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POINTS, ALMOST 2%. JOINING US RIGHT NOW TO TALK MORE ABOUT PRIVACY AND TECHNOLOGY, ESPIONAGE, GLOBAL PAYMENT CEO JEFF SLOAN. THANK YOU FOR JOINING US THIS MORNING. >> THANKS FOR HAVING ME. MARIA: ONE OF THE IMPORTANT COMPONENTS TO GLOBAL PAYMENTS IS YOUR FINANCIAL TECHNOLOGY RELATED TO PRIVACY. TELL US ABOUT THAT. >> SURE. SO THE MOST IMPORTANT THING TO REMEMBER ABOUT OUR BUSINESS IS THAT OUR CUSTOMER'S THE MERCHANT, NOT THE CONSUMER. THE HEALTH OF OUR BUSINESS IS DRIVEN BY THE HEALTH OF THE MERCHANT AND THE HEALTH OF THE CONSUMER. THE HIGHER GDP, THE MORE PEOPLE SPEND, THE BETTER OUR BUSINESS IS. UNLIKE MANY OF OUR FINANCIAL TECHNOLOGY PEERS, WE DON'T ACTUALLY COLLECT THE DATA ON THE CONSUMER. INSTEAD, WE'RE FOCUSED ON THE TRANSACTION. MARIA: THE CYBER SECURITY AS A SUBJECT HAS BEEN A REAL CONCERN FOR THE MOBILE PAY INDUSTRY. HOW DO YOU COUNTER THAT? WHAT DO YOUR PRODUCTS DO IN TERMS OF KEEPING INFORMATION SAFE? >> IT'S A GREAT QUESTION. OUR BUSINESS IS ACTUALLY VERY HIGHLY REGULATED ALREADY. FOR EXAMPLE, IN EUROPE WE COMPLY WITH THE GDPR, THE GLOBAL DATA PRIVACY REGULATION. IN THE UNITED STATES WE'RE AUDITED BY THE FEDERAL RESERVE FOR CYBER SECURITY AND OTHERWISE. WE SPEND HALF A BILLION DOLLARS A YEAR IN OUR BUSINESS IN TECHNOLOGY, SECURITY IS A CORE STRENGTH. ALL OF OUR DATA INENCRYPTED AND TOKENIZED. OUR CUSTOMER'S REALLY THE MERCHANT, NOT THE CONSUMER. UNLIKE SOME OF THE FOLKS WHO HAVE HAD NOTABLE PRIVACY ISSUES RECENTLY, WE'RE NOT TRYING TO MONDAY TIES TINDAY TIES TIESAY TIES MOESAY TIES MONEAY TIES MONETI TIES MONETIZEIES MONETIZE CS MONETIZE CONSUMER DATA. >> WHO ARE YOUR CUSTOMERS? >> THEY ARE REALLY THE BANKS. JP MORGAN, WHO IS STILL IN THE BUSINESS, BUT AS TECHNOLOGY HAS GONE ON, IF YOU LOOKED FIVE YEARS AGO, APPLE WAS NOT IN PAYMENTS. GOOGLE WAS NOT IN PAYMENTS. TODAY, THOSE THINGS EXIST. OUR COMPETITORS ARE SQUARE, STRIPE, PAY PAL, ONE OF OUR CUSTOMERS, BUT CERTAINLY IN CERTAIN MARKETS PAY PAL COMPETES WITH US. >> WHAT DO YOU SPECIFICALLY DO AS A COMPANY, IF ANYTHING, TO PREVENT YOUR INTELLECTUAL PROPERTY, YOUR SOFTWARE, YOUR COPYRIGHTS FROM BEING VIOLATED IN CHINA? >> THE WAY WE GO ABOUT OUR BUSINESS IS IN CERTAIN MARKETS, BOTH BY POLICY AND REGULATION, AND CHINA IS ONE OF THEM, OUR DATA HAS TO RESIDE WITHIN THE FOUR WALLS OF THAT COUNTRY. FOR EXAMPLE, IN RUSSIA, COMING NOW IN INDIA WITH THEIR MOST RECENT REGULATORY MOVES, ALSO IN CHINA, THAT DATA CANNOT LEAVE THE FOUR WALLS OF CHINA. AS A RESULT, WE HAVE LARGELY ISOLATED OUR TECHNOLOGY ENVIRONMENTS IN THOSE MARKETS. WE'RE NOT GOING TO GET THE ECONOMIES OF SCALE AS A TECHNOLOGY MATTER AND BRINGING IT OUT ANYWAY. THAT DATA NEEDS TO RESIDE WITHIN THE FOUR WALLS OF CHINA SO THOSE BUSINESSES ARE LARGE HIVED OFF FROM A TECHNOLOGY POINT OF VIEW FROM THE REST OF GLOBAL PAYMENTS MAKING IT MORE SECURE WITHIN THE WALLS OF CHINA AND GLOBALLY. >> HOW MANY COUNTRIES ARE YOU IN. >> WE ARE PHYSICALLY IN 31 COUNTRIES, IT WILL BE 32 AS OF JANUARY AS WE GO INTO MEXICO. WE GO BUSINESS ACROSS DEER WE GO BUSINESS ACROSS BEER WE GO BUSINESS ACROSS BORR WE GO BUSINESS ACROSS BORDER IN BORE --BORDER OF 58. MARIA: DID YOU HAVE TO TRANSFER YOUR TECHNOLOGY TO YOUR CHINESE COUNTERPARTS OR THE CHINESE GOVERNMENT IN ORDER TO OPERATE THEY? >> NO WE'RE REGULATED BY THE LOCAL GOVERNMENTS. NO, IN GENERAL, THOSE ARE LOCAL INSTANCES WITH LOCAL TECHNOLOGY PROVIDERS IN THAT MARKET AND IT'S NOT THE SAME TECHNOLOGY WE USE ELSEWHERE AROUND THE WORLD. DAGEN: WHICH OF THE COUNTRIES IN WHICH YOU OPERATE IS THE MOST DIFFICULT TO DEAL WITH? >> WELL, THE MOST IMPORTANT THING IN OUR BUSINESS IS JUST REALLY THE HEALTH OF THE CONSUMER. THE WAY I THINK ABOUT YOUR QUESTION IS HOW WELL IS THE CONSUMER DOING. DAGEN: I'M TALKING ABOUT THE GOVERNMENT. >> FROM A REGULATORY -- DAGEN: FROM A REGULATORY AND GOVERNMENT PRESSURE POINT OF VIEW. >> WE'RE REGULATED IN EVERY MARKET WE'RE IN. AS TIME HAS GONE ON, INCREASINGLY HAVING TO KEEP ALL OF OUR DATA AND TECHNOLOGY WITHIN A GIVEN MARKET IN CHINA, RUSSIA AND INDIA PRESENTS A SCALE CHALLENGE FOR OUR BUSINESS. WE PREFER TO BE ABLE TO DO THAT CENTRALLY IN THE UNITED STATES. BUT THAT'S BEEN TRUE FOR NUMBER OF YEARS. THAT'S NOT SPECIFIC TO ANY ONE COUNTRY. ALL THREE OF THOSE COUNTRIES HAVE THAT REGULATION TODAY. MARIA: LET'S GET INTO E-COMMERCE A BIT. THE WORRY IN THIS MARKET AS WE LOOK AT INTEREST RATES WHERE THEY ARE AND AS WE LOOK AT THE MARKET SELLOFF RELATED TO WORRIES OVER THE GLOBAL SLOWDOWN, WHAT ARE YOU SEEING IN TERMS OF E-COMMERCE? >> THE CONSUMER IS VERY HEALTHY IN OUR BUSINESS. WE REPORTED IN NOVEMBER FOR OUR SEPTEMBER QUARTER OUR SECOND BEST QUARTER EVER AND WAS PRETTY MUCH TIED WITH THE SECOND QUARTER WHICH WAS OUR BEST QUARTER EVER. THE OUTLOOK FOR THE HOLIDAY SEASON AND THE FOURTH QUARTER IS A CONTINUATION OF THE BEST QUARTERS WE'VE SEEN THE LAST COUPLE QUARTERS. OUR E-COMMERCE BUSINESS, MARIA, FOR EXAMPLE JUST GREW IN THE HIGH TEENS IN THE RECENT QUARTER AND HAS DOUBLED IN THEREAFTER THREE YEARS, THE SECOND LARGEST PROVIDER OF E-COMMERCE ACQUIRING SERVICE IN THE WORLD. SO WE ARE VERY OPTIMISTIC IN OUR BUSINESS AS E-COMMERCE NOT GROWS JUST WITH GDP BUT TAKES INCREASING SHARE FROM PHYSICAL STORE PRESENCE. MARIA: THE WORRY IS IN THE NEXT TWO YEARS THAT THINGS ARE SLOWING DOWN. DO YOU HAVE ANY INDICATIONS OF A SLOWDOWN IN THE TWO YEAR HORIZON AHEAD. >> WE DO NOT. THE ONLY PLACE YOU SEE THAT IS IN FOREIGN EXCHANGE RATES. WE OPERATE IN 58 COUNTRIES AROUND THE WORLD. THE U.S. IS OUR HOME MARKET AND THREE QUARTERS OF OUR BUSINESS. WE HAVE A BILLION DOLLARS OF REVENUE OUTSIDE OF THE UNITED STATES. YOU CAN SEE WHAT'S HAPPENING IN FX DAILY. WE HAVE NOT SEEN AN IMPACT FROM THE TARIFFS OR THE TRADE THINGS YOU'VE SEEN IN THE PRESS. THAT CAN CHANGE GOING FORWARD. >> ARE PEOPLE ACTUALLY USING BITCOIN OR IS IT STILL KIND OF A PROMISING TECHNOLOGY AND A CURIOSITY FOR HOBBYISTS? >> WE'VE BEEN ABLE -- OF WE'VE ENABLED BITCOIN ACCEPTANCE. THERE'S NO VOLUME ON IT. THE REASON FOR THAT, IT'S MUCH MORE OF A COMMODITY TODAY THAN IT IS A CURRENCY. UNTIL THE VOLATILITY SETTLES DOWN ON BUILT COIN, IT'S HARD FOR MERCHANTS TO ACCEPT THAT AS A METHOD OF PAYMENT. GROCERIES WHOLESALERS MIGHT HAVE A 1% TO 2% MARGIN. IF THE THING MOVES FOUR POINTS A DAY, IT'S HARD FOR A GROCER TO ACCEPT ABOUT COIN AS A FORM OF PAYMENT. >> YOU'RE IN PAYMENTS IN 30 PLUS COUNTRIES. WHAT'S THE UNDERLYING CAPITAL THAT YOU HAVE TO PUT INTO EACH COUNTRY? IS IT CAPITALIZED, ALL YOURS IN EACH COUNTRY -- ALL YOUR BUSINESSES IN EACH COUNTRY. WHEN I RAN UBS, OUR BIGGEST CONCERN WAS YOU HAVE A GLOBAL BUSINESS AND YOU GET RING FENCED ON YOUR CAPITAL. >> THAT'S NOT TRUE IN OUR BUSINESS. 85% OF WHAT WE DO IS REALLY RUN HERE IN THE UNITED STATES AS A TECHNOLOGY MATTER. WE DO SPEND A LOT IN CAPITAL. IT'S A TECHNOLOGY COMPANY. THIS YEAR WE'LL SPEND $200 MILLION ON CAPITAL, THE VAST MAJORITY GOES INTO TECHNOLOGY. THAT'S DRIVEN AT SCALE. MARIA: FIN TECH HAS BEEN THE HOTTEST THING. I KNOW YOU'VE BEEN DOING ACQUISITIONS. MORE CONSOLIDATION DO YOU THINK FOR TECHNOLOGY AND FINANCIAL SERVICES? >> ABSOLUTELY. IT'S SCALE. MORE SCALE IN A SCALE BUSINESS IS A GOOD THING.