That's a good question.
In terms of competitors, we look at a lot of different people. There may not be an exact replica of, say, a PayPal, but merchants have many different choices for accepting different forms of payment. Obviously there are different acquirers in Canada. There are different technology companies that have tried many different ways of forming digital wallets.
What's been interesting over the last several years is that we have seen more and more of the industry trying to look a lot more like PayPal. Even last week, Visa announced its initiative to look like a PayPal digital wallet. And there are other technology companies like Google and the like that have imitated us. I think it was six years ago that Google launched Google Checkout, which was an exact replica of PayPal's checkout system.
So many companies have come along and provided different and similar technologies. I think PayPal plays in the middle in a sense. One of the things we've been able to establish very closely with our users is trust. Payments are what we do; we don't do anything else. So the PayPal account provides this inherent utility that seems a little bit more ubiquitous and neutral than just another feature or function. PayPal works very hard at listening to our customers. I would say that we are probably one of the technology companies most maniacally focused on consumers. We've adopted a “customer to code” philosophy in everything we build.
I think probably the biggest advantage that we've been able to provide is for the developer community. It's not actually about the products we're trying to sell, because we've enabled the developer community with a rich set of APIs, from which they can go off and build different products and new business opportunities.