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Thank you for your views, I will respond to each of these comments separately.

To the first comment, you are correct that the Issuer revenue impact will become more challenging and Issuers will need to find alternative ways in generating income and this could focus on current services that are provided free of charge.

To the second comment, the expectation is that interchange rates will be reduced and legally binding commitments from Visa Europe point to that fact. I expect the EU Commission will closely monitor the level fees as part of the Trustees role in ensuring that the income received covering all types of scheme revenue does not exceed the threshold set. There is a danger that merchant pricing becomes commoditised and therefore the business case from alternative providers does become more challenging when compared with card payments.

Finally, to Andrei Charniauski, the proposed pricing method that acquirers will need to offer will be interchange + Scheme Fee + Acquirer margin. The acquirer margin will be split out going forward as it typically includes schemes fees and other related costs. Acquirer margins will now be the area that will be in focus as all parties pay the same interchange rates, scheme fees (is a pass through cost) and the margin will be negotiated. As the acquirer margin is negotiated this will be in the spotlight and be compared with other offers.