainly, when you look to the developing world, how much cash and checks still exist. So we continue to be excited about the runway. We think it offers us tremendous growth opportunity. And we’re going to continue to work with our partners across the ecosystem to get more credentials into consumers’ hands, get more acceptance out there in the ecosystem, especially among micro and nano merchants and work with our partners to drive more activation and usage among the credentials and feel good about that entire algorithm.
Jennifer Como: And with that, we’d like to thank you for joining us today. If you have additional questions, please feel free to call or e-mail our Investor Relations team. Thanks again, and have a great day.
Operator: Thank you for your participation in today’s conference. You may disconnect at this time.
