I just have another couple of comments.
The mobile payment application has all the security features that you would expect from Visa and your bank.
Finally, let me touch on the regulatory environment. While Canada has a robust regulatory framework, the phenomenal advances we've seen in the marketplace were not driven by regulations or mandates, but rather through collaboration and market-based competition.
The recent adoption of the voluntary code of conduct for the credit and debit card industry was the result of exhaustive consultations with all stakeholders in the payments industry. The code has only been in place for just more than a year, and it has already had its intended effect in a number of areas. Visa has seen the increased transparency that the code has provided for merchants and consumers.
In our view, the Canadian payments system is fundamentally working. Having said that, there may be ways to improve upon the code, and we're actively working with government stakeholders to identify these improvements.
We need to be cautious about the application of the code to new technologies. For example, if two of the provisions of the code were to apply beyond cards, to mobile payments, a customer might require three cellphones to enable the different payments of their choice--that is, one for Visa credit, one for Interac, and one for Visa debit.
In conclusion, Visa has been operating in Canada for over 40 years. We've played a lead role in a lot of the progress that has been made to make Canada a world leader in electronic payments, and I am hopeful we can operate as effectively for the next 40 years.
Thank you. I'd be happy to answer any questions.