Laurent Le Moal

Perfect.

Thanks for this introduction.

Very classic business for you.

It's a payment gateway.

So basically, we are serving merchants all over the world, especially in high growth markets, as you said, which for us means truly India, Africa, Central Eastern Europe, Latin America.

Basically, we enable merchants to sell online, to accept payments online.

And two things that are different about us.

The first one is we do have regional platforms.

I think you will see a lot of companies who talk about global payments online.

I believe actually that payments are extremely local and regional.

That's one.

The second thing is actually, since I joined PayU, we started to move from pure payments to actually financial services, offering credit solutions to our merchants, but also to consumers.

So these are the two things that really differentiate us in that space.

Oh, it's still payments, absolutely.

So basically commissions on every transaction.

Financial services,

in the form of consumer credit, of merchant financing, it's still very early on.

I think it's strategic to do that for any payments company because that's the way actually to really leverage your assets, which are transactional data and the merchant network that you have.

All the rest, you could really imagine that in a few years, the payment itself, the processing itself will be free.

So you have to prepare now for that time.