We want to continue having a competitive environment for innovation. We recommend against any further government role. Competition and choice breed innovation. Where government has sought to limit competition, as with Canada's debit system, the result is an isolated domestic system that lacks economies of scale, international interoperability, and innovation.
Let me now address the third aspect of your study, and that's the benefit for consumers and merchants from these new options. This is almost an impossible task since the benefits are unlimited and continue to evolve as entrepreneurs and programmers the world over introduce new functionality for mobile phones. What we do know for sure, though, is that all of this new technology is improving the customer experience and convenience. It also benefits merchants through reduced staffing costs, shorter checkout lines, and fewer lost sales.
Thank you.