I think it's true that a lot of interesting and important payment innovations are happening in Europe. As I mentioned in my opening remarks, the open banking policies in some European markets, like the U.K., include a mandate that businesses enable open access for payment facilitation, which really helps.
SEPA, while it's open access and very cheap, is also a low-level protocol. In particular—again, maybe this is a little bit arcane—it doesn't mandate an authentication flow. That is to say, it's up to the bank in each case: What do you tap on your phone? How exactly is a payment initiated? That's why we think these central bank-based wallets, like TWINT in Switzerland or Swish in Sweden, are so compelling. They're a full package payment solution.
I think Canada pursuing something like that, a full package, instant, and close to free payment solution, would be really compelling.