So to conclude, reducing merchant service fees is a priority for the Government. It delivers on a Labour Party manifesto promise and it supports the recovery of the economy from the impacts of COVID-19. Consumers expect to be able to use easy and innovative payment methods like payWave, and merchants want to accommodate these expectations, but the fees as they currently stand in many categories are too high. This has been putting additional financial pressure on small businesses, on small merchants in particular, and we know that those costs are frequently passed on to consumers. This bill will deliver a more efficient, more competitive retail payment system. It establishes a regulatory regime capable of ensuring the costs of retail transactions in New Zealand will be reasonable, both in the short term but also in the future as the retail payment system evolves due to the opportunity for the Commerce Commission to involve itself as appropriate. This bill will ultimately benefit New Zealand consumers.