“There was a time line associated with the license, and we're expecting to go live with the first transactions to a very specific question here in the month of May.”

In context

“bservation on intra-Europe is exactly right. What you're seeing in the first 4 weeks of April is exactly what you said. It's related to the timing of Easter. Easter has actually a more pronounced impact in intra-Europe and that's why you're seeing a more exaggerated number out there. And then on your second question, as it relates to China, Michael is going to just take that right now. Michael Miebach: So on China, we got the license in November, and we shared our excitement about that. So the excitement continues. The teams have been busy building out issuance relationships with our banking partners in China and building out the acceptance footprint. We're obviously not starting from 0 here. We had a strong cross-border business. So we have relationships in play that give us a heads up. There was a time line associated with the license, and we're expecting to go live with the first transactions to a very specific question here in the month of May. As far as using existing cards in China, I think the key question here behind that is -- how can you use existing acceptance in China and start to generate volume. And here, our approach is through the partnership with the digital wallets to have cards put into the digital wallet so they can be used at the whole wide range of merchants in China. So I do want to say we are excited. At the same time, it's clear we're going to start processing, [indiscernible] transactions domestically, this is a medium- to long-term opportunity. In the short term, there's more work that we need to do to build out more acceptance and continue to get more card programs out, but we feel very encouraged about that. Our teams are very busy with that activity. Sachin Mehra: And Craig, I'll just add a couple of p”