Everybody, thanks for joining us this morning, here early on day three 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. I'm very pleased to have Raj Seshadri, Chief Commercial Payments Officer for Morgan Stanley. 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 conversation. Well, you know, Mastercard is obviously a critical part of every tech conversation. Somehow people have to figure out how to get paid, right? To move the associated money. Let's start with the macro environment. Maybe it'd 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? You know, that's a great question, James. You know, let's set aside the last few days. We'll come back to that. 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, you know, are benefiting globally from balanced labor markets, wage growth that is above inflation, and so they've more purchasing power. They're able to spend more, and we see that in our transactions. Then similarly for businesses, given all the shifts and the uncertainties they're facing, they're very focused on optimizing working capital, you know, managing cash flow, digitizing payments, and modernizing a lot of their processes and infrastructure. That we see coming through as commercial payments and money movement. Across consumer and businesses, it's been, you know, quite stable. You know, in terms of whether it's the last few days or historically, we are, obviously monitor macroeconomics and geopolitical changes... Sure Constantly, hourly, you know, daily, we're very agile, and we adapt. The strength of Mastercard, as you know, having seen us in, you know, 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 and consumer, many businesses and commercial and money movement, many businesses and services. We operate in 200, over 200 countries and territories. What you see is a level of diversification and a level of resilience in our business model. We're very confident that we can navigate any situation. Well, that's great to hear. I think in particular today I'm excited to be able to talk about the commercial part of the business. Mm-hmm. for Mastercard and the opportunity. Clearly the area of commercial and new payments flows is huge. I like, I don't know how you guys assess it, but we typically assess it to be about roughly 10 times the volumes of what you see- Mm. in the consumer spending environment. 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? Yeah, that's a great question. You know, 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. Right. Right. If you break that down, there's about $80 trillion in commercial payments. Of that $80 trillion, only $3 trillion is carded. Wow. Of course, we duke it out in terms of market share. Right. There's $77 trillion that we can go after. It's, it's a great place to go after it because when you think about AP processes and AR processes, receivables and payables, et cetera. Right. Right. they're very manual. They're very antiquated today. There's an opportunity to modernize them, digitize them, you know. Even many cases, the payment modality is like cash or check or ACH. Right. Right. Even when it's real-time, the data doesn't travel with the payment, and so there's lots of reconciliation issues. So it's a huge opportunity. Then when you look at money movement, which is the other $20 trillion, I think our penetration is under 2%. Mm. Our rails, we've got the most extensive network now, and our rails power a lot of use cases that are out there. You know, it's Mastercard Move insight. Right. Right. Right. Lots of opportunity there to grow. That was, you know, I think I said that in late 2024. You know, fast-forward to 2025, we saw acceleration in the space. In commercial card, it to date represents about 13% of our total GDV. Right. In 2025, it grew at 11% very consistently, you know, 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. 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. Right. Right. Right. Right. Right. Right. Right. of the GDV growth. That's because, you know, of the mix in this business. There's a lot more cross-border, lot more corridors where we switch. We switch today in about 70% of markets globally. Mm-hmm. That's up from 60% in 2020. In commercial, that rate is even higher because of the corridors that it's concentrated in. Then there is, you know, 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, you know, to the exciting numbers in 2025. You know, your question about an inflection point, this is not gonna be like a cliff. This is a gradual accelerating growth, but one that will be there for many years to come, given the size of the secular opportunity. And, there are lots of reasons why, things are accelerating now. One, as we know, we were just talking about macroeconomics, geopolitics. Yeah, yeah. In this environment, the businesses are very focused on reducing expenses, digitizing, you know, reducing, optimizing their working capital, reducing ups and downs in their cash flow. That plays to our strength. Right. A lot of employees and leaders are very focused. You know, generationally, there's a shift in the workplace, and there's this consumerization of commercial going on. In our personal lives, we're used to, you know, wonderful, embedded, seamless, secure payments experiences that just enhance the experience. Mm-hmm. of whatever we're doing, whether it's shopping or... Sure. That is coming into commercial. A lot of these rather antiquated workflows are becoming more consumer-like, and that's helping. Right. What's facilitating that is, frankly, the maturity of the technology environment. There are 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. That process, those technologies and the digitization that they bring make it easier for us to then embed the payment. Right. Right. Right. It's a very exciting time, and it's a good time to be in commercial payments and money movement. Maybe I can ask you a little bit of a challenging question as part of that. If we're starting to see this acceleration, what would be the key things that you would say had kinda been impediments in the past? 'Cause I think, you know, 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. Mm. more rapidly? Yeah. Let me talk a little bit about, you know, our differentiation... Mm-hmm. Why it is happening now. Right. Which is the flip side of it. Yeah. Is that we're overcoming a lot of the impediments, as we speak, and you can sort of see that momentum growing. Right. You know, some of the factors are we have, differentiated products. Mm-hmm. Right? You know, as you see this digitization and modernization, we have a proprietary virtual card engine. It's rated number one by Juniper Research. Mm-hmm. The result is that we can actually build features and functionality, you know, that couple the data to the payment, and we can deploy it into many different platforms, technologies, apps, solutions. That's one example of our product capabilities. Right. That today is, you know, it is, quite advanced, and it's a growing differentiation. Couple that with services, right? You know, Mastercard, we have this great flywheel where. Right, right. -services enhance the value of payments, then payments grow, and then that provides the data for services to do even more. 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- Mm-hmm. data reconciliation Mm-hmm. automating compliance. Right. Right. Right. Right. Right. Right. Right. A lot of that are services that we're deploying in. In addition to that, what helps is the ubiquity of our network. You know, in the card network, we reach hundreds and millions of acceptance locations. Right. You know, wallets, point-of-sale purchase, digital and physical points, et cetera. 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. So that network helps because you can turn on lots of solutions at scale. Right. I'd point to our strength of partnership. There's a lot of power in partnerships, and so we partner very closely with our customers and partners. Mm-hmm. to bring solutions to bear. We're also, you know, increasingly bringing several ecosystem players together to, you know, to create solutions where everyone benefits and the payment. Right. modernizes, as does the process and the data. Very exciting there, and that's feeding, frankly, into our growth algorithm. Yeah. Our growth algorithm is very simple. It's, share shift, secular shift, and services. Right. Right. Right. The way it's feeding in is, you know, 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. Yeah, examples are we flipped the Wells Fargo small business portfolio. Mm-hmm. We just renewed our relationship with WEX. We're relaunching the Coupa Mastercard. Share shift continues. Right. Add to that secular shift, which is really exciting. In the small business space, there's a ton of cash in check. Going after issuance and acceptance there is, you know, is really accelerating. In the corporate solution 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? I'll give you an example. Let's take L'Oréal in Mexico. Okay. Right? Right? They are, CPG distributing into beauty salons. Mm-hmm. Mm-hmm. Right? We're digitizing the inventory flow and the payments that go with it. L'Oréal, with the fintech Clara, is issuing cards to the beauty salon. Right. 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. Yep. Right? For L'Oréal, that means that they get, they, you know, we've solved the acceptance problem. They accept the payment. Yep. 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. For the manufacturer distributor, you get less return costs. Yeah. You ship inventory out, and the small business can't pay for it, what happens is then you've got to ship it back, right? Right. It saves expenses. We're seeing this kind of inventory management solution take off. you know, I gave you L'Oréal as an example, but we're seeing it in all kinds of CPG categories. Mm-hmm in pharmaceutical categories, you know, to pharmacies and clinics. We're seeing it in, you know, tech. Right. Right. ... to buying centers. That's really exciting. That's our secular shift. The last thing is services. I was just talking about services a minute ago. Mm-hmm. Mm-hmm. There are so many services that we can think of across security and data reconciliation and, you know, marketing, et cetera, that we can deploy into commercial and money movement. That growth algorithm is, has been quite robust and is, and you can sort of see, you asked about impediments. These are overcoming a lot of the impediments. Yeah ... that existed historically in this space. Yeah. No, 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 and. Right ... to the actual amounts or helping with working capital and inventory balancing, et cetera. It's a lot of opportunity. Lots of opportunity, and it's growing well, and there's a lot of runway. Right. Yeah. Wanted to. One topic that has emerged of late is particularly around all things agentic. Mm-hmm ... and agentic commerce, et cetera. 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. Mm-hmm. 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 that kind of environment? You know, we've been in the space of AI for two decades now, and data, right? For two decades now. Right. We have quality data at scale, which means you can deploy all kinds of AI against it, and, you know, that includes traditional AI, machine learning, et cetera, as well as, you know, GenAI and now Agentic AI. Right. Right. Right. Right. This is a space that we know very well, and, you know, we're working with all aspects of it and working with every partner you can think of, right? Right. We partner with all of them. Partnership is our strength. You know, you mentioned agentic commerce to start with, right? Right. We've talked about Agent Pay. Agent Pay is not just for consumers. It's also for small businesses. Mm-hmm ... and commercial enterprises when they shop. We working, you know, on making sure that all of our cards, you know, work in that agentic environment to support Agent Pay. You know, By the way, they're not agentic transactions. There are not that many of them. Right. You know, we're ready should it grow. 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. Right through all its different steps so that you can trace it. Right. There's transparency. With the ability to, you know, to capture the purchase intent from the small business or the consumer or the corporate. Which is really important for disputes, chargebacks, et cetera. All of that that we talk about in consumer is also true for commercial. In addition to that in commercial, if you think about, we were just talking about invoice payments. Mm and the digitization of invoice payments, you know, through technology applications and procurement in ERP and expense management, et cetera. In all of these places, actually, these are more closed environments with data quality that is high, right? Right. Right. There's an ability to deploy agents even more here, whether it's a agent to help, you know, somebody in procurement onboard a supplier or to prompt a treasurer as to what the optimal payment method is based on cost, speed, you know, working capital requirements, et cetera. You see a lot of agentic applications there, and we're working with a number of our partners, where, you know, we have very rich data. We have very advanced AI capabilities. We're working with many of them to develop these. It's very early days, though. I can't. Right ... underscore how early it is, and we'll have to see how this plays out. Got it. Wanted to touch on invoice pay-based payments, and you just kind of mentioned that in the context of some of the agentic work that you can do. What are the initiatives specifically that Mastercard, if we were to kind of try to make a list of the things that Mastercard can deliver and enable, particularly around invoice-based payments? Yeah. I always feel like, you know, when I think about it very simply, Morgan Stanley, we have a huge department just to reconcile invoices. Uh-huh payments that go out. Right. That's part of our own kind of fraud prevention. Like, what are the roles that Mastercard can help somebody like a Morgan Stanley improve efficiency around invoice payments? Yeah. You know, it's interesting. I talked about $80 trillion in commercial payments, right? Right, right. At the opportunity size with $3 trillion carded. I'm gonna first break that down for you. Okay. There's $17 trillion in point-of-sale payments. Okay. $1 trillion carded, and there's a lot of low-hanging fruit there. We should talk about that. Yeah, we'll come back to that for a second. Invoice payments is about $63 trillion in invoice payments, $2 trillion carded. Mm. Even more opportunity there, to your point, right? Right. Right. Right. Some of that opportunity is very near term, and some of it, you know, will come with modernization of AP and AR processes. Very good question that you ask. You know, when you think about invoice payments, it's a little different from a point-of-sale payment. Okay. Payment. You have a buyer and seller that are known parties to each other. Right. They're contractually bound. They have, you know, payment terms that are negotiated, and both sides are aware of them, right? Those payment terms are often tied not just to price, but also to working capital. So it is, so when you think about AR and AP, it is different, because of the buyer and seller dynamics here. In that context, I was just talking about our virtual card capabilities. Mm-hmm. Mm-hmm. You know, the ability to have virtual cards with controls, with data, flexible pricing, flexible interchange. Right. Right, right Right, right that can match the contractual terms that a buyer and seller have agreed to are all benefits to. The technology adoption that is there in corporates are all benefits to being able to drive invoice payments, you know, further. We think about this in two ways. We think about it horizontally and vertically. Okay. Okay? Horizontally means across, you know, all the different verticals that exist out there. The way we think about it is, given that we have these really rich data-rich virtual card capabilities and we have flexible pricing. Mm-hmm ... we're embedding it into all these platforms, into expense management platforms, ERPs, into procurement platforms. We have a model by which it's, you know, we have what we call it Commercial Express. Right. 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. You know, SAP, GEP, Coupa, you name it, right? Right. On 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. Mm-hmm. Right? Now when you go into an AR or AP department, let's say at Morgan Stanley. Right In the platform that is being used, whatever your native platform is for procurement or for ERP, your bank that is providing the payments, you know, the virtual card to you, can easily be invoked. Right ... in order to pay a purchase order or to pay an invoice, in the, in the platform. Our virtual cards then are deployed, you know, to facilitate it. These are some of the horizontal solutions. We're also working on the acceptance side with things like Mastercard Receivables Manager. Right ... in order to drive reconciliation for a supplier, working with acquirers to drive greater acceptance. That's like the horizontal play. We have the vertical plays because there are some, you know, in this space there are in-industry specific idiosyncrasies. Yeah. Right. Right? Take travel. We are the leader in travel. Having said that, there's a lot more room to grow in travel, right? Of course, we've worked and partner with all the tier one OTAs. The tier two and tier three OTAs, there are regional travel opportunities. There are vertical specific travel opportunities. You know, lots of growth there. There are other verticals that we're going after, things like healthcare 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 tailor to the particular needs of a vertical. Right. Right. That's how we're going after invoice payments. This is a space where, you know, like I said, there's $63 trillion. Think about that. Huge secular shift opportunity. Having said that, $2 trillion carded, and we're seeing growing momentum, great acceleration. This is not gonna be a 1-0, you flip the light on. Right. Right. Right. Right? It's a, it's a transformation that is gathering momentum, gathering speed, and we will see that continue, and it'll be something that, you know, feeds the Mastercard business for many, many, many years to come. The secular shift here is incredibly enormous. Let's go back to something you mentioned, commercial point of sale. you know, seems like there's also a lot of opportunities there and maybe share some details 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. Yeah. In a commercial point of sale is, in some ways it's very simple. We know a lot about this. It's our bread and butter in consumer. Right. It's just whether it's a digital or physical point of sale. Using a consumer card, you're now using a SME card or a corporate card. Right. Right. Right. Right. Right. a purchasing card, right? That is the main difference. When we think about the point of sale opportunity, like I said, there's $17 trillion. Only $1 trillion is carded. Right. A huge chunk of the, I think about half the cash and check opportunity is in the SME space. Mm-hmm. This is very linked to the SME opportunity. The way we're going after it is by thinking about, you know, first issuance. We've accelerated issuance. In 2025, our issuance grew by about 10% in SME- Oh, wow ... which is pretty substantial. Yeah. Yeah. We're growing that both with our traditional issuers, so folks like Carrefour in Spain, but also with alternate distribution... Mm-hmm which is places where small businesses come to, you know, to access services where we can then provide the card, you know, to the small business. Right. Examples are like, you know, Zaggle in India in ocean services or RTS for trucking in the U.S. or Instacart. Right. Like, 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. Right. We call that alternate distribution. It's really between traditional and alternate distribution, our issuance has grown tremendously. 10% in one year is pretty substantial. Yeah. Yeah. Yeah. Yeah. In addition to that, we're also looking at value propositions. you know, I've talked before about things like Easy Savings that continues to grow. Mm-hmm. We have, you know, many other things now that are live. For example, you know, we have the Business Builder card for entrepreneurs. Mm-hmm ... which is live with 10 banks in the U.S., and this is to help an entrepreneur grow their business. We have the Middle Market card. middle market companies are notoriously underserved- Right. ... because stuff in, 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. So we have a middle market offering that we've developed with and launched with Citizens first, then we're expanding it to other issuers and banks across the U.S. and around the globe. Our fleet, you know, lots of trucking companies, shipping companies that are in the SME space. When you think about them, what we're doing is working on creating open loop capabilities and converting closed loops to open loops. Mm-hmm. You know, with our partners, WEX, Corpay, Voyager, et cetera. What's key here is our product differentiation because here even more than in any other space, data matters, safety and security matters. Right. The ability to provide an open loop card means that trucker can now, you know, put their food, their hotel, et cetera, not just the fuel on the card. Virtual cards matter. This really plays to our strength. Lots of value proposition development. 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. Right. Here we work on acceptance across consumer and commercial together because, you know, we drive acceptance together. A portion of that is SME acceptance. I'll give you an example from this space. We're bundling issuance and. Mm. you know, across issuers and acquirers. What that means is you can actually take the data and underwrite the point of sale acceptance, digital or physical better. Right. Right. Right. You can underwrite the issuance, the card better. It's an environment where the acceptance of the issuance coming together is a benefit to the small business. Effectively what you're doing is digitizing the small business. Right. You know, including them into the financial economy, you know, helping them digitize their businesses move into the world of card. That's, that's working well as well. Quite excited about this space. Yeah. No, it's. I think all of those facets are obviously very compelling. I wanna 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. Mm. Would love to hear how you feel like Mastercard fits there. You recently shared that Mastercard Move has kind of the greatest endpoint reach in the industry. Love for you to elaborate on that. Then, you know, I'll just interject as well. One of the biggest questions we get is, like, what's the role of stablecoin or that... Yeah. -that kind of solution for, disbursement and remittances and the role you see Mastercard playing there? Sure. Let me start with disbursements and remittances, and we'll come back to stablecoin. Yep. Both are quite exciting spaces and they're interlinked. Yes, 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-rich 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, at 155 currencies and 200 countries. This is truly global, right? Right. Right. Right. Right. It's truly cross-border and global. Domestic and cross-border. It includes stablecoin, right? We believe in providing choice, whether it's a small business or a consumer or a government, you know, they can choose the currency they want, which includes stablecoin. Right. It's, it's quite extensive. The way this network works is Mastercard Move is. You don't often see Mastercard Move directly. It's a B2B business. Yep. There are lots of use cases that you probably are already using. Mm-hmm. incorporating into your life, it rides on the Mastercard Move rails. Got it. Right? It's a B2B business, and we work with our middle B partners while they work with the, you know, end consumers and small businesses. You know, use cases, there are lots of use cases. Let's start in the P2P space because you were interested in remittances and disbursements, right? Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Right. Let's start in the P2P space. Domestic P2P use cases, there are many of them. Things like wallet top-ups or tipping or splitting bills. Mm. Right? Lots of P2P use cases. You know, we're working with Samsung on, you know, phone to phone tap and tap. Right. Right. Right. P2P, cross-border use cases, this is where remittances come in, you know, family support, self-to-self savings and transfers. You know, we call it diaspora transfers. Right. Where, you know, you might have an account in one country, but you're living in another country and, you know. Right. You are moving money around, so a lot in cross-border P2P. When you get to what I call B2P, business or government to an individual, there too, domestically, there's a lot. There are, you know, disbursements from governments. Yep. There are disbursements from companies. You know, refunds, faster refunds, benefits that you might provide. There are lots of things that companies, you know, pay out to consumers and governments pay out to consumers. All of that, we're able to support. Cross-border, it's actually quite interesting. There are lots of cross-border use cases. Things like, you know, 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. 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. Mm-hmm. There's a lot of growth geographically as well. I'll give you an example, China. Right. We have a license there, as you know. That, of course, helps our consumer business and our commercial business. In the money movement space, we already do a lot of outbound transfers, and that's growing in many different use cases. Inbound, we can reach China UnionPay. We can reach a variety of different wallets into China, so we can also do inbound. That's a good example of a geography with a ton of potential. This space has a lot of potential. Right. Stablecoins, what's the role for Mastercard in that? Yeah, stablecoins, it's interesting. You know, Mastercard, when it comes to blockchain, we've been participating in blockchain for about a decade now. Yeah, yeah. Lots of different use cases and applications. You know, stablecoins, when there's more clarity, it's easier to participate in this space. More clarity in terms of, you know, regulation. Right, right, right What you need to comply with. It's quite exciting to see it growing. It's still small. Volumes are small. We do everything from, you know, on-ramps and off-ramps, being able to buy stablecoin, being able to use stablecoins. We have about 130 co-brand programs across the globe. They're consumer, but they're also in small business, by the way. Right. Right. Right. They're increasingly in small business. We settle in stablecoin. Then in our cross-border services business in Mastercard Move, we, as I was saying a minute ago, we're able to support stablecoin for any use case that a consumer or a small business might want to. Right want to use. These use cases are... you know, they're a little esoteric because they, many use cases are- Yeah, yeah. sat outside of fiat currency. To the extent there's a need for stablecoin, we have the ability to use stablecoin there. We also have services. We have things like Crypto Credential and Crypto Secure. Mm-hmm. You know, Crypto Credential identifies a user or a platform, which is really important in this space. Crypto Secure provides, you know, security services on the transaction. Very important in this space. Right. Right. We have our Multi-Token Network, which, you know, when you think about it, especially for tokenized deposits, you know, as these islands of tokenized deposit ecosystems develop, we can provide the interoperability between them. We can facilitate on-chain commerce. We can, you know, bridge off-chain to on-chain. There's a lot going on in there. Right you know, across the board, and it's quite exciting. But it is still in the nascent stages. Nascent. Got it. 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. Yeah Here at the towards the end of our conversation. Sure. You know, when you think about Corpay and Mastercard in the money movement space, Mastercard, we work with just about every financial institution in the globe. Okay. Right. we have great capabilities for smaller and mid-ticket transfers. If you think about Corpay, they work very closely with corporates. Mm-hmm They have mid to large ticket transfers, and so it's very complementary, you know... Interesting The two capabilities. 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. That is going really well. We announced our first deal that we signed together, Kapital Bank in Mexico. Right where, you know, the corporates that work with the bank can now pay using, you know, our combined capability. Small businesses at the bank can now, you know, drive collections in multi currencies, right? In US dollars, euro, other currencies, you know, using this capability. That's very exciting. In addition to that, we also Corpay is now using 22 of our corridors globally. Okay the Mastercard Move corridors Right. Right. Right. to extend their reach. You know, this is all in the money movement space. We're also very deep partners in the commercial payment space. Yeah. Right. Exactly. Exactly. In the corporate payment space, you know, in using virtual cards and account payable processes and fleet, et cetera. That partnership is also quite deep. I come back to one of our strengths is the power of partnerships. Right. The Corpay-Mastercard partnership is a great illustration of that. Last 45 seconds, Raj. What are you most excited for 2026? What should we be watching from our vantage points? What I'm very excited about is the space. The, this gathering momentum, accelerating solutions getting adopted across the board, that's very exciting to see. You'll see that coming through in our financial results, like you saw in 2025. Mm-hmm. Mm-hmm. Mm-hmm. That's something to watch. As we do this, we continue to innovate, right? We continue to innovate across, you know, all of our product suite, including virtual cards. We talked about Agentic AI, we talked about stablecoin, lots of innovation. What you'll see is 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. Right driving the modernization of commercial payments and money movement in this space, and driving digitization and data-rich payments. You will see a lot of secular shift in the years to come. That's great. Raj, we're gonna have to leave it there, but thank you very much for joining us today. Thank you, James. I appreciate it so much.