Fredi Nisan: Thank you, Ben. The mPOS is an extension to coyni. We developed this product for internal understanding of what are the challenges that exist today in the market when you run a payment company. One of the biggest challenges are the hardware, the terminals, the time to deployment, the challenges when they arrive, set up. All of that time-consuming tasks are related to an older technology that related to merchant services called the POS, the actual terminal. So we developed a new technology that you can turn any phone into that terminal as long as you accept coyni and you’re part of the coyni merchant program. And that allows you to go live from the moment you get approved very quickly. You don’t have to wait for the device to be shipped to you.
You don’t have to do downloads. You don’t have to set it up and we can deploy it globally with the same exact app. So it does not require certain certification in different countries. And it’s allowing us to reduce operation costs, deployment costs and other support that need to be exist in a company like a payment processing company to allow to support that. So in the end of the day, the benefits are simple faster deployment, help with global deployment and help with the cost effective for our merchant, meaning they don’t need to buy a terminal. And the last thing will be to help us — actually help them to support reduced fraud, chargeback, give us visibility into the transaction, and give us the ability as well to get into a new vertical that may be considered today a little bit riskier.
All of it together will allow us to increase volume, increase the profitability of the company on both sides of the operation and on the front of the commission.
Ben Errez: Thanks, Fredi. Operator Drew, please proceed with the Q&A and to the rest of the conversation.
Operator: [Operator Instructions] And we have a question from Kevin Dede with H.C. Wainwright.
Michael Donovan: This is Michael Donovan calling on behalf of Kevin Dede. So in your press release you state that you expect to have a full global payment platform covering over 100 local currencies and local sediments. I want to clarify, is this going to be using Visa’s network or will coyni also be handling multiple currencies as well?
Ben Errez: Min, I’ll have you take that as part of your conversation.
Min Wei: No problem. That’s a very fair question. When we refer to the potential, obviously in the context of the press release, we refer to the Visa Direct program. It is a very impressive coverage visa offer outside of the conventional SWIFT transfer, right? It’s going to be faster, it’s going to be cheaper for our business and consumer customers. But that’s not to say that we don’t process and interface with conventional programs. We do have full capability working with SWIFT, working with SEPA we talked about earlier, as well as Visa Direct. In terms of coyni, yes, it is our plan. As I mentioned earlier, we have the coyni rollout plan covers both the U.S. market as [indiscernible] pushing the business processing capability for the European market. We fully expect with integrated banking solutions with the coyni platform, we have the capability of handling the multi-currency in the kind of a expeditious processing way for our customers.
Michael Donovan: And for coyni’s Mobile Point of Sale app are you — which specific geographical regions are you targeting in the beginning? And have you had feedback from the merchants already? I know it’s been only a few days, but get a little bit more color on that front? That would be appreciated.
Ben Errez: Thanks Michael for that question, we are going back to Fredi.