Thank you, Mr. Chair.
My first question is for Mr. MacMullin. It's about PayPal. I've used PayPal from both sides: as a customer and as a merchant. It's nice for people to be able to purchase something and know that their credit card information is not going to a merchant they haven't dealt with before.
My question is related to the costs for small businesses. I want to know what the competitive landscape is in your business. What other companies comparable to PayPal remove the need to send credit card information to vendors and then remove the need for merchants to manage credit card information? Who are your competitors? Is it easy for a competitor to come into this sector?