obviously we welcome competition, but with what we are doing around innovation to make things more asecure rolling out more secure cards in the u.s. all that technology is embedded in apple pay. we are doing things to make it safer by using tokens instead of a real card number. we welcome the competition, and we will see what happens. >> what does bitcoin mean for a company like mastercard? are at astercard, we large scale of payments, very relevant to consumers now. there will always be ideas that come forward, but we already have a very large scale way of securing transactions that works today. it doesn't matter, it's used around the world and it works. it's coming to the u.s. bitcoin is an inscription scheme scheme,ption sophisticated in its own right, but we have those technologies as well. we bring a lot to bear, including a trusted brand and reliability from issuers, and we are a known entity. mass acceptance as well. a payment product is only useful if you can use it somewhere. we have over 38 million locations you can use a mastercard, and that is valuable. that's what matters. >>