Mastercard Incorporated (MA) Earnings Call Transcript & Summary

Welcome, everybody. Thanks for joining us this morning here early on Day 3 of the Morgan Stanley TMT Conference for 2026. Very pleased today to have Mastercard joining us. My name is James Faucette. I'm the senior fintech analyst here at Morgan Stanley, and I'm very pleased to have Raj Seshadri, chief Commercial Payments Officer for Morgan Stanley (sic) [ Mastercard ]. Before we get started with Raj, I do have an important disclosure to read. Please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales rep. Raj, thank you very much for joining us. We really appreciate it.

Thank you, James. Thank you for including Mastercard and me in your conversations.

Yes. Well, Mastercard is obviously a critical part of every tech conversation. Somehow people have to figure out how to get paid, right, and to move the associated money. So let's start with the macro environment. Maybe it would be helpful to understand how you're viewing the macro environment? What are you seeing of late, particularly in terms of consumer behavior and spend trends, et cetera?

That's a great question, James. Now let's set aside the last few days, we'll come back to that. But what we've seen is -- despite all the geopolitical tensions, what we're seeing is a relatively supportive macroeconomic environment for consumers and for businesses. And it's been true for a while. The consumers are benefiting globally from balanced labor markets, wage growth that is above inflation. And so they want purchasing power, they're able to spend more, and we see that in our transactions. And then similarly, for businesses, given all the shifts and the uncertainties they're facing, they're very focused on optimizing working capital, managing cash flow, digitizing payments and modernizing a lot of their processes and infrastructure. And so that we see coming through as commercial payments and money movement. And so across consumer and businesses, it's been quite stable. And in terms of whether it's the last few days or historically, we are -- we obviously monitor macroeconomics and geopolitical changes constantly, hourly, daily and we're very agile and we adapt. And the strength of Mastercard, as you know, having seen us in various other crises, including COVID, including Russia-Ukraine, et cetera, is that we have an amazing business model. It is truly diversified. We have many businesses in consumer, many businesses in commercial and money movement, many businesses in services. We operate in 200 -- over 200 countries and territories. And so what you see is the level of diversification and a level of resilience in our business model. So we're very confident that we can navigate any situation.

Well, that's great to hear. And I think, in particular, today, I'm excited to be able to talk about the commercial part of the business for Mastercard and the opportunity. Clearly, the area of commercial and new payments flows is huge. Like I don't know how you guys assess it, but we typically assess it to be about 10 -- roughly 10x the volumes of what you see in the consumer spending environment, so massive, massive volumes. Maybe you can spend a few minutes outlining how you think about the addressable opportunity? And what needs to happen for that to really become unlocked? Are we hitting an inflection point or an adoption point that really can move the needle?

Yes, that's a great question. At Investor Day in late 2024, I described the size of the addressable market as there's about $100 trillion of commercial payments and money movement to go after, right? It's enormous, and it's all secular shift. A lot of it is secular shift. And if you break that down, there's about $80 trillion in commercial payments. Of that $80 trillion, only $3 trillion is carded. And of course, we duke it out in terms of market share, but that $77 trillion that we can go after, and it's a great place to go after it because when you think about AP processes and AR processes, receivables and payables, et cetera, they're very manual, they're very antiquated today. There's an opportunity to modernize them, digitize them, have the -- and even, in many cases, the payment modality is like cash, a check or ACH. And even when it's real time, the data doesn't travel with the payment. And so there's lots of reconciliation issues. And so it's a huge opportunity. And then the -- when you look at money movement, which is the other $20 trillion, I think our penetration is under 2%. And so -- and our rails, we've got the most extensive network now, and our rails power a lot of use cases that are out there. It's Mastercard Move inside, and lots of opportunity there to grow. And that was -- I think I said that in late 2024. Fast forward to 2025, we saw acceleration in the space. So in commercial card, it, to date, represents about 13% of our total GDV. And in 2025, it grew at 11% very consistently across the year. If you look at money movement, our transaction growth rate was 35%, again, very consistent volume growth in both commercial card and money movement. And what's even more exciting is, when you look at the revenue that it generates across commercial card and money movement, the revenue growth is about 2x that of the volume growth, of the GDV growth. And that's because of the mix in this business. There's a lot more cross-border, lot more corridors where we sit. So we switched today in about 70% of markets globally. That's up from 60% in 2020. But in commercial, that rate is even higher because of the corridors that it's concentrated in. And then there is -- we have flexible interchange. We have virtual cards. We have data capabilities where the data can move with the payment. And all of that has contributed to the exciting numbers in 2025. And your question about an inflection point, and this is not going to be like a cliff. This is a graduate accelerating growth, but one that will be there for many years to come, given the size of the secular opportunity. And there're lots of reasons why things are accelerating now. So one, we were just talking about macroeconomics and geopolitics. In this environment, the businesses are very focused on reducing expenses, digitizing, reducing -- optimizing their working capital, reducing ups and downs in their cash flow. That plays to our strength. Add to that, a lot of employees and leaders are very focused. Generationally, there's a shift in the workplace. And there's this consumerization of commercial going on. So in our personal lives, we're used to wonderful embedded, seamless, secure payment experiences that just enhance the experience of whatever we're doing, whether it's shopping or -- and that is coming into commercial. A lot of these rather antiquated workflows are becoming more consumer like, and that's helping. And what's facilitating that is, frankly, the maturity of the technology environment. There're lots of applications now that businesses small and big have adopted for things like procurement and purchasing, for things like accounts payables and receivables and for expense management. And that process -- those technologies and the digitization that they bring, make it easier for us to then embed the payments. And so it's a very exciting time, and it's a good time to be in commercial payments and money movement.

So maybe I can ask you a little bit of a challenging question as part of that. So if we're starting to see this acceleration, what would be the key things that you would say had kind of been impediment in the past? Because I think for all of us that have followed payments closely, I think the logic has always made sense, but what we all trip up on is like why hasn't it happened more rapidly?

Yes. So let me talk a little bit about our differentiation and why it is happening now, right, which is the flip side of it, it that we're overcoming a lot of the impediments as we speak and you can sort of see that momentum growing. So some of the factors -- we have differentiated products, right? So as you see this digitization and modernization, we have a proprietary virtual card engine. It's rated #1 by Juniper. And the result is that we can actually build features and functionality that have coupled the data to the payment, and we can deploy it into many different platforms, technologies, apps, solutions. And so that's one example of our product capabilities. And that today is -- it is quite advanced and it's a growing differentiation. Couple that with services, right? Mastercard, we have this great flywheel where services enhance the value of payments, that payments grew and then that provides the data for services to do even more. And so services in this space, there's a lot of opportunities, and we've deployed a lot of these services. They address the impediments that are there, so things like safety and security, data reconciliation, automating compliance, a lot of that are services that we're deploying in. In addition to that, what helps is the ubiquity of our network. In the card network, we reach hundreds and millions of acceptance locations, wallets, point-of-sale purchase, digital and physical points, et cetera. And then in our money movement network, we now have -- like I said a minute ago, we have the most extensive money movement network. We can reach 17 billion endpoints, which includes deposit accounts and cards and wallets. And so that network helps because you can turn on lots of solutions at scale. And then I'd point to our strength of partnership. So there's a lot of power in partnerships. And so we partner very closely with our customers and partners to bring solutions to bear. We're also increasingly bringing several ecosystem players together to create solutions where everyone benefits and the payment modernizes as does the process and the data. So very exciting there. And that's feeding frankly, into our growth algorithm. Our growth algorithm is very simple. It's share shift, secular shift and services, right? And so the way it's feeding in is -- let's take share shift. I think in the Investor Day conversation, I said it grew -- our market share grew by 4 percentage points from 2019 to 2023. It continues to grow, right? It's quite exciting. So examples are we flipped the Wells Fargo's small business portfolio. We just renewed our relationship with WEX. We're launching the Coupa Mastercard. So share shift continues. Add to that secular shift, which is really exciting, and the small business space is a ton of cash and check. So going after issuance and acceptance there is really accelerating. In the corporate solutions space, I was just talking about AP and AR processes, very exciting. There's also stuff between large corporations and small businesses, and that's even more exciting, right? So I'll give you an example. Let's take L'Oreal in Mexico, right? They're a CPG distributing into beauty salons, right? So we're digitizing the inventory flow and the payments that go with it. So L'Oreal, with the fintech, Clara, is issuing cards to the beauty salon. What that does is, the beauty salon can now pay for inventory using the card. They have access to working capital, which means their inventory levels are more consistent, right? And for L'Oreal, that means that they get -- we solve the acceptance problem. They accept the payments. And so they accept the card payment. And what that does is for both the manufacturer/distributor as well as for the small business, it's greater flow of inventory, greater sales, greater revenue. And then for the manufacturer/distributor, you get less return costs because we ship inventory out and the small business can't pay for it. What happens is then you've got to ship it back, right? And so it saves expenses. And so we're seeing this kind of inventory management solution take off. I gave you L'Oreal as an example, but we're seeing it in all kinds of CPG categories, in pharmaceutical categories into pharmacies and clinics. We're seeing it in tech distribution through buying centers. So that's really exciting. So that's our secular shift. And then the last thing is services, I was just talking about services a minute ago. There is so many services that we can think of across security and data reconciliation and marketing, et cetera, that we can deploy into commercial and money movement. So that growth algorithm has been quite robust and is -- and you can sort of see -- you asked about impediments, these are overcoming a lot of the impediments that existed historically in this space.

Yes. No. And to your point, is like if you can start to put together, and one of the strengths of the Mastercard network and the way that it functions today is like being able to tie like you're saying the reconciliation of transaction to the actual amounts or helping with working capital and inventory balancing, et cetera, is a lot of opportunity.

Lots of opportunity, and it's growing well, and there's a lot of runway.

So wanted to -- one topic that has emerged of late is particularly around all things agentic and agentic commerce, et cetera. And I think a lot of times, we think about, at least as consumers, the consumer experience, but there's also a lot that can happen behind the scenes. And we've seen that with the rise of some agent to agent transactions. There have been introduction of specific protocols to help address some of those kinds of exchanges. What kind of role does Mastercard can play, do you envision? And where do you think that Mastercard needs to be in, in that kind of environment?

We've been in the space of AI for 2 decades now in data, right, for 2 decades now. We have quality data at scale, which means you can deploy all kinds of AI against it. And that includes traditional AI, machine learning, et cetera, as well as gen AI and now agentic AI. So this is a space that we know very well, and we're working with all aspects of it. And working with every partner you can think of, right? We partner with all of them. Partnership is our strength. So let me -- you mentioned agentic commerce to start with, right? And we've talked about Agent Pay. Agent Pay is not just for consumers, it's also for small businesses and commercial enterprises when they shop. And so we're working on making sure that all of our cards work in that agentic environment to support Agent Pay. By the way, there're not -- agentic transactions, there are not that many of them, but we are ready should it grow. And what we're ready with is the ability to recognize an agent from, let's say, a malicious bot. The ability to authenticate the consumer or the business who's shopping because they're not at the merchant site, to be able to tokenize the transaction and have that agent token travel with the transaction through all its different steps so that you can trace it with transparency, with the ability to capture the purchase intent from the small business or the consumer or the corporate so that -- which is really important for disputes, charge backs, et cetera. So all of that, that we talk about in consumer is also true for commercial. And then in addition to that, in commercial, if you think about, we were just talking about invoice payments and the digitization of invoice payments through technology applications in procurement, in ERP, in expense management, et cetera. In all of these places, actually, these are more closed environments with data quality that is high, right? And so there's an ability to deploy agents even more here, whether it's a agent to help somebody in procurement, onboard a supplier or to prompt the treasurer as to what the optimal payment method is based on cost, speed, working capital requirements, et cetera. So you see a lot of agentic applications there. And we're working with a number of our partners where we have very rich data, we have very advanced AI capabilities. And so we're working with many of them to develop these. It's very early days, though. I thought underscore how early it is, and we'll have to see how this plays out.

Got it. So I wanted to touch on invoice-based payments, and you just kind of mentioned that in the context of some of the agentic work that you can do. But what are the initiatives specifically that Mastercard, if we were to kind of try to make a list of the things that Mastercard is -- can deliver and enable particularly around invoice-based payments. Because I always feel like when I think about it very simply, Morgan Stanley. We have a huge department just to reconcile invoices and payments that go out. And that's part of our own kind of fraud prevention. But like what are the roles that Mastercard can help somebody like a Morgan Stanley improve efficiency around invoice payments?

Yes. So it's interesting. I talked about $80 trillion in commercial payments, right, and the opportunity size, with $3 trillion carded. I'm going to first break that down for you. There's $17 trillion in point-of-sale payments, $1 trillion carded, and there's a lot of low-hanging fruits there. We should talk about that.

Yes, we'll come back to that for sure.

And invoice payments, there is about $63 trillion in invoice payments, $2 trillion carded. So even more opportunity there, to your point, right? And some of that opportunity is very near term and some of it will come with modernization of AP and AR processes. So a very good question that you ask. So when you think about invoice payments, it's a little different from a point-of-sale payment because you have a buyer and seller that are known parties to each other. They contractually bound. They have payment terms that are negotiated. And both sides are aware of them, right? And those payment terms are often tied not just to price, but also to working capital. And so it is -- so when you think about AR and AP, it is different because of the buyer and seller dynamics here. And in that context, I was just talking about our virtual card capability. The ability to have virtual cards with controls, with data and flexible pricing, flexible interchange that can match the contractual terms that a buyer and seller have agreed to are all benefits to -- and the technology adoption that is there in corporates are all benefits to being able to drive invoice payments further. And so we think about this in 2 ways. We think about it horizontally and vertically, okay? So horizontally, the way we -- horizontally means across all the different verticals that exist out there. The way we think about it is, given that we have these really data-rich virtual card capabilities and we have flexible pricing, we're embedding it into all these platforms, into expense management platforms, ERPs, into procurement platforms. And we have a model by which it's -- we have -- we call it Commercial Express. So Mastercard, our virtual card engine, is connected into all of these platforms. There are a dozen -- it's rapidly growing number of platforms that we connected to, all the big ones, SAP, GEP, Coupa, you name it, right? And then the other side, we have an issuer who can connect to us through one connection and then be able to issue virtual cards in any of these platforms, right? So now when you go into an AR or AP department, let's say, at Morgan Stanley, then in the platform that is being used, whatever your native platform is for procurement of ERP, your bank that is providing the payments, the virtual card to you, can easily be invoked in order to pay a purchase order or to pay an invoice in the platform and our virtual cards then are deployed to facilitate it. So these are some of the horizontal solutions. We're also working on the acceptance side with things like Mastercard Receivables Manager in order to drive reconciliation for a supplier, working with acquirers to drive greater acceptance. So that's like the horizontal play. And then we have the vertical plays because there are some -- in this space, there are industry specific idiosyncrasies, right? And so take travel. We are the leader in travel. But having said that, there's a lot more room to grow in travel, right? So of course, we work and partner with all the Tier 1 OTAs, with the Tier 2 and Tier 3 OTAs. There are regional travel opportunities. There are vertical-specific travel opportunities, so lots of growth there. Then there are other verticals that we're going after, things like health care or B2B marketplaces. There are a ton of these vertical-specific opportunities where again, our product capabilities can easily be deployed into the vertical environment. So we can bring that scale, but tailored to the particular needs of a vertical. So that's how we're going after invoice payments. And this is a space where, like I said, there's $63 trillion, think about that, huge secular shift opportunity. But having said that -- and $2 trillion carded. And we see growing momentum, great acceleration, but this is not going to be a [ 1, 0 ], you flip the light on, right? So it's a transformation that is gathering momentum, gathering speed, and we will see that continue, and it will be something that feeds the Mastercard business for many, many, many years to come. The secular shift here is incredibly enormous.

So let's go back to something you mentioned, commercial point of sale. It seems like there's also a lot of opportunities there and maybe share some details about the -- how you think about the commercial point of sale, and how do you go to market to try to capture as much as you can?

Yes. So in a commercial point of sale is -- in some ways, is very simple. We know a lot about this. It's our bread and butter in consumer, right? So it's just whether it's a digital or physical point of sale, instead of tapping a consumer card, you're now -- or using a consumer card, you're now using a SME card or a corporate card or a purchasing card, right? So the -- that is the main difference. And when we think about the point-of-sale opportunity, like I said, the $17 trillion, only $1 trillion is carded, a huge chunk of the -- I think about half the cash and check opportunity is in the SME space. So this is very linked to the SME opportunity. And the way we're going after it is by thinking about, first, issuance. We've accelerated issuance. In 2025, our issuance grew by about 10% in SME, which is pretty substantial. And we're growing that both with our traditional issuers, so folks like Carrefour in Spain, but also with alternate distribution, which is places where small businesses come to access services where we can then provide the card to the small business. So examples are like Zaggle in India in ocean services, or RTS for trucking in the U.S., or Instacart. We can provide cards to the small businesses with an FI or fintech partner through these places where the small businesses gather for what they do. And so we call that alternate distribution. So it's really between traditional and alternate distribution, our issues has grown tremendously. 10% in 1 year is pretty substantial. In addition to that, we're also looking at value propositions. So I've talked before about things like easy savings that continues to grow. And then we have many other things now that are live. So for example, we have the business builder card for entrepreneurs, which is live with 10 banks in the U.S., and this is to help an entrepreneur grow their business. And we have the middle market card. Middle market companies are notoriously underserved because stuff from small business doesn't work for them and stuff from the corporate world doesn't work for them. They're kind of trapped in the middle. And so we have a middle market offering that we've developed with -- and launched with Citizens First and then we're expanding it to other issuers and banks across the U.S. and around the globe. Fleet, lots of trucking companies, shipping companies that are in the SME space. And when you think about them, what we're doing is working on creating open loop capabilities and converting closed loops to open loops with our partners, WEX, CorPay, Voyager, et cetera. And what's key here is a product differentiation because here, even more than in any other space, data matters, safety and security matters. The ability to provide an open loop card means that trucker can now put their food, their hotel, et cetera, not just the fuel on the card. And virtual cards matter. And so this really plays to our strength. So lots of value proposition development. And I'd say the other dimension to the point-of-sale opportunity focusing on SMEs, which is, like I said, a huge portion of it is acceptance. And here, we work on acceptance across consumer and commercial together because we drive acceptance together. And a portion of that is SME acceptance. And I'll give you an example from this space. We're bundling issuance and acceptance across issuers and acquirers. So what that means is you can actually take the data and underwrite the point-of-sale acceptance, digital or physical, better, and you can underwrite the issuance, the card, better. And it's an environment where the acceptance and the issuance coming together is a benefit to the small business. And effectively, what you're doing is digitizing the small business, including them into the financial economy, helping them digitize their businesses, move into the world of cards. And so that's working well as well. Quite excited about this space.

Yes. No, it's -- I think all those facets are obviously very compelling. I want to move to probably one of the areas where we get the most amount of inbound investor questions over the last year or so, and that's disbursements and remittances. And would love to hear how you feel like Mastercard fits there? You recently shared that Mastercard Move has kind of the greatest endpoint reaching the industry. Love for you to elaborate on that. And then I'll just interject as well. All -- one of the biggest questions we get is like, what's the role of stablecoin or that kind of solution for disbursement and remittance is, and the role you see Mastercard playing there?

Sure. Let me start with disbursements and remittances and we'll come back to stablecoins. Both are quite exciting spaces and they're interlinked. So yes, we have probably the -- we do have the greatest, largest reach network for money movement. It's a $20 trillion addressable market. Like I said, the penetration of digitized data with solutions is very low. Our penetration is under 2%. So it's a huge secular shift opportunity for us. We have 17 billion endpoints now across accounts, cards, wallets. We recently added GCash in the Philippines. We added bank accounts in Bangladesh and the network continues to grow. We operate in over, I think, 155 currencies and 200 countries. So this is truly global, right? It's truly cross-border and global -- domestic and cross-border. And it includes stablecoins, right? We also -- we believe in providing choice. And so whether it's a small business or a consumer or a government, they can choose the currency they want, which includes stablecoins. So it's quite extensive. Now the way this network works is Mastercard Move is -- you don't often see Mastercard Move directly. It's a B2B business. So there're lots of use cases that you probably are already using and incorporating into your life, and it rides on the Mastercard Move rails, right? So it's a B2B business, and we work with our Middleby partners while they work with the end consumers and small businesses. And so use cases, there are lots of use cases. So let's start in the P2P space because you were interested in remittance and disbursements, right? Let's start in the P2P space. So domestic P2P use cases, there're many of them, things like wallet top-ups or tipping or splitting builds, right? Lots of P2P use cases. We're working with Samsung on tap -- phone-to-phone tap and transfer. P2P cross-border use cases, this is where remittances come in, family support, self-to-self savings and transfers, we call it [indiscernible] for our transfers, where you might have an account in one country, but you're living in another country, and you're moving money around. So a lot in cross-border P2P. And then when you get to, what I call B2P, business or government to an individual, there too, domestically, there's a lot. There are disbursements from governments. There are disbursements from companies, refunds, faster refunds, benefits that you might provide, the lots of things that companies pay out to consumers and governments pay out to consumers. So all of that we're able to support. And then cross-border, it's actually quite interesting. There're lost a cross-border use cases, things like paying a gig economy worker, a creator who lives in another country, or a content provider that's somewhere else, a lot of gig economy use cases. So there are a ton of these use cases. And this is a space where we work very closely both with companies and with governments in order to facilitate these payments on our rails. And there's a lot of growth geographically as well. So I'll give you an example, China. We have a license there, as you know. That, of course, helps our consumer business and our commercial business. And in the money movement space, we already do a lot of outbound transfers and that's growing in many different use cases. And then inbound, we can reach China UnionPay. We can reach a variety of different wallets into China, so we can also do inbound. And so that's a good example of a geography with a ton of potential. So this space has a lot of potential.

Right. So -- and stablecoins, what's the role for Mastercard in that?

Yes, stablecoins, it's interesting. Mastercard, when it comes to blockchain, we've been participating in blockchain for about a decade now. Lots of different use cases and applications and stablecoins, when there's more clarity, it's easier to participate in this space, more clarity in terms of regulation and what you need to comply with. So it's quite exciting to see it growing. It's still small. It's still volumes are small. But we do everything from on-ramps and off-ramps, being able to buy stablecoins, being able to use stablecoins. We have about 130 co-brand programs across the globe. The consumer -- but they're also in small business, by the way. They're increasingly in small business. We settle in stablecoins. And then in our cross-boarder services business, in Mastercard Move, we -- as I was saying a minute ago, we were able to support stablecoins for any use case that a consumer or a small business might want to use. And so these use cases are -- they're a little esoteric because there're many use cases that satisfy the fiat currency. But to the extent there's a need for stablecoin, we have the ability to use stablecoin there. We also have services. So we have things like Crypto Credential and Crypto Secure. Crypto Credential identifies a user or a platform, which is really important in this space, and Crypto Secure provides security services on the transaction, very important in the space. And we have a multi-token network, which, when you think about it, especially for tokenized deposits, as these islands of tokenized deposit ecosystems develop, we can provide the interoperability between them. We can facilitate on-chain commerce. We can bridge off-chain to on-chain. So there's a lot going on in there across the board. And it's quite exciting. But it is still in the nascent stages.

Nascent. Got it. And then quickly, you mentioned a few minutes ago your partners. And within this space, you recently announced a partnership with CorPay. Just quick few details on that towards the end of our conversation.

Sure. When you think about CorPay and MasterCard in the money movement space, Mastercard, we work with just about every financial institution on the globe. And we have great capabilities for smaller and mid-ticket transfers. If you think about CorPay, they work very closely with corporates and they have mid- to large ticket transfers. And so it's very complementary, the 2 capabilities. And what we've been able to do with it is to create end-to-end solutions for financial institutions, combining what CorPay has and what Mastercard has. And that is going really well. We announced our first deal that we signed together, Capital Bank in Mexico, where the corporates had worked with the bank and now pay using our combined capability, and small businesses that the bank can now drive collections in multi-currencies, right, in U.S. dollars, euro, other currencies using this capability. So that's very exciting. In addition to that, we also -- CorPay is now using 22 of our corridors globally, the Mastercard Move corridors, to extend their reach. And this is all in the money movement space. We're also very deep partners in the commercial payment space, in the corporate payments space, using virtual cards and account payable processes and fleet, et cetera. So that partnership is also quite deep. And I come back to one of our strengths is the power of partnerships, and the CorPay, MasterCard partnership is a great illustrating of that.

So last 45 seconds, Raj, what are you most excited for, for 2026? What should we be watching from our vantage points?

So what I'm very excited about is the space. There's gathering momentum, accelerating solutions getting adopted across the board, and that's very exciting to see. And you'll see that coming through in our financial results like you saw in 2025. And so that's something to watch. And as we do this, we continue to innovate, right? We continue to innovate across all of our product suite, including virtual cards. We talked about agentic AI. We talked about stablecoin, lots of innovation. And so what you'll see -- it's not just 2026, but I would say you'll see continuing acceleration in this space in 2026 and for many, many years to come. This is a massive secular shift opportunity. And it's very nice to have Mastercard be at the center of this, driving the modernization of commercial payments and money movement in the space and driving digitization and data-rich payments. So you will see a lot of secular shift in the years to come.

That's great. Raj, we're going to have to leave it there, but thank you very much for joining us today. I appreciate it so much.

Thank you, James. Thank you very much.