Challenges and benefits of developing banking platforms for debit card issuance versus credit card issuance?

Maybe it’s because I haven’t done it yet, but I actually think credit is more complicated. However, I would say that it's mission-aligned that we started with debit. When you think about impact and about facilitating inclusion, the problem to solve in this country -- and everywhere around the world -- is creating safe and secure ways for people to spend money. Especially since the recession, the growth of debit has been through the roof. For the first time, I think debit spend was higher than credit. For a long time, there were more debit card transactions, but the spend was higher on credit. I think that metric is now inverted, and debit is a higher volume of spend, which is pretty eye-opening.

I think what's relatively easier is commercial credit or business credit, as compared to consumer credit. Those programs can be relatively less risky. It's somewhat easier to get those to market. It's somewhat easier to implement controls and monitor those programs. For consumer use cases, I think it's harder to be inclusionary while having sound risk controls. I think that's why you've seen a number of consumer-focused credit card companies try and go direct-to-consumer, yet no one has really broken through. Instead, we’re seeing a number of those who attempted those business models pivot to provide white-label underwriting capabilities or even extend their platform as a B2B, credit card-as-a-service offering.