The first topic I'm curious to hear your thoughts on is the narrative among the investor community that PSPs are becoming a commodity. What's your opinion about it?

I must say my opinion has changed. After being at Adyen for five years, managing a big portfolio of all the major PSPs when I worked at Chargebee, and then moving to Airwallex, now I'm working for one of their competitors. I used to believe in the added advantage of Adyen's single platform and their ability to stay out of the downward pricing pressure. But honestly, my opinion has changed drastically over the last three to four years. I've seen all the rates, whether it's cards or local payment methods, just plummet.