Thank you.
That's a really excellent question, and I think it ties into my key point to this committee, which is that a change will happen not through regulation, but through innovation, through new developments, through technology.
The example you give is cellphones and the African model. In places like Kenya and South Africa, what you've seen in those countries is very poor people who don't have bank accounts, but everybody in those countries has a cellphone, or at least has access to one. There's one in a village, or a family, or something.
So what you've had in these very poor countries is essentially a payment system that is more sophisticated than what we have in North America. That's because when you buy something from somebody, you go to a store, you take your cellphone and you put it next to the store owner's cellphone. There's a program--or to use the economic jargon, there's a platform--on both of these cellphones. You push a few buttons and the money goes from one person's account that they've put onto the cellphone previously, so you don't have to walk around with cash. You load up your cellphone with some money and then it goes into the shopkeeper's account, so your account goes down and the shopkeeper's account goes up. This is in Kenya, this is in China. They are doing the same kinds of things.
So essentially what you have is that nobody has plastic; nobody has a bank account. You have the emergence of a brand-new, highly innovative competitor for the plastic credit cards from cellphones.
Will this happen in North America? Absolutely. The question is not if; it's when.