That's kind of where I am. It's a long answer. It's a complicated issue. We tried to drill into it and come out with the part that some impact will happen in 2014. It's probably 2015 and 2016 that will have more of the impact. We tried to give you guidance, but at the end of the day, this is a little over 2% of our revenue, but it's a good growth market, so I don't like it but it's what's happening. It's what we've got to deal with.
<A - Martina Hund-Mejean - MasterCard, Inc.>: As Ajay said, when you look at the domestic volume, that has been going down from a growth rate point of view from very high growth rates last year, as they are already trending down given what is going on from a pure economic point of view in Russia. And on cross-border volume, we really haven't seen a lot of change, a little bit of trending down, but not a lot of change, certainly not in the first quarter. Only very recently over the last couple of weeks we've seen a little bit less as I said in my remarks for the April 28 numbers. We've seen a little bit more of the growth coming down from a cross-border perspective.
<A - Barbara Gasper - MasterCard, Inc.>: Next question, please.
Operator: Our next question comes from Smitti Srethapramote from Morgan Stanley. Go right ahead, sir.
<Q - Smitti Srethapramote - Morgan Stanley & Co. LLC>: Yes. Thank you. My question is on debit. Your competitor recently spoke about weakness in debit payment volumes. While your numbers seem quite robust, do you think you're gaining share or are there any notable differences in debit exposure to call out that drove the divergence in trends?
<A - Ajay Banga - MasterCard, Inc.>: I guess the math will tell you we're gaining share. But I don't know what is causing the issue for the others in truth. I know that our PIN debit volumes continue to remain, as I said, above that 400 million transactions a month, which is up from the 100 that we used to have pre-Durbin. You know, it goes up and down by 10 million, 20 million transactions depending on where we are in the routing table of the larger retailers who have a very sophisticated way of comprehending where they want to parse that transaction. But that's kind of where are.
<A - Barbara Gasper - MasterCard, Inc.>: Next question, please.
Operator: And our next question comes from Craig Maurer from CLSA. Go right ahead, sir.
<Q - Craig Maurer - CLSA Americas LLC>: Hey. Good morning. Thanks. Regarding how we're progressing toward a mobile payments infrastructure in the U.S., I was wondering how discussions with banks are proceeding in terms of MasterCard perhaps filling the role of a central token provider that can aggregate all the banks into a single token source and make it easier for mobile rollout from someone, say, like Apple?
<A - Ajay Banga - MasterCard, Inc.>: So as you know, Craig, we put out this whole announcement not just as MasterCard by the way, but as an industry, Visa, AmEx, we were all in that announcement about providing tokenization as a way to help protect the increasing percentage of transactions that are digital, because that's where this impacts the most. While at the same time, allowing the right amount of information about which card is being used, which category, which type, which institution, who issued the card to flow back and forth between the merchant and the issuer. That's the whole purpose of what we're trying to do with tokenization, the way that Visa, AmEx and us are trying to do it. It's really not specific to us only.
The discussions are proceeding. We're talking to every institution. We're talking to merchants. We're talking to banks. We've had discussions with legislators who want to understand tokenization, although that's at very early stages. As you know, there's always interest in the legislative community around the whole mobile payment space, more as a way of getting aware of what's going on in the space than any other comprehension. So that's going on even as we speak.
So kind of dialogue as usual. We're making progress and being ready to do all these things. Our technological development is continuing the pace, and in fact it's going to keep adding to our CapEx. That's one of the things we've got to do. We've got to invest money in tokenization and MasterPass and we're doing it. So that's what's going on.
But at the same time as I said in my remarks, we're also working on different ways in which the investor mobile payments industry will develop. It could be through secure elements, it could be through Host Card Emulation, and there's different levels of interest of interest from banks, merchants, and hardware and MNO providers on those two elements. And then there's of course the more old fashioned way of mobile payments, which is really more for transfers, which the SMS or simple wallet based transfer of money. We're playing around in all of those from Telefonica which is more in the simple transfer of money to the conversation that you know we'd been having with more sophisticated players who are trying out different ways of doing mobile payments. So it's the whole range.
And as I've said in the past, I don't want to pick winners and losers in this. I believe that one of the things we need to do as a company is to be a strong participant in these alternative ways in which digital payments will evolve. And I actually don't know that mobile payments is the only way digital payments will evolve. It may be through variables, and mobility as a whole will probably be an asset. It may not be only the phone. And so we're trying to play around with all of those, and between Ed McLaughlin in our emerging payments area and Garry Lyons in MasterCard Labs, we have a very strong team that is working with our core products team to try and work with as many of these different methodologies as possible
<Q - Craig Maurer - CLSA Americas LLC>: Thank you.
Operator: And our next question comes from David Hochstim from Buckingham Research. Go right ahead, sir.
<Q - David Hochstim - The Buckingham Research Group, Inc.>: Hi, thanks. I wonder if you can just clarify two things. In the 2% of revenues from Russia, does that include cross-border volume? And then could you give us...
<A - Martina Hund-Mejean - MasterCard, Inc.>: Yes.
<Q - David Hochstim - The Buckingham Research Group, Inc.>: Okay. And so that could be a high percentage of that that might not disappear?
<A - Ajay Banga - MasterCard, Inc.>: Actually, it's not. It's not a high percentage.
<A - Martina Hund-Mejean - MasterCard, Inc.>: It's actually a relatively low percentage. So first of all, we said a little bit more than 2% of our revenues, but it does include all of cross border, and it's not a very significant - it's some portion, but it's not the majority. It's much less than that.
<Q - David Hochstim - The Buckingham Research Group, Inc.>: Okay. And could you just clarify what the...
<A - Ajay Banga - MasterCard, Inc.>: Let me give you a hint. An overwhelming majority of the Russian revenue is domestic.
<Q - David Hochstim - The Buckingham Research Group, Inc.>: Thank you.
<A - Ajay Banga - MasterCard, Inc.>: How is that?
<Q - David Hochstim - The Buckingham Research Group, Inc.>: That's helpful. Thank you. And could you just remind us what the revenue impact could be once the Chase portfolio is fully de-converted?
<A - Martina Hund-Mejean - MasterCard, Inc.>: No. So, David, while we are doing it is all of my remarks that I have done for 2014 as well as for the longer period, 2013 to 2015, obviously bakes in the de-conversion. But we are not calling out a specific number to a specific customer.
<Q - David Hochstim - The Buckingham Research Group, Inc.>: Okay. Thank you.
Operator: And our next question comes from Kevin McVeigh from Macquarie. Go right ahead, sir.