Thank you, Mr. Chair. Thank you witnesses for being here today.
Mr. Kelly, I think I'll start with you. We're starting to truly see the emergence of mobile payments, with everyone putting something on their phone. I think we've heard at this committee from some of the witnesses that in about 18 to 36 months, mobile payment is going to be common practice.
With that, we're starting to hear of other transaction fees. For example, when I asked Visa, Visa said they couldn't tell us if they're going to put any other type of transaction fee on a mobile payment. MasterCard came out and said they won't. Google Wallet says there are other ways of them generating revenue.
At some point I think small and medium-sized businesses are hitting that tipping point as to how long they can keep absorbing the little, tiny fees—and here I'm citing some of the witnesses—before breaking their backs, and therefore not being able to expand their businesses and hire employees, but God forbid, shutting their doors.
What are you hearing from your members in relation to mobile payments and what's coming?