Thanks, Karen for another informative piece. In my opinion, Apple Pay could also accelaterate with a loyalty integration, and via the Apple Watch. I was kind of disappointed that you didn't mention that the watch will be able to make Apple Pay transactions as well but I don't think you discounted the watch on purpose. The loyalty aspect is huge since, already, small banks and credit unions are fighting tooth and nail to try to compete with the large issuers loyalty programs. With Apple Pay loyalty integration, those small guys may be SOL... Thanks again!