Thanks fdKen. This is a helpful insight. It looks as though the...

Thanks fdKen. This is a helpful insight.

It looks as though the relationships are complex.It will take some smart thinking by API to get an edge. It sounds as though someone who comes up with a better way of getting loyalty from retailers could come out in front. Letting them run up credit seems dangerous to me.It would be also interesting to understand where the margins are. Maybe there is some business that's not worth chasing?